NTC Logistics India (P) Ltd. initiated CIRP against M/s Canadian Crystalline Water India Limited by filing an application under Section 9 of the IBC. The NCLT admitted the application on November 7, 2019. An appeal was filed against the NCLT's order. During the appeal proceedings, the appellant claimed to have settled the matter with the respondent (operational creditor). The Committee of Creditors had not been constituted. The Interim Resolution Professional (IRP) had worked for about 20 days and incurred costs, but had not been fully paid. The IRP was owed a sum of Rs. 2.75 Lakh. The appellant had already paid Rs. 2 Lakh to the IRP. The NCLAT considered the settlement between the parties and the outstanding payment to the IRP. The relevance of the settlement is that

NTC Logistics India (P) Ltd. initiated CIRP against M/s Canadian Crystalline Water India Limited by filing an application under Section 9 of the IBC. The NCLT admitted the application on November 7, 2019. An appeal was filed against the NCLT's order. During the appeal proceedings, the appellant claimed to have settled the matter with the respondent (operational creditor). The Committee of Creditors had not been constituted. The Interim Resolution Professional (IRP) had worked for about 20 days and incurred costs, but had not been fully paid. The IRP was owed a sum of Rs. 2.75 Lakh. The appellant had already paid Rs. 2 Lakh to the IRP. The NCLAT considered the settlement between the parties and the outstanding payment to the IRP. The relevance of the settlement is that