AI Structured Summary
Not yet generated for this judgment
Judgment
Per: Dr.Ashok Kumar Mishra, Member (T)
C.P(IB)No.91/BB/2017 is filed by M/s.Ashapura Minechem Ltd,(Petitioner/Operational Creditor) U/s 9 of the I&BC, 2016, R/w Rule 6 of the I&B(AAA) Rules, 2016, by inter alia seeking to initiate the Corporate Insolvency Resolution Process (CIRP) in respect of M/s.Camson Bio-Technologies Ltd, (Corporate Debtor), on the ground that the Corporate Debtor has committed a default of Rs.24,11,776/- (Rupees Twenty Four Lakhs Eleven Thousand Seven Hundred and Seventy Six Only).
The case is listed for admission on various dates viz. 24.10.2017, 14.11.2017, 07.12.2017, 04.01.2018, 02.02.2018, 23.02.2018, 14.03.2018, 13.04.2018, 09.05.2018, 13.06.2018, 25.06.2018, 13.07.2018, 19.07.2018, 09.08.2018, 31.08.2018, 25.09.2018, 17.10.2018, 31.10.2018, 29.11.2018, 11.12.2018, 31.12.2018, 09.01.2019, 29.03.2019, 23.04.2019, 10.05.2019, 29.05.2019, 12.06.2019, 25.06.2019, 22.07.2019, 29.07.2019 & 30.07.2019, and it was adjourned on these dates at the request of parties, on one ground, or the other.
Heard Ms.Kavitha.N, learned Counsel for Petitioner and Shri R.Sridhara, learned Counsel for Respondent. We have carefully perused the pleadings of both the parties and provisions of Code.
The Learned Counsel for the petitioner prayed the Tribunal to permit the petitioner to withdraw the petition with a liberty to file fresh Company Petition, in case the Respondent has failed to adhere to the terms and conditions as mentioned in the Joint Memo dated 30.07.2019.
Both the learned Counsels have filed a Joint Memo dated 30.07.2019 (which is taken on record), which reads as under:
"Both the Operational Creditor and Corporate Debtor have settled their dispute amicably in the above said case. The total claim made by the Operational Creditor is Rs.33,41,656/-. In view of the Settlement arrived between the parties, the amount which is to be paid by the Corporate Debtor is Rs.20,11,776/- as full and final settlement. Out of which the Corporate Debtor has issued following cheque to Operational Creditor: Cheque for a sum of Rs.20,11,776/- bearing No.754583 dated 31.08.2019 drawn on Punjab National Bank, Rajarajeshwari Nagar Branch, Bengaluru as full and final settlement of the claim and same has been accepted by the Operational Creditor. Once the above said cheque is honoured, both the parties will not have any claim against each other in view of this settlement".
Since the parties have settled the issues between themselves and the case is yet not admitted by the Tribunal, we are inclined to permit the petitioner to withdraw the instant petition with a liberty to file a fresh Company Petition.
Hence, C.P(IB) No.91/BB/2017 is disposed of as withdrawn by directing the Respondent to strictly adhere to the terms and conditions as mentioned in the Joint Memo dated 30.07.2019 without fail, failing which the Petitioner is at liberty to file a fresh Company Petition in accordance with law. No order as to costs.