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In the matter of Soni E Vehicle Pvt. Ltd. [IA-6530-2023 in IB-245(ND)-2021]

NCLT15 Dec 2023IA-6530-2023 in IB-245(ND)-2021

Case brief

AI extract

What is this about?

The Tribunal closed the proceedings under the Insolvency and Bankruptcy Code and restored the Corporate Debtor to its original position following a Supreme Court order. The court directed the issue of notice regarding CIRP costs to the relevant parties.

What did the court decide?

Proceedings closed; Corporate Debtor restored to original position; notice issued for CIRP cost.

In the matter of Soni E Vehicle Pvt. Ltd. [IA-6530-2023… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI COURT-III

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Item No.104 IA-6530/2023 In IB-245(ND)/2021

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IN THE MATTER OF: M/s. Rustagi Projects Pvt. Ltd …. APPLICANT/PETITIONER Vs. Soni E Vehicle Pvt. Ltd. …. RESPONDENT SECTION U/s 9 IBC code 2016 Order delivered on 15.12.2023

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CORAM:

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SHRI BACHU VENKAT BALARAM DAS, HON’BLE MEMBER (JUDICIAL) SHRI ATUL CHATURVEDI HON’BLE MEMBER (TECHNICAL)

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PRESENT: For the Applicant : For the RP : Mr. Vinod Kumar Chaurasia, Mr. Shivam Pal, Advocates, Mr. Ranjan Chakrabati (RP)

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ORDER

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IA-6530/2023:-

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Mr. Chaurasia, Ld. Counsel appearing for Resolution Professional has submitted that, the Hon’ble Supreme Court of India, in Civil Appeal No. 5157/2023 passed on 01.12.2023 in the case of Anuj Sharma vs. Rustagi Projects Private Limited and Anothers the following order:-

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“Parties will be bound by the terms and conditions mentioned in the Deed of Compromise/settlement dated 04.10.2023. In case there is any default in payment in terms of the compromise/settlement, the proceedings in C.P. no. (IB)-245(ND)/2021 shall get revived and will continue from the present stage. In case full payment in terms of the compromise/settlement is made, C.P. no. (IB)-245(ND)/2021 will be treated as disposed of, without

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Mamta 15.12.2023

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any further orders or taking recourse to the provisions of the Insolvency and Bankruptcy Code, 2016.”

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Mr. Chaurasia has placed on record a copy of the order passed by the Hon’ble Supreme Court of India as well as a copy of the Settlement Agreement. In view of the directions of the Hon’ble Supreme Court, the present proceedings under IB-245(ND)/2021 stands closed. The Corporate Debtor is restored back to its original position.

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With respect to the prayer relating to CIRP cost, let notice be issued to Operational Creditor as well as Corporate Debtor. The Resolution Professional shall take steps to serve notice on the Operational Creditor and the Corporate Debtor and file and affidavit of service within three days. Reply, if any, shall be filed within one week thereafter.

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List on 04.01.2024.

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Sd/(ATUL CHATURVEDI) MEMBER (TECHNICAL)

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Sd/(BACHU VENKAT BALARAM DAS) MEMBER (JUDICIAL)

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Mamta 15.12.2023

In the matter of Soni E Vehicle Pvt. Ltd. [IA-6530-2023 in IB-245(ND)-2021]

Case brief

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In the matter of Soni E Vehicle Pvt. Ltd. [IA-6530-2023 in IB-245(ND)-2021]

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