TMI Blog2020 (1) TMI 1536X X X X Extracts X X X X X X X X Extracts X X X X ..... in taking any step to proceed with the CIR process. Under such circumstances with no other claimant and the sole member of the CoC not being interested in prosecuting the CIR process, it would be expedient to terminate the CIR process. The CIR process is hereby terminated. The Corporate Debtor is released from the rigors of the moratorium and is permitted to function through its own board - th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the IRP, even this has not been fully paid. The IRP has submitted that he has been meeting expenses from his own pocket. Pursuant to the publication, no other claim was received. It is submitted that the first meeting has been held while the second meeting has been postponed a few times, at the instance of the Operational Creditor/CoC on grounds of a possible settlement with the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not only failed to reimburse the expenses and fees of the Interim Resolution Professional, but has also wasted the time of this Bench after the petition was duly admitted. Accordingly, while terminating the CIR process, a cost of ₹ 50,000/- is imposed on the Operational Creditor to be paid to the Prime Minister s Relief Fund. Failure to remit the aforesaid amount shall make the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X
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