NCLT allowed withdrawal of the company insolvency petition (C.P. 161/MB/2022) as the financial creditor and corporate debtor settled all disputes via a full and final payment agreement, rendering other pending applications infructuous.
Allowance of IA 1491/2023 for withdrawal of C.P. (IB)/161(MB)2022; dismissal of all pending IA's/MA's.
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.
NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-II
15. IA 1491/2023 In C.P. (IB) 161(MB)2022
CORAM:
SHRI SHYAM BABU GAUTAM SHRI KULDIP KUMAR KAREER HON’BLE MEMBER (T) HON’BLE MEMBER (J)
ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 04.05.2023
NAME OF THE PARTIES: Kiran Kumar Mallegowda V/s
India Steel Works Limited
APPEARANCE :
FOR THE FINANCIAL CREDITOR : Mr. Shavez Mukri FOR THE CORPORATE DEBTOR : Mr. Chintan Chheda Section: 7, 60(5) of Insolvency and Bankruptcy Code, 2016
ORDER
The matter is taken up through Virtual Hearing (VC).
IA No. 1491/2023 :- The present application is filed by the Financial Creditor under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 for withdrawal of the Company Petition. Counsel appearing for the Financial Creditor submits that the Financial Creditor and the Corporate Debtor have entered into consent terms and as per the clauses of the consent terms/settlement agreement, the Corporate Debtor has agreed to pay Rs. 77,37,527/- as full and final settlement of all disputes between the parties.
Having considered the submissions of the Counsel, appearing for the Financial Creditor and Corporate Debtor and on perusal of averments made in the present application.
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This bench is of the considered view that since parties have settled the matter as full and final. In view of the above, IA No. 1491/2023 is allowed and disposed of . Resultantly, the C.P. (IB)/161(MB)2022 is allowed to be withdrawn , hence stands closed . All the pending IA’s/MA’s in this Company Petition become infructuous , hence stood dismissed. File be consigned to records.
Sd/SHYAM BABU GAUTAM Member (Technical) 04.05.2023 Sushil
Sd/KULDIP KUMAR KAREER Member (Judicial)
1 issue framed by the court
Whether an application for withdrawal of company insolvency petition should be allowed in light of a settlement agreement between the parties.
1 provisions across 1 enactments
Kiran Kumar Mallegowda
India Steel Works Limited
SHYAM BABU GAUTAM
KULDIP KUMAR KAREER
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
