TMI Blog2020 (1) TMI 842X X X X Extracts X X X X X X X X Extracts X X X X ..... eha Rai, Shiv Ahlawat, Rishabh Jain, Advs. and Kailash C. Jain for the Respondent. ORDER 1. 'M/s. Aaarti Security Services' filed an application under Section 9 of the 'Insolvency and Bankruptcy Code, 2016 (for short, 'the I B Code') for initiation of the 'Corporate Insolvency Resolution Process' against 'M/s. Shahi Infrastructure Pvt. Ltd.'. The Adjudicating Authority (National Company Law Tribunal), Special Bench, New Delhi by impugned order dated 22nd August, 2019 admitted the application and appointed one Mr. Kailash Chander Jain, as 'Interim Resolution Professional'. The Appellant has challenged the impugned order in 'Company Appeal (AT) (Insolvency) No. 909 of 2019& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 and the affidavit has been signed by one Mr. Brahm Pal Singh - 'M/s. Aarti Security Services' and the Appellant - 'Sarita Vishal, relevant of which reads as follows: 5. To resolve the issue both parties have amicably arrived on the settlement and the both agreed as per the details below: i. ₹ 10,00,000/- (Ten Lacs) to be paid by the Second Party on 05.12.2019 before Hon'ble NCLAT, New Delhi. ii. Second Party agrees to pay balance amount sum of ₹ 30,00,000/- (Thirty Lacs Only) to the First party as full and final settlement with respect to the due invoices. The said amount would be paid as per final settlement. iii. The balance amount will only be paid upon claim settlemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22nd August, 2019 passed in 'C.P. No. IB-1066(PB)/2019' filed by 'M/s. Aarti Security Services' and 'C.P. No. IB-1566 (PB)/2018 filed by 'Anupam Enterprises' 8. The petition(s) filed by 'M/s. Aarti Security Services' and 'Anupam Enterprises' (Operational Creditors) stand disposed of. The 'Interim Resolution Professional' will hand over the assets and records of the 'Corporate Debtor' to the Board of Directors. The Adjudicating Authority will now close the proceeding. The appellant company is released from all the rigour of law and is allowed to function independently through its Board of Directors with immediate effect. Both the appeals are allowed with aforesaid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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