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Judgment
This Appeal has been filed against the order dated 11.01.2024 by which Section 7 application filed by the Financial Creditor has been admitted. In this Appeal, this Tribunal passed an interim order on 23.01.2024 by which operation of the impugned order was stayed till the next date of hearing which was continued thereafter. An I.A. has been filed bearing I.A. No. 2365 of 2024 by which parties have brought on record the One Time Settlement which was approved by the Financial Creditor dated 04.03.2024.
In view of the settlement, we see no reason to continue this Appeal or CIRP against the Corporate Debtor. The order impugned is set aside. The Corporate Debtor is free from CIRP.
The Learned Counsel for the Appellant submits that the order impugned was immediately stayed vide order dated 23.01.2024 and no steps have been taken in the CIRP by the IRP.
In view of the aforesaid, we are of the view that the Appellant shall pay amount of Rs. 2.5 Lakh to the IRP within two weeks from today. The liberty is reserved to the Financial Creditor to apply for revival of the Appeal if any occasion arises.
With the above observations and directions, the Appeal is disposed off.