TMI Blog2019 (7) TMI 1423X X X X Extracts X X X X X X X X Extracts X X X X ..... the parties and non-formation of CoC, this Adjudicating Authority deems it just proper to Close the CIRP proceedings against the Corporate Debtor. The fees of the IRP shall be paid by the corporate debtor as per the terms agreed between the parties. The CIRP proceedings against the Corporate Debtor i.e., Ranga Particles Board Industries Limited shall stand closed and the order of moratorium ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional Creditor has been amicably settled by the Applicant. It is further submitted that the 1st meeting of CoC has not been held till date. The consent terms between the parties is read as follows: In terms of the settlement reached between the parties and strictly upon receipt of the entire settlement amount i.e., ₹ 10,50,000/- from the Corporate Debtor, the Operational Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NCLT Rules, 2016 allow or disallow an application for withdrawal or settlement. This will be decided after hearing all the concerned parties and considering all relevant factors on the facts of each case. 5. Heard parties and perused the record. 6. In accordance with the order of the Hon ble Supreme Court and Inherent powers envisaged under Rule 11 of NCLT Rules, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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