The Tribunal allowed an application for permission to withdraw a Corporate Insolvency Resolution Process (CIRP) after verifying that the parties had settled the issues and the Corporate Debtor had made payments as per the settlement terms.
IA 1291 of 2022 allowed; CP (IB) 4265 of 2019 disposed of as withdrawn.
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NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-II
4. IA 1291/2022 in C.P. (IB)/4265(MB)2019
CORAM: SHRI CHANDRA BHAN SINGH JUSTICE P. N. DESHMUKH (Retd.) HON’BLE MEMBER (T) HON’BLE MEMBER (J)
ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 13.05.2022
NAME OF THE PARTIES: - Isgec Heavy Engineering Ltd Vs. Pradas Sugar and Allied Agro Products Limited IN THE MATTER OF Isgec Heavy Engineering Ltd V/s
Prasad Sugar & Allied Agro Products Ltd
APPEARANCE :
FOR THE OPERATIONAL CREDITOR : Adv. Aniket Nimbalkar FOR THE CORPORATE DEBTOR : Adv. Abhishek Section: Application under any other provisions- IBC U/s 9 of (IBC)
ORDER
The matter is taken up through Virtual Hearing (VC).
IA 1291 of 2022:- The present Application is taken out for permission to withdraw CP (IB) 4265 of 2019 contending that the issues are settled amongst the parties and settlement terms are also enclosed with the Application. On perusal of the same reveals that the same are duly signed by both the parties. Counsel appearing for the parties have also submitted that in view of the settlement, Corporate Debtor has paid the sum as per the settlement terms. Having considered the submission of both the parties and on perusal of the settlement terms, IA 1291 of 2022 is allowed and CP (IB) 4265 of 2019 is disposed of as withdrawn.
Sd/-
CHANDRA BHAN SINGH Member (Technical) 13.05.2022 ANKIT
Sd/JUSTICE P. N. DESHMUKH Member (Judicial)
1 issue framed by the court
Whether an application for withdrawal of corporate insolvency resolution process should be granted upon settlement of issues between parties.
1 provisions across 1 enactments
Isgec Heavy Engineering Ltd
Pradas Sugar and Allied Agro Products Limited
Chandra Bhan Singh
Justice P. N. Deshmukh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
