An ex-director of a Corporate Debtor filed an appeal against an order of admission passed by the Adjudicating Authority under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, Bhadani Financers Pvt. Ltd., initiated the insolvency proceedings. During the preliminary hearing, the Appellant expressed readiness to deposit Rs. 1 Crore. The parties later informed the court that a settlement of Rs. 1.21 Crore had been reached, with Rs. 1 Crore already deposited. The Appellant handed over a Demand Draft of Rs. 10 Lakh to the Respondent's counsel and undertook to pay the remaining Rs. 11 Lakh within four weeks. The Respondent requested the court to direct the authority to issue a cheque of Rs. 1 Crore in their favor from the deposited amount. The

An ex-director of a Corporate Debtor filed an appeal against an order of admission passed by the Adjudicating Authority under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, Bhadani Financers Pvt. Ltd., initiated the insolvency proceedings. During the preliminary hearing, the Appellant expressed readiness to deposit Rs. 1 Crore. The parties later informed the court that a settlement of Rs. 1.21 Crore had been reached, with Rs. 1 Crore already deposited. The Appellant handed over a Demand Draft of Rs. 10 Lakh to the Respondent's counsel and undertook to pay the remaining Rs. 11 Lakh within four weeks. The Respondent requested the court to direct the authority to issue a cheque of Rs. 1 Crore in their favor from the deposited amount. The