2024 (9) TMI 708

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....Mr. Monish Surendran, Advocates for R-1. Mr. Shyam Sundar Kasera, IRP ORDER ( Hybrid Mode ) Per: Justice Rakesh Kumar Jain ( Oral ) This appeal is directed against the order dated 22.02.2024, filed by the Suspended Director of the Corporate Debtor (M/s Tattva & Mittal Lifespaces Pvt. Ltd.) by which an application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (in short 'Code') by Ashok Tiwari (Financial Creditor) has been admitted by the National Company Law Tribunal, Mumbai Bench in CP (IB) No. 642/MB-IV/2022. On the admission of the application filed under Section 7, Mr. Shyam Sundar Kasera was appointed as the Interim Resolution Professional (IRP) and the Financial Creditor was directed to deposit Rs. 5 lakhs....

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....tered into a settlement and time was taken by them for placing the consent terms on record. 5. In this regard, a specific order was passed on 20.08.2024 and thereafter on 10.09.2024 which are reproduced are as under: "20.08.2024:- On 12.08.2024 the following order was passed :- "This appeal is against the order by which an application filed under Section 7 was admitted. On 27.02.2024, statement was made by the Appellant that he is ready to deposit the amount of Rs. 1,93,50,000/ which was claimed in Form 1 within three weeks. Therefore, it was ordered by this Court that in the meantime, no further steps shall be taken in pursuance of the Impugned Order. On 09.07.2024 Counsel for the Appellant has further made the stateme....

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....roduced today in court which is taken on record as Annexure 'X'. 7. Counsel for the parties, namely, Suspended Director of the Corporate Debtor and Financial Creditor have jointly submitted that in view of the settlement (Consent term) the impugned order may be set aside and the CIRP initiated against the Corporate Debtor may be dropped. 8. Counsel for the appellant has further referred to paragraph 9 and 10 of the consent term which are reproduced as under: "9. The parties have agreed to make a joint request before Hon'ble National Company Law Appellate Tribunal for release of Fixed Deposit of INR 1,93,50,000/- with accrued interest of INR 2,83,954/- to Mr. Ashok Tiwari. A copy of FD statement with accrued interest is an....