In the matter of Ganpatraj Lalchand Chowdhary Director (Suspended) Vs. M/s. Agarwal Fuel Corporation Pvt. Ltd. & Anr. Company Appeal (AT) (Insolvency) No. 299 of 2022

This Appeal has been filed against the Order dated 16th March, 2022 passed by the National Company Law Tribunal, Ahmedabad Bench. By which Order on the Application filed by the Respondent No. 1-Operaitonal Creditor under Section 9 of the I & B Code, 2016, an Order of Admission was passed. In this Appeal, Notices were issued and Interim Order was passed on 23rd March, 2022 and I.A. No. 1061 of 2022 has been filed bringing on record the 'MoU' between the parties.

2. Learned Counsel for the parties submits that they have already settled the matter and settlement between the parties have been brought on record as Annexure B to the Application. The Settlement is taken on record. Learned Counsel for the parties shall abide by the Settlement.

3. In pursuance of the Order of this Court dated 23rd March, 2022, deposit was made by the Appellant is Rs. 2,55,26,222/- which amount be released to the Respondent No. 1 by the Registry.

4. In view of the Settlement between the parties, we withdraw the Order dated 16Th March, 2022 passed by the Adjudicating Authority. IRP appears and submits that he has already received his fees and he shall immediately handover the charge to the Corporate Debtor. The Appeal is disposed of accordingly.

[Justice Ashok Bhushan]

Chairperson

[Dr. Alok Srivastava]

Member (Technical)

[Ms. Shreesha Merla]

Member (Technical)