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2020 (1) TMI 8 - AT - Insolvency and BankruptcySettlement of the matter between the creditor and debtor - CIRP started - Committee of Creditors has not been constituted - HELD THAT:- Taking into consideration the fact that there is default of only ₹ 9,87,988.35/-, we assess the fee of the 'Interim Resolution Professional' at ₹ 1,00,000/- per month i.e. ₹ 1,50,000/-for one and a half month plus ₹ 37,936/- i.e. ₹ 1,87,936/-. However, ₹ 2,00,000/- should be adjusted against the advance already received by the 'Interim Resolution Professional'. In view of the fact that the parties have reached settlement before the constitution of the 'Committee of Creditors', the impugned order passed by the Adjudicating Authority (National Company Law Tribunal), Jaipur Bench, Jaipur is set aside - The 'Corporate Debtor' (company) is released from all the rigours of law and is allowed to function independently through its Board of Directors from immediate effect. The 'Interim Resolution Professional' will hand over the assets and records to the Board of Directors immediately. Appeal allowed.
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