Maithan International initiated a Corporate Insolvency Resolution Process (CIRP) against Sumangal Ispat Pvt. Ltd. under Section 9 of the IBC. The Operational Creditor, Maithan International, filed CA(IB) No. 1746/KB/2019 seeking to record a settlement reached outside the Tribunal and to withdraw the CIRP application. The Interim Resolution Professional (IRP), Tapan Chakraborty, appeared before the court. The Operational Creditor had previously deposited Rs. 2,00,000/- into an escrow account as directed by the court order dated 2019-11-19. The IRP's fees and costs were agreed to be Rs. 1,75,000/-. The Operational Creditor sought the release of Rs. 1.75 Lakhs to the IRP and the refund of the remaining Rs. 25,000/-.

Maithan International initiated a Corporate Insolvency Resolution Process (CIRP) against Sumangal Ispat Pvt. Ltd. under Section 9 of the IBC. The Operational Creditor, Maithan International, filed CA(IB) No. 1746/KB/2019 seeking to record a settlement reached outside the Tribunal and to withdraw the CIRP application. The Interim Resolution Professional (IRP), Tapan Chakraborty, appeared before the court. The Operational Creditor had previously deposited Rs. 2,00,000/- into an escrow account as directed by the court order dated 2019-11-19. The IRP's fees and costs were agreed to be Rs. 1,75,000/-. The Operational Creditor sought the release of Rs. 1.75 Lakhs to the IRP and the refund of the remaining Rs. 25,000/-.