The Tribunal allowed the withdrawal of the Corporate Insolvency Resolution Process application under Section 7 IBC filed by Union Bank of India against Narayani Hotels & Resorts Ltd due to an out-of-court settlement where the respondent paid all dues.
Withdrawal of CP(IB) 53 of 2021 allowed and the application disposed of.
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IN THE NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD COURT - 2
ITEM No203 CP(IB)/53(AHM)2021
Proceedings under Section 7 IBC
IN THE MATTER OF: Union Bank of India V/s Narayani Hotels & Resorts Ltd
........Applicant
........Respondent
Order delivered on ..09/11/2022
Coram:
Dr.Deepti Mukesh, Hon’ble Member(J) Ajai Das Mehrotra, Hon’ble Member(T)
PRESENT:
For the Applicant : Mr. Sudhir Metha, Adv. with Mr. Virendra Singh Gohil, Adv. For the Respondent : Mr. Bhavesh Choksi, Adv.
ORDER
Learned Counsel for the applicant states that parties have amicably settled the matter, and withdrawal pursis is filed for seeking withdrawal of the CP (IB) 53 of 2021. The corporate debtor also has separately filed a pursis annexing all the documents of settlement along with the copies of Demand Draft by way of which the payment has been made, and the same is taken on record. Considering the settlement and application by both the sides, this application is allowed to be withdrawn.
Accordingly, CP (IB) 53 of 2021 is withdrawn and disposed of.
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AJAI DAS MEHROTRA MEMBER (TECHNICAL)
DR. DEEPTI MUKESH MEMBER (JUDICIAL)
Vinit
1 issue framed by the court
Whether the Corporate Insolvency Resolution Process application under Section 7 IBC can be withdrawn upon settlement of dues.
Union Bank of India
Narayani Hotels & Resorts Ltd
Dr. Deepti Mukesh
Ajai Das Mehrotra
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
