TMI Blog2021 (7) TMI 947X X X X Extracts X X X X X X X X Extracts X X X X ..... Original Applicant who is not making the payment can not now be seen as turning around to question the quantum of the CIRP expenses and Fees. It is not convincing that the Learned Counsel for the Original Applicant is making out a case to look into the question of sufficiency or otherwise of the CIRP Costs and the Fees - appeal disposed off. - I.A. No. 1356 of 2021 in Company Appeal (AT) (Insolvency) No. 951 of 2019 & I.A. No. 1719, 2557 of 2020 - - - Dated:- 22-7-2021 - [Justice A.I.S. Cheema] The Officiating Chairperson And [Dr. Alok Srivastava] Member (Technical) For the Appellant : Shri Ramji Srinivasan, Sr. Advocate with Shri Abhijeet Sinha, Shri Himanshu Satija and Shri Rohan Talwar and Mr. Ajitesh Soni, Adovcates For the Respondent: Ms. Veena Sivaramakrishnan, Mr. Siddhant Kant, Mr. Sumant Prashant, Ms. Moulshree Shukla and Apeksha, Advocates for R-1. Ms. Purti Gupta, Advocate for R-2. Ms. Annanya Ghosh, Ms. Ragini Gupta, Respondents in IA 2557/2020. ORDER (Virtual Mode) Perused Interlocutory Application No. 1356 of 2021 in Company Appeal (AT) (Ins.) No. 951 of 2019. 2. This Appeal has been filed by Shareholder of Corporate Debtor-Arkay Logist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hmedabad) Mr. Dushyant Dave, hereinafter referred to as Second Party which expression unless repugnant to its meaning or context otherwise including its legal heirs, liquidator, successors, executors, administrators, assigns and legal representatives of the Second Party; Hereinafter collectively referred to as the Parties WHEREAS The Second Party M/s. Siddhi Vinayak Logistic Limited has filed an application under Section 9 of the IBC for initiation of Corporate Insolvency Resolution Process ( CIRP ) against M/s. Arkay Logistics Limited. AND WHEREAS M/s. Siddhi Vinayak Logistic Limited, has sought initiation of CIRP under Section 9 of IBC against M/s. Arkay Logistics Limited on the ground, that M/s. Arkay Logistics Limited committed default in payment for services availed from M/s. Siddhi Vinayak Logistic Limited to the extent of ₹ 26,70,55,042.96/-. AND WHEREAS M/s. Siddhi Vinayak Logistic Limited has filed an Application CP (IB) 3249/1 BP/MB/2018 for initiation of CIRP against M/s Arkay Logistics Limited and the NCLT, Mumbai passed order of admission on 29.08.2019. AND WHEREAS the first party M/s. Edwell Infrastructure Hazira Limited, is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... designated by Liquidator towards the full and final satisfaction of dues/claim under the subject matter, on which the admission order was passed by Hon ble NCLT, Mumbai as per the following schedule: SN Date UTR Ref. No. Amount 1 16-07-2021 SBINR12021071633133374 1,00,00,000 2 17-07-2021 SBINR12021071733261754 5,50,00,000 Total 6,50,00,000 4. That, it is mutually agreed between the parties that the present Agreement shall be binding on both the Parties and the Agreement shall be immediately effective and implemented. 5. That the Parties agree that in the event the terms of this Agreement and settlement between the Parties thereto, are construed and/or treated as a preferential transaction or determined as an avoidable transaction under the IBC, the Second Party shall refund all amounts paid by the First Party under this Agreement and the rights of the Second Part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such settlement amount shall constitute part of liquidation estate which shall be utilized as per the provisions of the IBC. 11. The Parties mutually agree and confirm that no changes, alterations or modifications to the Agreement shall be effective unless such changes, alterations or modifications are made in writing and signed by the duly authorized representatives of both the Parties. 12. The Parties mutually agree and confirm that the settlement recorded herein is lawfully binding upon the Parties and is in the best interest of the Parties. These terms of settlement are final and binding upon the Parties hereto. The Parties confirm that the understanding and settlement arrived at by way of this Agreement is a result of their free will and volition and is in the absence of any coercion, whatsoever. All the provisions of this Agreement are legally binding on the Parties, unless otherwise provided specifically and this Agreement shall supersede all previous agreements, understandings, and communications, oral or in writing, and this Settlement Agreement shall remain in full force and effect and shall bind the Parties. 13. The Parties confirm that if any provision of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ificate as can be seen at Annexure D Page 22 of the Application. Learned Sr. Counsel thus submits that the Impugned Order needs to be quashed and the Original Application filed by Respondent No. 1 should be disposed treating the same as withdrawn. 5. The Learned Counsel for the Interim Resolution Professional of the Corporate Debtor submits that the Interim Resolution Professional has received the CIRP Costs and the Legal Fees for which Annexure D Page 22 of the Application has been issued. The Learned Counsel for Respondent No. 1 the Original Petitioner has now expressed some doubts with regard to the amount paid to the Interim Resolution Professional towards the CIRP Costs and the Fees. Learned Counsel for the Original Applicant is now expressing that the amount paid of ₹ 76,47,490/- as mentioned in Paragraph 7 of the Application is appearing to be on the higher side. It is stated that the Interim Resolution Professional may be asked to give particulars. The Learned Counsel for the Interim Resolution Professional of Corporate Debtor submits that Annexure D of the Application itself gives the particulars as to how the Interim Resolution Professional manage Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X
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