M/s. Cotmac Electronics Private Limited vs M/s. Galaxy Machinery Private Limited

Per: Rajeswara Rao Vittanala, Member (Judicial)

C.P.(IB)No.188/BB/2020 is filed by M/s. Cotmac Electronics Private Limited ('Petitioner/Operational Creditor'), U/s.9 of the IBC, 2016, R/w Rule 6 of I&B (AAA) Rules, 2016, by inter-alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Galaxy Machinery Private Limited ('Respondent/Corporate Debtor') on the ground that it has committed default for an amount of Rs.22,66,734/- (Rupees Twenty Two Lakhs Sixty Six Thousand Seven Hundred and Thirty Four only) which consists of principal amount and interest @ 36% p.a.

Heard Ms. Kavita Jain, learned Counsel for the Petitioner, through Video Conference and none appeared for the Respondent. We have carefully perused the pleadings of both the Parties and extant provisions of the Code and Rules made thereunder and the law on the issue.

Ms. Kavita Jain, learned Counsel for the Petitioner submits that the issue has been amicable settled between the parties, as per the Deed of Settlement dated 16th July, 2020 (which is taken on record), thus she urged the Adjudicating Authority to permit the Petitioner to withdraw the instant Company Petition.

Since the Company Petition is not yet admitted by the Adjudicating Authority, and the parities have mutually settled the issue as per Deed of Settlement dated 16th July, 2020, we are inclined to permit the Petitioner to withdraw the instant Company Petition.

In view of the above facts and circumstances of the case, C.P. (IB) No.188/BB/2020 is hereby disposed of as withdrawn by directing the Respondent to strictly adhere to terms and conditions as contained in the Deed of Settlement dated 16th July, 2020, without fail. No order as to costs.