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TMI Blog2020 (4) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... cial Member) For the Appellant : Ankit Kumar Lal and Ms. Sneha Ravi Iyer For the Respondent : Srijan Singh ORDER 1. An application under section 7 of the Insolvency and Bankruptcy Code, 2016 (for short "I and B Code") was filed by Ketki Shah Talati ("financial creditor") for initiation of the "corporate insolvency resolution process" against Kasata Hometech (India) P. Ltd. The Adjudicating Aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akhs by November 25, 2019 and if further four weeks is allowed, it will pay rest of the amount, i. e., Rs. 19,09,845 by way of "demand draft" in favour of the "financial creditor". However, we are not inclined to give such time if the appellant, so chooses, may settle the matter with the respondent (financial creditor) for payment of the amount of rupees twenty lakhs immediately. Rest rupees twent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tki Shah Talati. 5. Mr. Srijan Sinha, learned counsel for the respondent also accepts that total amount has been received by the first respondent ("financial creditor"). It is also informed that the "committee of creditors" has not been constituted. 6. In spite of service of notice by speed post on "Interim Resolution Professional", which is served, as shown in India Post, the "Interim Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate debtor" immediately. The case is remitted to the Adjudicating Authority to decide only the corporate insolvency resolution process cost, which includes fee of the "interim resolution professional" and cost incurred by him, which is to be paid by the appellant within 15 days from the date of such order by the Adjudicating Authority. The appeal is allowed with the aforesaid observations and d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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