This Bench disposed of a Section 9 IBC petition as withdrawn following a Memorandum of Understanding between the Applicant Operational Creditor and the Corporate Debtor. Liberty for revival was granted upon default.
Petition disposed of as withdrawn; liberty for revival granted in case of default.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Item No" l12 CP No"(IB)-155/9IJPR/201 9
UNDER SECTTON 9 OF IBC, 2016
In the rnatter of:
M/s Ankit Bnterprises
. . ... " .Applicant/Petitioners
vs"
iWs Gneen PIus Construction Pvt" Ltd.
;;;;;.;;:;ffi;;
Corana: SI{" P. S" N" PRASAD,IION'BLE "IUDICI.A,I- MEMBER SI{. RAGHIJ N^AYYAR., IION'BLE TECHNICAI- MEMBER.
For Petitioner (s) : Jaideep Malik, Proxy counsel on behalf of Javed Khan, Adv. Rakshit Goyal, Adv. For Respondent(s) : None-appeared
ORDER
Heard the submissions made by the counsel for the Operational Creditor as well as perused the affidavit of compliance of service. Vide order dated 18.11 .2019, this Bench had directed the counsel for the Operational Creditor to expedite the process of settlement and come up with a memorandum of settlement also. The parties have now arrived at a memorandum of understanding dated 11.12.2019" Both the parties have agreed that the outstanding amount of Rs. 8,80,000/- shall be paid by the second parlqy to the first party in accordance with the payment schedule mentioned in Schedule-B of the Annexure attached with the memorandum of understanding. The memorandum of understanding also
Shakti
provides that first patcy shall be entitled to file appropriate application for seeking revival or restoration of the Petition, if the second party defaults in making the payment of the settlement amount.
Having regard to the contents of the above, the petition is disposed off as withdrawn. Liberty for revival of the petition is granted in case of the default by the Corporate Debtor.
S"/--
(RAGHU NAI',YAR) TECHNICAL MEMBER.
(P.S"N. PRASAD)
JUDICIAI- MEMBER
Shakti
2 issues framed by the court
Whether the petition under Section 9 of the IBC should be disposed of given a settlement agreement between the parties.
Whether liberty to revive the petition should be granted in case of default in payment.
1 provisions across 1 enactments
M/s Ankit Enterprises
M/s Green Plus Construction Pvt. Ltd.
P. S. N. Prasad
Raghu Nayar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
