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Judgment
Per: Dr. Ashok Kumar Mishra, Member (Technical)
C.P. (IB) No.165/BB/2019 is filed by M/s. Ram Ratna Infrastructure Pvt. Ltd. (Petitioner/Operational Creditor), U/s. 9 of IBC, 2016, R/w Rule 6 of I&B(AAA) Rules, 2016, by inter alia, seeking to initiate Corporate Insolvency Resolution Process in respect of M/s. Aveda Ventures Pvt. Ltd. (Respondent/Corporate Debtor) on the ground that the Corporate Debtor has committed, default for an amount of Rs.29,04,819/- (Rupees Twenty Nine Laksh Four Thousand Eight Hundred and Nineteen only) which includes principal amount and interest @ 18% p.a.
The case was listed for admission on various dates viz. 10.05.2019, 12.06.2019, 27.06.2019, 19.07.2019, 02.08.2019, 21.08.2019 and on 22.08.2019. The case was stands adjourned on these dates at the request of the parties and on the one ground or the other including settlement the issue in question.
Heard Ms. Sowmya Joshi, learned Counsel for the Petitioner and Shri Abhinag .S, learned Counsel for the Respondent. We have carefully perused the pleadings of both the parties and extant provision of the Code.
Ms. Sowmya Joshi, learned Counsel for the Petitioner submits that the issue raised in the Company Petition has already been settled between the parties as per the Memo dated 22.08.2019 and thus request the Adjudicating Authority to permit the Petitioner to withdraw the instant Company Petition subject to payment of honoring the cheques as furnished by the learned Counsel for the Respondent (which is taken on record) which reads as follows:
“As per the terms of settlement, the Respondent herein have agreed to pay Rs.32,00,000/- (Rupees Thirty Two Lakhs only) as full and final settlement towards the payment of the Petitioner and also for the Petitioner’s group Company i.e. R R Parkon Pvt. Ltd. The Petitioner has agreed for the same.
In pursuance of the settlement, Two (2) cheques of Rs.16,00,000/- (Rupees Sixteen Lakhs only) each has been handed over as under: An amount of Rs.16,00,000/- (Rupees Sixteen Lakhs only) drawn on SVC Co-Operative Bank Ltd, JP Nagar Branch bearing cheque no.032284 dated 21st August 2019 in favour of Petitioner i.e. Ram Ratna Infrastructure Pvt. Ltd and cheque bearing no.032283 dated 21st August 2019 drawn on SVC Co-Operative Bank, JP Nagar Branch for an amount of Rs.16,00,000/- in favour of the Petitioner’s group company i.e. R R Parkon Pvt Ltd”.
Shri Abhinag .S, learned Counsel for the Respondent affirm that they have settled the issue and they are bound with the terms and conditions as mentioned in the memo dated 22.08.2019 and they will honor the cheques as per said memo.
Since the Company Petition is not yet admitted by the Adjudicating Authority and the parities have settled the issue. We are inclined to permit the Petitioner to withdraw the instant Company Petition subject to compliance of the terms and reserving liberty to the Petitioner to file fresh Company Petition in accordance with law.
In the result, C.P. (IB).No.165/BB/2019 is disposed of as withdrawn by directing the Respondent to strictly adhere to the terms and conditions as mentioned in the Memo dated 22.08.2019 without fail, failing which the Petitioner is at liberty to file fresh Company Petition in accordance with law. No order as to costs.