The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against Kumar Urban Development Pvt. Ltd. The Adjudicating Authority admitted the application for CIRP on 20.04.2020. The appellant, being the Promoter/Director of the Corporate Debtor, filed the appeal. During the pendency of the appeal, the parties amicably settled the dispute and entered into a settlement agreement on 30.06.2021.
The Financial Creditor (R-1) filed CP No. 960-961 of 2020 before the Adjudicating Authority under Section 7 of the IBC for initiating CIRP against the Corporate Debtor (Kumar Urban Development Pvt. Ltd.). The Adjudicating Authority admitted the application on 20.04.2020. The Appellant, being the Promoter/Director of the Corporate Debtor, preferred an appeal. The parties amicably settled the dispute and entered into a settlement agreement on 30.06.2021. As per the settlement agreement, the CIRP costs and fees of the Interim Resolution Professional (IRP) shall be borne by the Corporate Debtor Company. The IRP has already received the fees up to 30.06.2021, and the Corporate Debtor Company shall pay the remaining fees of IRP and CIRP costs. The Respondent No. 1, through
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The Adjudicating Authority admitted the…
The parties amicably…
The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against Kumar Urban Development Pvt. Ltd. The Adjudicating Authority admitted the application for CIRP on 20.04.2020. The appellant, being the Promoter/Director of the Corporate Debtor, filed the appeal. During the pendency of the appeal, the parties amicably settled the dispute and entered into a settlement agreement on 30.06.2021.
The Financial Creditor (R-1) filed CP No. 960-961 of 2020 before the Adjudicating Authority under Section 7 of the IBC for initiating CIRP against the Corporate Debtor (Kumar Urban Development Pvt. Ltd.). The Adjudicating Authority admitted the application on 20.04.2020. The Appellant, being the Promoter/Director of the Corporate Debtor, preferred an appeal. The parties amicably settled the dispute and entered into a settlement agreement on 30.06.2021. As per the settlement agreement, the CIRP costs and fees of the Interim Resolution Professional (IRP) shall be borne by the Corporate Debtor Company. The IRP has already received the fees up to 30.06.2021, and the Corporate Debtor Company shall pay the remaining fees of IRP and CIRP costs. The Respondent No. 1, through
…The Adjudicating Authority admitted the…
The parties amicably…