M/s. Kaliber Associates Pvt. Ltd. filed an application against M/s. Kelvin Buildcon Pvt. Ltd. under Section 7 of the IBC, 2016, leading to the initiation of CIRP. The CIRP admission order was passed on 2022-09-19. However, the constitution of the CoC was stayed by the NCLAT on 2022-09-30. Subsequently, the parties reached a settlement, and Form FA was placed on record. An application (IA/4996/ND/2022) was filed under Section 12A of the IBC to terminate the CIRP based on this settlement. The IRP confirmed that his fees and CIRP costs had been paid. The key fact is the settlement between the parties, which led to the termination of the CIRP. The NCLAT stay on CoC formation facilitated the settlement process.

M/s. Kaliber Associates Pvt. Ltd. filed an application against M/s. Kelvin Buildcon Pvt. Ltd. under Section 7 of the IBC, 2016, leading to the initiation of CIRP. The CIRP admission order was passed on 2022-09-19. However, the constitution of the CoC was stayed by the NCLAT on 2022-09-30. Subsequently, the parties reached a settlement, and Form FA was placed on record. An application (IA/4996/ND/2022) was filed under Section 12A of the IBC to terminate the CIRP based on this settlement. The IRP confirmed that his fees and CIRP costs had been paid. The key fact is the settlement between the parties, which led to the termination of the CIRP. The NCLAT stay on CoC formation facilitated the settlement process.