Dismissed

In the matter of D. G. Land Developers Pvt. Ltd. CP(IB)-2944(MB)-2019

NCLT15 Jul 2021

Case brief

AI extract

What is this about?

The Tribunal dismissed a petition for initiating the Corporate Insolvency Resolution Process as the dispute was settled between parties. Both sides failed to appear for the final hearing, and the matter could not be dragged indefinitely without a valid reason.

What did the court decide?

The Corporate Insolvency Resolution Process proceedings (CP-2944(MB)/2019) were dismissed.

In the matter of D. G. Land Developers Pvt. Ltd… — Insolvency and Bankruptcy | NCLT (2021)

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH

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COURT – IV

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CP(IB)-2944(MB)/2019

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CORAM:

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SHRI RAJESH SHARMA SMT. SUCHITRA KANUPARTHI MEMBER (Technical) MEMBER (Judicial)

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ORDER SHEET OF THE HEARING HELD ON 15.07.2021

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NAME OF THE PARTIES: Jai Mata Di Trading Co. v/s. D G Land Developers Pvt. Ltd.

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SECTION: 9 OF INSOLVENCY AND BANKRUPTCY CODE, 2016.

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O R D E R

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The Court is convened through Video Conference.

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CP(IB)-2944(MB)/2019 was filed by the Petitioner/Operational Creditor viz. Jai Mata Di Trading Co. against the Respondent/Corporate Debtor viz. D G Land Developers Pvt. Ltd. for initiation of Corporate Insolvency Resolution Process in the Corporate Debtor.

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This matter has come up several times for hearing from 29.08.2019 till 09.03.2021. As per the order dated 21.02.2020 by this Bench, full and final settlement of the outstanding dues was reached between the parties and a cheque dated 20.02.2020 was handed over to the Counsel for the Operational Creditor. Thereafter the matter was listed on 26.02.2020 for reporting final settlement where Respondent was not present and the matter was posted on 16.03.2020. However, the Counsel for the Petitioner was present when the matter was heard on 25.01.2021 and submitted that certain amounts out Contd….2

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CP(IB)-2944(MB)/2019

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: 2 :

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of Rs.7.0 lakh, have been paid by the Corporate Debtor and sought some time to verify the same. Thereafter the matter was listed on 09.03.2021 but nobody was present from either side. Today when the matter is called none present.

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Since the settlement has been done between the parties and nobody represented on the last date of hearing and even today, the Bench considers that after the settlement between them, no one is interested to report for the closure of the proceedings.

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Under the above circumstances, the Bench is of the view that the case can be closed as the matter cannot be pulled on indefinitely without any valid reason. Accordingly, CP(IB)-2944(MB)/2019 is dismissed.

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Sd/Sd/RAJESH SHARMA SUCHITRA KANUPARTHI Member (Technical) Member (Judicial)

In the matter of D. G. Land Developers Pvt. Ltd. CP(IB)-2944(MB)-2019

Case brief

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In the matter of D. G. Land Developers Pvt. Ltd. CP(IB)-2944(MB)-2019

Case brief

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