2021 (6) TMI 195

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....Parties : Vikram Wadhera, Vidushi Chokhani, Shaunak Mitra, Advocates and Party-in-Person ORDER 1. The court convened by video conference today. 2. IA No. 446/KB/2021 is an application filed by Asset Reconstruction Company (India) Limited, the Financial Creditor through the Resolution Professional (RP) of the Corporate Debtor praying for the underlying Company Petition bearing CP No. 432/KB/2019....

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....ll this while the members of suspended board of directors were maintaining an appeal before the Hon'ble National Company Law Appellate Tribunal (NCLAT), challenging the order of admission of the Corporate Debtor in to CIRP. This appeal was dismissed by the Hon'ble NCLAT on 26.03.2021. 6. Thereafter, the Applicant was in receipt of a settlement proposal dated 31.03.2021 from the members of....

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....ment of the dues in relation to which the underlying Company Petition was initiated. A sum of Rs. 14.83 crore has been paid by the members of suspended board of directors to the Applicant under the settlement. This amount is higher than the amount provided under the approved Resolution Plan. The CIRP expenses have been paid in to the account of the Corporate Debtor. Further, the CoC has deliberate....