The appeal was filed by the Erstwhile IRP challenging the order passed by the Adjudicating Authority in I.A. No. 1836 of 2021, which was filed by the Suspended Director of the Corporate Debtor seeking acceptance of a settlement between the parties. The Adjudicating Authority allowed the application filed by the Suspended Director and closed the CIRP proceedings, deeming other applications infructuous. The Appellate Tribunal had previously directed the IRP to file an application under Section 12A, which was subsequently filed.
The Erstwhile IRP filed an appeal challenging the Adjudicating Authority's order in I.A. No. 1836 of 2021, which was filed by the Suspended Director of the Corporate Debtor seeking acceptance of a settlement. The Adjudicating Authority allowed the application and closed the CIRP proceedings. The appellant's counsel argued that the IRP filed the application with a delay due to the incomplete Form FA and that the Operational Creditor had not paid Rs. 2 Lakhs to the IRP. The Appellate Tribunal had previously directed the IRP to file an application under Section 12A. The Adjudicating Authority considered all relevant facts before allowing the application. The court directed the Operational Creditor to pay Rs. 2 Lakhs to the IRP within four weeks and instructed the IBBI to
…Sign in to view the parties.
The Erstwhile IRP filed an appeal…
I.A. No. 1836 of 2021 was filed by the Suspended…
The appeal was filed by the Erstwhile IRP challenging the order passed by the Adjudicating Authority in I.A. No. 1836 of 2021, which was filed by the Suspended Director of the Corporate Debtor seeking acceptance of a settlement between the parties. The Adjudicating Authority allowed the application filed by the Suspended Director and closed the CIRP proceedings, deeming other applications infructuous. The Appellate Tribunal had previously directed the IRP to file an application under Section 12A, which was subsequently filed.
The Erstwhile IRP filed an appeal challenging the Adjudicating Authority's order in I.A. No. 1836 of 2021, which was filed by the Suspended Director of the Corporate Debtor seeking acceptance of a settlement. The Adjudicating Authority allowed the application and closed the CIRP proceedings. The appellant's counsel argued that the IRP filed the application with a delay due to the incomplete Form FA and that the Operational Creditor had not paid Rs. 2 Lakhs to the IRP. The Appellate Tribunal had previously directed the IRP to file an application under Section 12A. The Adjudicating Authority considered all relevant facts before allowing the application. The court directed the Operational Creditor to pay Rs. 2 Lakhs to the IRP within four weeks and instructed the IBBI to
…The Erstwhile IRP filed an appeal…
I.A. No. 1836 of 2021 was filed by the Suspended…