TMI Blog2020 (1) TMI 1479X X X X Extracts X X X X X X X X Extracts X X X X ..... hich he is entitled to receive in addition to ₹ 1,25,000/- already incurred towards cost, i.e., total ₹ 3,25,000/-. The Operational Creditor , who initiated the proceedings has already paid a sum of ₹ 1,00,000/- to the Interim Resolution Professional , which will be adjusted against his fee. The rest of the amount of ₹ 2,25,000/- is payable, which the Appellant agrees to pay. The learned Counsel for the Appellant submits that he has come with a cheque of ₹ 1,00,000/- and the rest amount, if allowed, will be paid within fifteen days. The Promoters have settled the claim of all the 11 Claimants and the Committee of Creditors has not been constituted - in exercise of powers conferred by Rule 11 of the NCLAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken up, learned Counsel for the Appellant submitted that except Contract Agreement with regard to the performance, no document was enclosed in Form 5 by the Operational Creditor to suggest that there is a debt payable, neither any bill nor any Invoice was raised. However, from the record we find that the Corporate Debtor has issued Work Order and Work Completion Certificate and parties were allowed to settle the matter in view of the fact that Committee of Creditors was not constituted. 3. An application under Rule 11 of the NCLAT Rules, 2016 is filed by the Appellant, enclosing copies of certain settlement and acknowledgement. One of the record suggests that the Settlement Agreement has been reached on 13th January, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Directors of the Corporate Debtor . So, three more documents relating to settlement has been placed before us. 7. Mr. Amarjit Singh Bedi, learned Counsel appearing on behalf of Tata Motors Finance Ltd. accepts that the settlement has been reached with the Promoters. Mr. Saurabh Kalia, learned Counsel appearing on behalf of Akashganga Infraventures India also submits that settlement has already been reached and amount has been paid. 8. Mr. Rishi Singh, learned Counsel appearing on behalf of Interim Resolution Professional - Mr. Pawan Kumar Goyal informs that total 11 claims of aforesaid persons/ Companies were collated. In regard to those aforesaid claims, the Appellant has produced the Agreement(s) or acknowledgement of payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 9 of the I B code preferred by M/s Aanav Construction Co. as withdrawn. Shri Balaji Infradevelopers Private Limited ( Corporate Debtor ) is released from the rigour of Corporate Insolvency Resolution Process . The Interim Resolution Professional will handover all the premises, assets and records of the Corporate Debtor to the Promoters. The Appellant is directed to pay the rest of the amount of ₹ 1,25,000/- in favour of the Interim Resolution Professional within 15 days. We have noticed that cheque of ₹ 1,00,000/- has already been handed over to the IRP today. 12 The Appellant is directed to comply with the Terms and Conditions as reached with the parties pursuant to settlement. If amount is not paid, it wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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