AI Structured Summary
Not yet generated for this judgment
Judgment
Per: Rajeswara Rao Vittanala, Member (J)
C.P.(IB) No.12/BB/2020 is filed by M/s. Airpro Engineers Pvt Ltd. (hereinafter referred to as 'Applicant/Operational Creditor') U/s 9 of the IBC, 2016, R/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of M/s. Psychrometric Solutions & Systems Pvt Ltd (hereinafter referred to as 'Respondent/Corporate Debtor') on the ground that it has committed default for a total amount of Rs.10,84,514/-/- (Rupees Ten Lakhs Eighty Four Thousand Five Hundred and Fourteen only).
The case was listed for admission viz., 10.01.2020, 27.01.2020, 17.02.2020, 06.03.2020 & 16.03.2020, and it was adjourned on the above dates, at the request of the Parties, on one ground or the other, including issue notice, to explore the possibility of settling the issue etc.
Heard Mr. Hari Babu Thota, learned PCS for the Respondent. We have carefully perused the pleadings of the Parties, and extant provisions of the Code and the Rules made thereunder.
Mr. Hari Babu Thota, learned PCS for the Respondent submits that the issue in question is compromised. Accordingly, Joint Memorandum of Compromise was executed on 05.03.2020 by both the Parties. Therefore, he has urged this Tribunal to permit the Petitioner to withdraw the instant Company Petition, in terms of the Joint Memo of Compromise. A Memo of withdrawal dated 5.03.2020 is filed enclosing a Copy of Joint Memo of Compromise dated 05.03.2020 (which is taken on record), which inter-alia states as under:
Para 5 "The Schedule of Payment for the settlement amount is as stated below:
Date Cheque Nos. Amount 15th March 2020 016199 6,15,163.00 10th April 2020 016200 6,15,162.00 Total 12,30,325.00 Para 6: The Respondent Company commits to strictly adhere to the above payments and also to honour the same. It is hereby agreed by and between the parties to the Captioned Petition that in event of Respondent Company and its Directors committing default (non-payment, delayed payment and/or cheque returned for any reason of any cheque issued to discharge the Settlement Amount as mentioned under Clause (5) the Captioned Petition shall immediately stand revived without any further reference to this Hon'ble Tribunal".
Since the Company Petition is not yet admitted, and the Parties have compromised the issue between themselves by way of Joint Memo of Compromise dated 05.03.2020, we are inclined to permit the Petitioner to withdraw the instant Company Petition subject to complying the terms and conditions of the payments as mentioned in the Joint Memo.
In light of the above, C.P. (IB) No.12/BB/2020 is disposed of as withdrawn by directing the Respondent to strictly adhere to the Schedule of the Payment as mentioned in the Joint Memo dated 05.03.2020, failing which the Petitioner is at liberty to file a fresh Company Petition, in accordance with law. No order as to costs.