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Judgment
This Appeal has been filed against the order passed by the Adjudicating Authority dated 22.02.2023, by which order application under Section 7 filed by the Respondent Bank has been admitted. Aggrieved by the order, this Appeal has been filed by the Suspended Director of the Corporate Debtor.
When the Appeal was taken up on 24.02.2023 interim order was passed in this Appeal and the order impugned was stayed.
A joint I.A. has been filed by both the parties bringing on record the settlement agreement dated 29.03.2023 reached between the Bank as well as Zee Entertainment Enterprises Limited. Learned counsel for the parties submit that as per the settlement agreement, before 30.06.2023 all payments have been made. It is prayed that in view of the aforesaid CIRP against the Corporate Debtor be closed.
I.A. is taken on record. In view of the settlement agreement between the parties nothing survives to be decided in the Appeal. Impugned order dated 22.02.2023 is set aside. CIRP against the Corporate Debtor is closed.
Learned counsel for the IRP submits that publication was made on 23.02.2023 and certain expenses were incurred. Learned counsel for the Appellant undertakes to make payment to the IRP within two weeks from bill of expenses is submitted by the IRP.
Appeal is disposed of accordingly.