Liquidation stayed and resolution plan implementation allowed pending further consideration of remaining insolvency issues.

Liquidation was stayed after the earlier amount was stated to have been paid and accepted by the Committee of Creditors, and the Liquidator was directed to function as Resolution Professional. The Resolution Professional was permitted to hand over records and control to the successful resolution applicant, and the resolution plan was to be implemented in its letter and spirit. Issues relating to insolvency resolution process cost and other remaining matters were deferred for consideration on the next date. Interim relief therefore protected the resolution applicant's position pending further adjudication.

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Issues: Whether the liquidation order should be stayed and the Resolution Professional permitted to hand over the records and control to the successful resolution applicant pending consideration of the remaining issues.

Analysis: The amount under the earlier order was stated to have been paid and accepted by the Committee of Creditors. In view of that development, the order of liquidation was stayed and the Liquidator was directed to function as Resolution Professional. The Resolution Professional was also permitted to hand over the records and control to the successful resolution applicant, and the parties were directed to implement the resolution plan in its letter and spirit. The question of corporate insolvency resolution process cost and the remaining issues were kept for consideration on the next date.

Outcome: Interim relief was granted in favour of the successful resolution applicant, with liquidation stayed and handover permitted, while the remaining issues were left for future consideration.

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