Maithan International filed an application against Sumangal Ispat Pvt. Ltd. under Section 9 of the IBC. The Operational Creditor and Corporate Debtor reached a settlement outside the Tribunal. The Operational Creditor filed CA(IB) No. 1746/KB/2019 under Rule 11 of the NCLT Rules, 2016, seeking to record the settlement and withdraw the matter. The IRP, Tapan Chakraborty, appeared and confirmed that his fees and costs, as agreed by the Operational Creditor, amounted to Rs. 1,75,000/-. An earlier order dated 2019-11-19 directed the Operational Creditor to deposit Rs. 2,00,000/- in the Escrow Account, which was duly deposited. The court released Rs. 1.75 Lakhs to the IRP and directed the refund of the balance Rs. 25,000/- to the Operational Creditor.

Maithan International filed an application against Sumangal Ispat Pvt. Ltd. under Section 9 of the IBC. The Operational Creditor and Corporate Debtor reached a settlement outside the Tribunal. The Operational Creditor filed CA(IB) No. 1746/KB/2019 under Rule 11 of the NCLT Rules, 2016, seeking to record the settlement and withdraw the matter. The IRP, Tapan Chakraborty, appeared and confirmed that his fees and costs, as agreed by the Operational Creditor, amounted to Rs. 1,75,000/-. An earlier order dated 2019-11-19 directed the Operational Creditor to deposit Rs. 2,00,000/- in the Escrow Account, which was duly deposited. The court released Rs. 1.75 Lakhs to the IRP and directed the refund of the balance Rs. 25,000/- to the Operational Creditor.