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2019 (5) TMI 1780 - Tri - Insolvency and BankruptcyWithdrawal of admitted CIRP process - HELD THAT:- The Applicant has filed the present CA No. 399/2019 seeking to revive the application since the cheques given by the Respondent have bounced. In view of the facts and circumstances of case, the CA No. 399/2019 is allowed and the main application is revived. In the light of clear and categorical admission of liability by the Respondent in the settlement agreement and the default of the Respondent, this tribunal initiates CIRP of the Respondent. The Applicant shall deposit a sum of ₹ 2 lakhs to enable the IRP to meet the immediate expenses. The same shall be accounted for by the IRP and shall be reimbursed to the Applicant to be recovered as costs of the CIRP - Renotify this case for report of the IRP on 01.07.2019.
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