Settlement reached in CIRP appeal allowing withdrawal with payment conditions. The National Company Law Appellate Tribunal noted a settlement between directors and financial creditors in a Corporate Insolvency Resolution Process ...
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Settlement reached in CIRP appeal allowing withdrawal with payment conditions.
The National Company Law Appellate Tribunal noted a settlement between directors and financial creditors in a Corporate Insolvency Resolution Process (CIRP). The Appellate Tribunal allowed the appellant, Morpheus Developers Pvt. Ltd., to withdraw the appeal with permission to pay the total amount towards CIRP costs by a specified date, without the liberty to challenge the payment order.
Issues involved: Settlement reached between directors and financial creditors in a Corporate Insolvency Resolution Process (CIRP), payment of CIRP costs, withdrawal of appeal with permission to pay total amount by a specified date.
In the judgment delivered by the National Company Law Appellate Tribunal, it was noted that a settlement had been reached between the directors and financial creditors involved in the Corporate Insolvency Resolution Process (CIRP) initiated on their behalf. Subsequently, the Appellate Tribunal passed an order on 4th June, 2019, and the Adjudicating Authority directed the payment of CIRP costs, including the fee of the resolution process, by an order dated 18th September, 2019. The counsel for the Appellant sought permission to withdraw the appeal and requested to pay the total amount by 2nd December, 2019. The Appellant was allowed to withdraw the appeal without the liberty to challenge the order dated 18th September, 2019. The appeal was disposed of as withdrawn, permitting the Appellant, Morpheus Developers Pvt. Ltd., to pay the total amount to the Resolution Professional towards the fee and cost by the specified date.
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