AMIT GUPTA Vs. JANATA CHEMICALS PVT LTD

JUDGEMENT

(1.) This Company petition was admitted by initiating Corporate Insolvency Resolution process against the Corporate Debtor on the application filed by the Operational Creditor. Mr. Amit Gupta was appointed as Interim Resolution Professional. The said Interim Resolution Professional filed application No.379/2017 for direction against the Corporate Debtor, its Directors and its Representatives to assist and cooperate with the Insolvency Resolution Professional and for certain other directions also. The said Interim Resolution Professional filed application No.479/2017 to extend the Corporate Insolvency Resolution period beyond 180 days under Section 12(2) of the IB Code, 2016 .

(2.) Now the Interim Resolution Professional has filed a MA No.586/2017 (Memo) , seeking to discharge him as Interim Resolution Professional, direct the Corporate Debtor to pay the fees of Insolvency Resolution Professional and Lawyer and to vacate the order admitting the Company petition. The Ld. Counsel for the IRP during the hearing on 27.11.2017 stated that the Corporate Debtor approached the Operational Creditor, assured and undertaken to make the payments to the Operational Creditor on an Understanding which culminated into an Agreement dated 20.10.2017 entered into between them. The Operational Creditor has also filed an Affidavit to that effect and the same was placed on record. The Interim Resolution Professional further states that there are no other claims pending against the Corporate Debtor. In these circumstances, the IRP filed this Memo for his discharge, vacating the admission order dated 15.3.2017 against the Corporate Debtor, a direction to the Corporate Debtor to pay Rs.2,00,000/- to IRP and Rs.35,000/- to the lawyer who appears in this case, before this Bench. Further the Insolvency Resolution Professional is not pressing the MA No.479/2017.

(3.) The Ld. Counsel appearing on behalf of the IRP during the hearing on 27.11.2017 submitted before this Bench that the Corporate Debtor and the Operational Creditor agreed to settle the dues to the IRP and to the lawyer and pressed for the vacating the order dated 15.3.2017.