Mr. Shyamsunder Purshottamlal Dhanuka, the Interim Resolution Professional (IRP) of the Corporate Debtor, filed an application (IA-3590/2022) under Section 12-A of the Insolvency and Bankruptcy Code, 2016. The application was to place on record the Settlement Agreement of the Consent Terms dated 19.11.2022. The IRP submitted that the Corporate Debtor had paid all expenses incurred during the Corporate Insolvency Resolution Process (CIRP) to the full and final satisfaction of the IRP. The Corporate Debtor had fully satisfied the Operational Creditor, leaving nothing remaining in the Company Petition. This led the court to allow the Corporate Debtor out of the rigour of the CIRP.

Mr. Shyamsunder Purshottamlal Dhanuka, the Interim Resolution Professional (IRP) of the Corporate Debtor, filed an application (IA-3590/2022) under Section 12-A of the Insolvency and Bankruptcy Code, 2016. The application was to place on record the Settlement Agreement of the Consent Terms dated 19.11.2022. The IRP submitted that the Corporate Debtor had paid all expenses incurred during the Corporate Insolvency Resolution Process (CIRP) to the full and final satisfaction of the IRP. The Corporate Debtor had fully satisfied the Operational Creditor, leaving nothing remaining in the Company Petition. This led the court to allow the Corporate Debtor out of the rigour of the CIRP.