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Judgment
ORDER
Heard both sides.
A Joint Memorandum of Compromise is filed by the parties to the Instant Company Appeal (AT)(CH)(Ins) No.308/2022 on the file of this Appellate Tribunal.
It comes to be known that the Instant Company Appeal (AT)(CH)(Ins) No.308/2022, is projected on the side of the Appellant / Resolution Applicant, challenging the order of the Adjudicating Authority (National Company Law Tribunal, Division Bench – II, Chennai), in passing the order of liquidation against the Corporate Debtor. In fact, the liquidation order was passed by the Adjudicating Authority because of the fact that the Appellant / Resolution Applicant was unable to implement the Resolution plan approved as per order of the National Company Law Tribunal, Chennai Bench, dated 30.07.2018.
According to the Learned Counsels appearing for the respective parties in the Instant Company Appeal (AT)(CH)(Ins) No.308/2022, in terms of the Resolution Plan, the Appellant was obligated to pay a sum of Rs.19,55,00,000/- towards the Resolution Plan of the Corporate Debtor and further that the Appellant had paid a sum of Rs.9,00,00,000, out of the Rs.19,55,00,000/- and because of some unforeseen circumstances and inadvertent reasons, had defaulted in payment of the balance amount in question. However, the 2nd Respondent had filed an application as per section 33 of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. Whereby, the National Company Law Tribunal had allowed the application and passed an order of liquidation against Corporate Debtor.
Pending the Instant Company Appeal (AT)(CH)(Ins) No.308/2022, filed in this ‘Tribunal’, it is brought to the notice of this ‘Tribunal’, in the present Appeal, the parties have arrived at a ‘Consensus’, to settle the dispute, with a view to avoid ‘Liquidation of the Corporate Debtor’. Furthermore, according to the Learned Counsels appearing sum due, as per the approved Resolution Plan, through this ‘Memo of Compromise’, the parties affirm that the 2nd Respondent had received a sum of Rs.10,55,00,000/-, on 26.07.2022 vide Demand Draft No.011243078257, 011243078278 & 011243078296, from the Appellant herein towards implementation of the Resolution Plan and further it is affirmed that the 1st Respondent / Liquidator had received a sum of Rs.15,00,000/- on 28.07.2022, from the Appellant to meet the ‘Liquidation Costs’.
In view of the fact that the Learned Counsels appearing for the respective parties in the Instant Company Appeal (AT)(CH)(Ins) No.308/2022, pray that the Joint Memorandum of Compromise filed on behalf of the Appellant, the 1st Respondent / 2nd Respondent be taken on record and this ‘Tribunal’, on going through the contents of the Joint Memo of Compromise effected between the parties dated 25.08.2022, directs that the said Joint Memorandum of Compromise filed by the parties shall form part and parcel of the Instant Company Appeal (AT)(CH)(Ins) No.308/2022, the same is taken on record and further that the Company Appeal (AT)(CH)(Ins) No.308/2022 stands disposed off in terms of the Joint Memo of Compromise dated 25.08.2022 ( filed on 26.08.2022 vide diary No.2444 before this ‘Tribunal’)
Resultantly, the impugned order dated 25.04.2022 in MA(IBC)/104(CHE)/2021 in CP(IB)/606(CHE)/2017, passed by the ‘Adjudicating Authority’ (National Company Law Tribunal, Division Bench – II, Chennai) in passing an order of ‘Liquidation of the Corporate Debtor’, is set aside and MA(IBC)/104(CHE)/2021 in CP(IB)/606(CHE)/2017, is dismissed. No costs. The connected IA No.647/2022 is closed.