The case involves an application (IA/3699/2020) filed under Rule 11 seeking the withdrawal of IB-1678/ND/2018. The Corporate Debtor, represented by Mr. Subramaniam, stated that they have settled the matter with the Financial Creditor, Morgan Asis Ltd. A settlement agreement executed on September 2, 2020, was placed on record. The Resolution Professional's counsel, Mr. AbhishekAnand, stated that invoices related to CIRP costs have been submitted. Mr. Subramaniam stated that a cheque is ready to be sent to the Learned Counsel for IRP. Mr. Neeraj Gupta, appearing for another claimant, filed a claim and referenced a Supreme Court judgment in the Swiss Ribbon case, suggesting the application should not be allowed until his claim is settled.
Morgan Asis Ltd. initiated insolvency proceedings against Paramount Propbuild Pvt. Ltd. under Section 7 of the IBC. A settlement agreement was reached between Morgan Asis Ltd. and Paramount Propbuild Pvt. Ltd. on September 2, 2020. An application (IA/3699/2020) was filed seeking the withdrawal of the insolvency proceedings (IB-1678/ND/2018). The Resolution Professional had submitted invoices for CIRP costs. A cheque for the IRP was ready to be sent. The CoC had not been formed. Another claimant, Mr. Neeraj Gupta, filed a claim, citing the Supreme Court's Swiss Ribbon judgment. The Corporate Debtor's counsel cited a judgment passed by the Principal Bench relying on para 52 of the Swiss Ribbon case. The IRP confirmed that no records or assets were received from the
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Settlement ag…
Order delivered…
The case involves an application (IA/3699/2020) filed under Rule 11 seeking the withdrawal of IB-1678/ND/2018. The Corporate Debtor, represented by Mr. Subramaniam, stated that they have settled the matter with the Financial Creditor, Morgan Asis Ltd. A settlement agreement executed on September 2, 2020, was placed on record. The Resolution Professional's counsel, Mr. AbhishekAnand, stated that invoices related to CIRP costs have been submitted. Mr. Subramaniam stated that a cheque is ready to be sent to the Learned Counsel for IRP. Mr. Neeraj Gupta, appearing for another claimant, filed a claim and referenced a Supreme Court judgment in the Swiss Ribbon case, suggesting the application should not be allowed until his claim is settled.
Morgan Asis Ltd. initiated insolvency proceedings against Paramount Propbuild Pvt. Ltd. under Section 7 of the IBC. A settlement agreement was reached between Morgan Asis Ltd. and Paramount Propbuild Pvt. Ltd. on September 2, 2020. An application (IA/3699/2020) was filed seeking the withdrawal of the insolvency proceedings (IB-1678/ND/2018). The Resolution Professional had submitted invoices for CIRP costs. A cheque for the IRP was ready to be sent. The CoC had not been formed. Another claimant, Mr. Neeraj Gupta, filed a claim, citing the Supreme Court's Swiss Ribbon judgment. The Corporate Debtor's counsel cited a judgment passed by the Principal Bench relying on para 52 of the Swiss Ribbon case. The IRP confirmed that no records or assets were received from the
…Settlement ag…
Order delivered…