Fontal Flexipack Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Adityasamraj Natural Foods Pvt. Ltd. (Corporate Debtor) for a debt of Rs. 4,17,878/-. The Adjudicating Authority admitted the application on 13.10.2021, and Sunil Kumar Gupta was appointed as Interim Resolution Professional (IRP). The suspended director of the Corporate Debtor appealed the order. During the appeal, the parties explored settlement. The Appellant agreed to pay Rs. 5,64,055/- (principal and interest) to the Respondent and Rs. 75,000/- to the IRP. The Respondent accepted the settlement amount. The court allowed the appeal and set aside the Adjudicating Authority's order, subject to the Appellant making the agreed payments.

Fontal Flexipack Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Adityasamraj Natural Foods Pvt. Ltd. (Corporate Debtor) for a debt of Rs. 4,17,878/-. The Adjudicating Authority admitted the application on 13.10.2021, and Sunil Kumar Gupta was appointed as Interim Resolution Professional (IRP). The suspended director of the Corporate Debtor appealed the order. During the appeal, the parties explored settlement. The Appellant agreed to pay Rs. 5,64,055/- (principal and interest) to the Respondent and Rs. 75,000/- to the IRP. The Respondent accepted the settlement amount. The court allowed the appeal and set aside the Adjudicating Authority's order, subject to the Appellant making the agreed payments.