2020 (7) TMI 833

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....er (Judicial, Dr. Ashok Kumar Mishra Member (Technical) For the Appellant : Mr. Sameer Abhyankar, Advocate For the Respondents : Mr. Susmit Pushkar, Advocate for R-1 Mr. S. Mohammed Raiz, IRP Mr. Subhash Gulati and Mr. Diwakar Maheshwari, Advocates for R-2 ORDER (Through Virtual Mode) I.A. No. 1534 of 2020 has been filed by the Appellant in terms of Rule 11 of the National Company Law Ap....

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.... full and final settlement of all claims. The 'Settlement Agreement' incorporates the terms of settlement and the mode of payment at paragraph 3 and 4 thereof. The execution and the contents of the 'Settlement Agreement have been admitted by the parties. As the parties have reached the settlement and the 'Committee of Creditors' was not constituted, in exercise of powers conferred under Rule 11 o....

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....as withdrawn. The Adjudicating Authority will now close the proceeding. The Respondent Company is released from all the rigour of law and is allowed to function independently through its Board of Directors with immediate effect. So far as the fee and expenses incurred by the Resolution Professional is concerned, we find that grossly inflated claim has been set up which is unwarranted. Having rega....