TMI Blog2020 (3) TMI 1315X X X X Extracts X X X X X X X X Extracts X X X X ..... ding. Keeping in view paragraph 79 of the judgment in the matter of SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [ 2019 (1) TMI 1508 - SUPREME COURT ] , exercising powers under rule 11 of the National Company Law Appellate Tribunal Rules, 2016, we accept the memorandum of understanding and we allow the appeal and set aside the impugned order dated February 26, 2020. Respondent No. 1, original operational creditor is permitted to withdraw the application which was filed under section 9 of the IBC. The actions taken by the IRP/RP in consequence of the impugned order are quashed and set aside - The corporate debtor is released from the rigour of law and is allowed to function independently through its board of directo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he dispute between them and the corporate debtor has issued different post-dated cheques to settle the claim of the operational creditor. It is stated that the post-dated cheques have also been issued to the IRP to settle the fees of IRP including the CIRP cost. 5. Learned counsel present referred to the memorandum of understanding executed between the appellant and respondent No. 1 and state that respondent No. 1 wants to withdraw the application which was filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (in short IBC ) before the Adjudicating Authority. 6. Learned counsel for the appellant states that the settlement has been arrived at with the consent of other directors and the corporate debtor will honour all the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l in case of any default on the part of corporate debtor in honouring the memorandum of understanding/agreement or non-payment of fees/ CIRP costs of IRP for which cheque is stated to have been issued. If respondent No. 1 or IRP moves this Tribunal complaining default, this Tribunal may recall the present order and restore the impugned order. 13. In view of our order in paragraph 10 supra, actions taken by the IRP/RP in consequence of the impugned order are quashed and set aside. The corporate debtor is released from the rigour of law and is allowed to function independently through its board of directors. The IRP/RP will hand back the records and management of the affairs of corporate debtor, to the board of directors. The appeal is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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