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Judgment
Per : Dr.Ashok Kumar Mishra, Member (Technical)
C.P. (IB) No.310/BB/2019 is filed by M/s.Syndicate Bank (hereinafter referred to as 'Petitioner/Financial Creditor') under Section 7 of the IBC, 2016 read with Rule 4 of the I&B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of M/s.Valepura Plantations Pvt. Ltd (hereinafter referred to as 'Respondent/Corporate Debtor') on the ground that it has committed default for a total outstanding amount of Rs.1,56,06,840.06/-.
The Petition was filed before the Bench on 23.07.2019 and on scrutiny of the application, the Registry has raised certain office objection on 08.08.2019 and the same were not complied. However, the office objections were not complied with the time granted and the case was listed on 20.09.2019 for non-compliance of office objection and on that day neither the counsel nor the Petitioner appeared before the Tribunal.
Therefore, the case was posted under the caption "For Dismissal" on 26.09.2019. Today also none appeared for both the parties. Therefore, it indicates that the parties are not interested to prosecute the case and thus there is no other alternative for the Tribunal except to dismiss the case for default for non-prosecution.
Hence, C.P(IB) No.310/BB/2019 is dismissed for default for non-prosecution of the case. No order as to costs.