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Judgment
Per: Rajeswara Rao Vittanala, Member (J)
C.P.(IB) No.100/BB/2019 is filed by Dr.Ananthalakshmi PM ('Petitioner/Financial Creditor') U/s 7 of the IBC, 2016, read with Rule 4 of the Insolvency and Bankruptcy (AAA) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s.TMI Healthcare Pvt. Ltd ('Respondent/ Corporate Debtor') on the ground that the Corporate Debtor committed default for a total outstanding amount of Rs.28,06,250/- on 12.07.2017.
The case is listed for hearing on various dates viz. 08.03.2019, 26.03.2019, 22.04.2019, 24.04.2019, 29.05.2019, 17.06.2019, 25.06.2019, 08.07.2019, 10.07.2019, 16.07.2019, 26.07.2019, 29.07.2019, 31.07.2019, 05.08.2019, 26.08.2019 & 29.08.2019. The case stands adjourned on those dates due to various reasons at the request of the parties for completion of the pleadings, to settle the issue, etc.
Heard Shri Adith Jahgirdar, learned Counsel for Petitioner and Shri S.V Joga Rao, learned Counsel for Respondent. We have carefully perused the pleadings of both the parties and extant provisions of the Code and the Law on the issue.
Shri Adith Jahgirdar, learned Counsel for Petitioner submit that the parties have settled the issue finally. The settlement is full and final for the claim made in the instant Company Petition and they shall not make any further claim or litigation in respect of the claim, and thus urged the Adjudicating Authority to permit the petitioner to withdraw the instant Company Petition subject to compliance with terms of settlement. He has placed on record a copy of Terms of Settlement dated 29.08.2019 (which is taken on record). And Memo dated 29.08.2019 , (which is taken on record), which reads as under:
"The undersigned herewith furnishes Six Cheques drawn on Federal bank, jalahalli Branch, Bangalore in favour of Dr.Ananthalakshmi PM towards deposit of a sum of Rs.8,41,878/- on behalf of the Corporate Debtor in compliance with the Terms of Settlement. The details of the aforementioned cheques are as follows:
| SL No. | Date | Cheque No. | Amount |
|---|
| 1. | 20th September 2019 | 406374 | Rs.1,40,313/- |
| 2. | 20th October 2019 | 406373 | Rs.1,40,313/- |
| 3. | 20th November 2019 | 406372 | Rs.1,40,313/- |
| 4. | 20th December 2019 | 406371 | Rs.1,40,313/- |
| 5. | 20th January 2020 | 406370 | Rs.1,40,313/- |
| 6. | 20th February 2020 | 406369 | Rs.1,40,313/- |
Therefore, Shri S.V.Joga Rao, learned Counsel for Respondent has confirmed that they have executed the above terms of settlement and even a memo dated 29.08.2019, stating that they will honour the cheques as mentioned in the Memo and when they are presented on due dates without fail. Therefore, he has no objection to withdraw the instant Company Petition. Since the issue raised in the Company Petition was resolved between the parties, we are inclined to permit the Petitioner to dispose the main Company Petition in the interest of justice.
In the result, C.P. (IB) No.100/BB/2019 is disposed of in terms of Memo dated 29.08.2019, by directing the parties to strictly adhere to the terms of settlement and memo as mentioned in the Memo, without fail, failing which, the Petitioner is at liberty to file a fresh Company Petition in accordance with law. No order as to costs.