An application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted against a Corporate Debtor. The Director/Shareholders preferred an appeal. The parties reached a settlement, and a settlement agreement dated 5th October 2019 was submitted. The Committee of Creditors had not been constituted. The Adjudicating Authority had passed orders appointing an Interim Resolution Professional and declaring a moratorium. The 1st Respondent had preferred the application under Section 7 of the I&B Code. The Corporate Debtor, 'Great Aid Technical Services Pvt. Ltd.', was released from all rigour of law and allowed to function independently. The Appellant was directed to pay the fee of the Interim Resolution Professional and costs.

An application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted against a Corporate Debtor. The Director/Shareholders preferred an appeal. The parties reached a settlement, and a settlement agreement dated 5th October 2019 was submitted. The Committee of Creditors had not been constituted. The Adjudicating Authority had passed orders appointing an Interim Resolution Professional and declaring a moratorium. The 1st Respondent had preferred the application under Section 7 of the I&B Code. The Corporate Debtor, 'Great Aid Technical Services Pvt. Ltd.', was released from all rigour of law and allowed to function independently. The Appellant was directed to pay the fee of the Interim Resolution Professional and costs.