Supreme Court allows compromise settlement between Anjani Realtors Private Limited and Indarprashtha Buildtech Private Limited to Close CIRP.
The Supreme Court allowed the joint application filed by the appellant and respondent no.1 acknowledging their settlement. It ordered the appellant to pay Rs.5,00,000/- to the Resolution Professional within ten days, failing which the Professional could seek recovery before the National Company Law Tribunal. Consequently, the Corporate Insolvency Resolution Process against respondent no. 2 was closed, and the appeal was disposed of.
The Supreme Court order pertains to a joint application filed by the appellant Harendra Singh Khokhar, who is the Director of the Corporate Debtor (respondent no. 2 – M/s. Anjani Realtors Pvt. Ltd.), and the operational creditor (respondent no. 1 - Indarprashtha Buildtech Pvt. Ltd.). Both parties have reached a compromise and settled the matter as per the Deed of Settlement dated 01.02.2024.
According to the settlement, two demand drafts totalling Rs. 5 crores were handed over by the appellant's counsel to respondent no. 1's counsel.
Previously, on 28.02.2024, the court had instructed the appellant to file an affidavit regarding any other creditors. The affidavit submitted by the Resolution Professional – Mr. Piyush Moona
revealed only one creditor in the Committee of Creditors, which was respondent no. 1 - Indarprashtha Buildtech Pvt. Ltd. However, it was noted that dues payable to Mr Amit Talwar, the Interim Resolution Professional, have been settled by cheque, while dues to Mr Piyush Moona, the Resolution Professional, remained partly paid, amounting to Rs. 3,26,000/-.
The appellant's counsel committed to paying Rs.5,00,000/- to Mr Piyush Moona within ten days from the date of the order. Failure to comply would grant Mr Piyush Moona the right to file for recovery of this amount before the National Company Law Tribunal.
Consequently, I.A. no. 31706/2024 was allowed, and the Corporate Insolvency Resolution Process against respondent no. 2 – M/s. Anjani Realtors Pvt. Ltd. was officially closed. The appeal was disposed of with no order regarding costs, and any pending applications were deemed disposed of as well.
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