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Judgment
(Hybrid Mode)
This appeal has been filed by the Suspended Directors of the Corporate Debtor challenging the order dated 13.02.2026 by which order on application filed by the Respondent – Operational Creditor Section 9 application has been admitted.
When the appeal was heard on 17.02.2026 following order was passed:
“O R D E R
(Hybrid Mode)
This appeal has been filed against an order dated 13.02.2026, by which Section 9 application filed by respondent No. 1 herein has been admitted.
2.Learned counsel for the appellant submitted that appellant has already entered into settlement with the operational creditor.
3.Learned counsel for the operational creditor also agrees that settlement has been entered between parties.
4.Appellant seeks one-week time to bring the settlement on record so as to take further course of action.
5.Learned counsel for the parties agree that till the next date the order impugned be stayed.
6.In view of the aforesaid, we stay the order dated 13.02.2026 till the next date.
List this appeal on 02nd March, 2026.”
An affidavit has been filed on behalf of the Appellant placing on record the Settlement Agreement dated 16.02.2026. Learned counsel for the Operational Creditor appears and submits that settlement has already been entered and CIRP be closed. We also issued notice to the IRP on 02.03.2026, who appears today and submits that no claim has been received from creditor in the CIRP. Learned counsel for the Appellant submits that there being only one creditor i.e. Respondent herein with whom settlement has already been entered and who agrees that there is no necessity for continuation of CIRP and directing for filing of 12A application for withdrawal of CIRP.
Learned counsel for the IRP has made statement that no claims have been received. Thus, it is admitted that there are no other claimants except Respondent herein – Operational Creditor who has already entered into settlement. In view of the above, there is no reason to continue the CIRP any further. CIRP initiated on 13.02.2026 is closed with liberty to the parties to revive the appeal if any such circumstance arises. Appeal is disposed of accordingly.