Partly allowed

Value Added Coating Solutions Pvt. Ltd. v. Shri Balaji Export & Manufacturing

Delhi HC17 Dec 2024O.M.P. (COMM)/370/2020

Case brief

AI extract

What is this about?

Substitute party application to replace original petitioner with assignee banks; brought parties to settle outstanding disputes (all claims resolved); petition subsequently withdrawn by petitioner.

What did the court decide?

IA No.48052/2024 allowed. O.M.P. (COMM) 370/2020 dismissed as withdrawn. Amended memo of parties filed within one week.

Value Added Coating Solutions Pvt. Ltd. Vs Shri… — Insolvency and Bankruptcy | Delhi HC (2024)

¶1

$~35

¶2

IN THE HIGH COURT OF DELHI AT NEW DELHI

¶3

- O.M.P. (COMM) 370/2020, IA No.48052/2024

¶4

VALUE ADDED COATING SOLUTIONS PVT. LTD......Petitioner Through: Mr. Shubham Kumar and Mr. Ajay Vikram Singh, Advs. (through v/c)

¶5

versus

¶6

SHRI BALAJI EXPORT & MANUFACTURING .....Respondent Through: Mr. Sajal Jain, Adv. for applicant banks (Axis Bank and PNB) (through v/c)

¶7

CORAM:

¶8

HON'BLE MR. JUSTICE SACHIN DATTA

¶9

O R D E R % 17.12.2024

¶10

IA No.48052/2024

¶11

This is an application seeking substitution of the original petitioner i.e. Shribalaji Export & Mfg. (P) Ltd. with the applicant, i.e. Axis Bank and Punjab National Bank being assignees of the “debts / non-readily realisable assets” of Shribalaji Export & Mfg. (P) Ltd.

¶12

The assignment took place vide order dated 02.08.2021, passed by the NCLT, Principal Bench, New Delhi and through an Assignment Agreement dated 13.01.2022.The present application has consequently been filed by the concerned banks.

¶13

The application is not opposed by learned counsel for the nonapplicant.Consequently, the same is allowed.

¶14

Let an amended memo of parties be filed within a period of one week.

¶15

O.M.P. (COMM) 370/2020

¶16

Learned counsel for the parties submit that a settlement has been

¶17

This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 23/12/2024 at 12:12:55

¶18

arrived at between the parties. Consequently, all outstanding disputes between the parties stand resolved in terms thereof.

¶19

In the light thereof, learned counsel for the petitioner seeks to withdraw the present petition. The present petition is accordingly, dismissed as withdrawn.

¶20

SACHIN DATTA, J

¶21

DECEMBER 17, 2024/ cl

¶22

This is a digitally signed order.

¶23

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 23/12/2024 at 12:12:55

Value Added Coating Solutions Pvt. Ltd. v. Shri Balaji Export & Manufacturing

Case brief

What is this about?

What did the court decide?

Value Added Coating Solutions Pvt. Ltd. v. Shri Balaji Export & Manufacturing

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

Case details

Similar cases

Syrma Sgs Technology Limited Vs Aptos Technology Inc.

Tata Capital Limited Vs M/S Siraj Tools Industries & Anr.

Ircon International Ltd. Vs Department of Health Research

M/S Hello Verify India Private Limited Vs Bhuwanesh Singh Chauhan

Rugby Renergy Pvt. Ltd. Vs India Power Corporation Ltd.

Shribalaji Export & Mfg. (P) Ltd. Vs Value Added Coating Solution Pvt. Ltd. & Ors.