2026 (6) TMI 1506

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2026 & I. A. No. 2680, 2681 of 2026 - -<br>Insolvency & Bankruptcy<br>JUSTICE N. SESHASAYEE, MEMBER (JUDICIAL) AND INDEVAR PANDEY, MEMBER (TECHNICAL) For Appellant : Mr. Akhil Shankhwar and Mr. Vardan Mittal, Advocate. For Respondents : Mr. Raunak Sathpathy, Advocate. Mr. Pradeep Gaur, Advocate for IRP. JUDGMENT Per Justice N. Seshasayee, Member (Judicial) 1. This appeal has been fi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the same, the appellant and the first respondent agreed that the former would pay the latter a sum that they had mutually agreed towards full settlement of the latter's claim. This amount was to be paid in three tranches. This document of settlement also provided for the withdrawal of CP (IB) No. 429 of 2024 which the first respondent had instituted immediately the appellant making payments as sti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....efore the CD was admitted to CIRP. Indeed, even an application was promptly filed on 26.03.2026, but because some defects were notified, the same could not be brought on record before the final order was passed. Indeed, according to both the parties herein, before the pronouncement of order on 09.04.2026, this aspect was brought to the notice of the learned Adjudicating Authority but the same was ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of the final order and expedited the scrutiny process of the application which the appellant had filed for withdrawal of CP (IB) No. 429 of 2024. 6. Inasmuch as the entire amount has been paid even before the pronouncement of final order, necessarily the CP (IB) No. 429 of 2024 should have been allowed to be withdrawn. Since CIRP came to be admitted overlooking the aspect of complete settlement....