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Tribunals and CommissionsDivision Bench(2020) 08 NCLT CK 0556

M/s. Kaapi Machines (India) Private Limited vs M/s. Wework India Management Private Limited

National Company Law Tribunal, Bengaluru Bench · Decided on 26 August 2020

HON’BLE JUDGES
Ashutosh Chandra, Member (Technical) · Rajeswara Rao Vittanala, Member (Judicial)
RESULT
Dismissed
CASE NUMBER
CP(IB) No. 91/BB/2020

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Judgment

9 paragraphs · 317 words

Per: Rajeswara Rao Vittanala, Member (J)

1.

C.P (IB) No.91/BB/2020 is filed by M/s. Kaapi Machines (India) Private Limited (hereinafter referred to as (‘Petitioner’) 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. Wework India Management Private Limited, on the ground that it has committed default for an amount of Rs.1,28,51,974/-(Rupees One Crore Twenty Eight Lakhs Fifty One Thousand Nine Hundred and Seventy Four Only).

2.

Heard Mr. S.Sathyaganesh, learned Counsel for the Petitioner and Ms. Jyothi Anumolu, learned Counsel for the Respondent, through Video Conference. We have carefully perused the pleadings of both the Parties and extant provisions of the Act, and the Rules made thereunder.

3.

Mr. S.Sathyaganesh, learned Counsel for the Petitioner submits that since the issue has been settled between the Parties, the Petitioner may be permitted to withdraw the instant Company Petition. He has also filed the Memo filed by the Applicant for Withdrawal dated 25.08.2020 (which is taken on record), which reads as under:

“The Petitioner would like to bring to the kind attention of Hon’ble Tribunal that the parties have settled their disputes.

On 24th August, 2020 the Respondent paid Rs.1,13,23,988/-(Rupees One Crore thirteen Lakhs Twenty Three Thousand Nine Hundred Eight Eight) to the Petitioner as full and final settlement towards of all outstanding dues and claims.

It is therefore prayed that this Hon’ble Tribunal may be pleased to permit the Petitioner to withdraw the above Application and thus render justice”

4.

Since the Petitioner wanted to withdraw the instant Company Petition on the ground that the issues in question have been settled between the Parties, we are inclined to permit the Petitioner to withdraw the instant Company Petition.

5.

In the result, C.P. (IB) No.91/BB/2020 is hereby dismissed as withdrawn. No order as to costs.