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Judgment
Per: Rajeswara Rao Vittanala, Member (J)
C.P. (IB) No.175/BB/2020 is filed by M/s. API Technical Services (India) Private Limited ('Petitioner/Operational Creditor'), U/s. 9 of the IBC, 2016 R/w Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Micronel Global Engineers Private Limited, on the ground that it has committed default for total Principal amount of Rs.3,90,15,395/- (Rupees Three Crore Ninety Lakhs Fifteen Thousand Three Hundred and Ninety Five Only), which includes GST and interest at 1% per week.
Heard Mr. Ritesh Mahajan, learned Counsel for the Petitioner, and Mr. Karna Joseph, learned Counsel for the Respondent, through Video Conference. We have carefully perused the pleadings of the Parties and extant provisions of the Code and the rules made thereunder and the Law on the issue.
Mr. Ritesh Mahajan, learned Counsel for the Petitioner submits that the issue in question is going to be settled between themselves, and thus the Petitioner may be permitted to withdraw the instant Company Petition by granting liberty to the Petitioner to file fresh Company Petition, in case the parties fails to settle it.
Since the Instant Company Petition is at admission stage and the Parties are exploring the possibility of settling the issue, we are inclined to dispose of the Company Petition as withdrawn by granting the liberty to the Petitioner to approach this Tribunal, if the Parties fails to settle the issue.
In the result, C.P.(IB) No.175/BB/2020 is disposed of as withdrawn by granting liberty to the Petitioner to file fresh Company Petition in accordance with law, in case settlement talks fail. No order as to costs.