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Judgment
Heard the submissions made by the applicant. Mr. Arun Khatri, Advocate has appeared on behalf of the Suspended Board of Directors. Both the Directors were also present at the time of virtual hearing of the matter. Both the directors have expressed that they are keen to settle the matter. The Learned Counsel for the operational creditor Mr. Soumya Dutta, was also present and he submitted that only telephonic offer has come for settlement and no written proposal has been submitted. Therefore, the Learned Counsel for the Ex-director is directed to initiate the settlement talks in consultation with counsel for the operational creditor.
IA No. 2088 of 2020
With regard to the application filed by the RP, the Learned Counsel for the Suspended Board of Directors has prayed time for filing the reply, as the application is voluminous. As prayed by the counsel for respondents 10 days' time has been granted for filing the reply. Post the matter to 17th August, 2020.