TaxTMI 
TaxTMI 
2025 (12) TMI 237
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.... for Applicant No. 1 i.e., Girdhari Lal Khandelwal of the Corporate Debtor as well as Shri Nikhil Verma, Learned Counsel appearing for Applicant No. 2 i.e., Operational Creditor 2. This joint application has been moved by the above mentioned Applicants with multiple prayers stated in the relief clause of the application. 3. During the course of submissions, Learned Counsels for the Parties jointly submits that they are restricting their prayers only in terms that the appeal filed by the Applicant No. 2 which has been restored vide order dated 25.09.2025 passed in Restoration Application bearing RA No. 33 of 2024 be dismissed as withdrawn. 4. It is reflected that the CIRP was initiated against the CD i.e., M/s Rasik Products Pvt. Lt....
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.... that they have already settled and CIRP need not be continued. 3. In view of the Memorandum of Understanding on record, we close the CIRP and set aside order dated 14.06.2024. 4. Learned counsel for the IRP submits that he has not been paid any amount although the Adjudicating Authority has directed for payment of Rs.1 Lakhs. He further submits that IRP has also incurred certain expenses in the CIRP. 5. In facts of the present case, we are of the view that amount of Rs.2 Lakhs be paid to the IRP, which may be paid by way of a Bank Draft or RTGS within two weeks from today. 6. Appeal is disposed of accordingly." 7. It is also reflected that as the terms of the settlement were allegedly not honoured by ....
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....d on 14.06.2024 and this Tribunal on 01.07.2024 passed following order: "ORDER (Hybrid Mode) 1.7.2024- Learned Counsel for the Appellant submits that settlement has already been entered with the Operational Creditor and he seeks three days' time to bring the settlement on record. List on 5th July, 2024. In the meantime, Committee of Creditors shall not be constituted and the Order impugned shall remain stayed." 2. Appellant has brought on record Memorandum of Understanding dated 02.07.2024 under which the settlement has been entered between the Operational Creditor and the Corporate Debtor. Learned counsel for the Respondent submits that they have already settled and CIRP need not be....
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....he parties. In paragraph 6 of the application, the appellant has averred that the full and final settlement between the parties was arrived at Rs. 3.5 crores but so far, the Corporate Debtor has paid only Rs.2.5 crores. Counsel appearing on behalf of Corporate Debtor has submitted that he has filed reply to the application but the said reply is not on record. At the same time Counsel appearing on behalf of the RP has submitted that in terms of the order passed by this Court on 14.02.2025, the appellant/ Operational Creditor was supposed to pay Rs. 2 lacs to him within a period of 15 days but the said amount has not been paid. Counsel for the parties have requested for an adjournment to argue the appeal by physically presen....
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.... Jalan Transolutions (India) Ltd., CA (AT) (Ins) No. 294 of 2021 decided on 08.04.2021, and Krishna Garg and Anr. vs. Pioneer Fabricators Pvt. Ltd., CA (AT) (Ins) No. 92 of 2021 decided on 12.02.2021 and has also referred to Order 23, Rule 3 of the CPC. 12. Counsel for the OC has submitted that CD has acted dishonestly because he has not honoured its commitment which was made at the time when the MoU was entered into on the basis of which the main appeal filed by the Suspended Director was disposed of and the CIRP initiated against the CD was closed. 13. We have heard Counsel for the parties and perused the record. 14. From the aforesaid fact, it is clear that the Suspended Director, in order to wriggle out of the....
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....e a message to the others who also thinks in the manner in which the present appellant/suspended director thinks and acts. It is made clear that if the cost is not paid as directed, the OC shall be at liberty to file a contempt petition for obtaining an appropriate order. 19. CA (AT) (Ins) No. 1216 of 2024- This appeal was disposed of by order dated 05.07.2024. However, in view of the order passed today in RA No. 33 of 2024, the main appeal is hereby restored to its original number. 20. Since we have not appreciated the conduct of the Suspended Director of the CD, who has not honoured its own words and the commitment, therefore, the order of stay dated 01.07.2024 is also hereby vacated. 21. List this appeal on 02.....