2020 (11) TMI 122

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....s)<br>Dated:- 2-11-2020<br>Company Appeal (AT) (Insolvency) No. 306 of 2020 & I.A. No. 2460 of 2020 - -<br>Insolvency & Bankruptcy<br>[ Justice A.I.S. Cheema ] Member ( Judicial ) And [ V. P. Singh ] Member ( Technical ) For the Appellant : Mr. Gautam Singh, Advocate For the Respondent : Mr. Gaurav Ray, Mr. Deep Roy and Mr. Nishith Doshi, Advocates for R-1. Mr. Bhavana Duhoon, Advocate for R....

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....r dated 08th March, 2019. It is accepted position that during the period of 'CIRP', no Resolution Plan was received. The Resolution Professional filed Application under Section 33 of IBC. The same was filed on 24th April, 2019. The Appellant claims that after the Application under Section 33 of IBC was filed, the Appellant and ARCIL which has 100% voting share in the Committee of Creditors had mee....

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....idation by appointing such Insolvency Professional as Liquidator as may be proposed by IBBI. 2. The Appellant claims that after such order dated 31st December, 2019, the Appellant filed Application under Section 60 (5) of IBC that settlement has been arrived at with the Respondent/ARCIL. Later, demand draft dated 10^th December, 2020 was issued in favour of the ARCIL for Rs. 4,08,06,591.00/- an....

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....its that after paying initial amount, the Appellant has failed to pay the further amounts and the settlement which is being referred by the Appellant has already failed. The Learned Counsel submits that the Respondent is no more supporting the Appellant that there is settlement. 4. Having gone through the matter, when it is an admitted fact that during the Time limit provided under Section 12 o....