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Judgment
ORDER
Oral: Justice Sharad Kumar Sharma, Member (Judicial)
A proceedings under Section 9 of the I & B Code, 2016, stood instituted before the learned NCLT, Chennai, by way of CP (IBA) 316/2019, seeking initiation of the CIRP process as against the Corporate Debtor, i.e., M/s. Unique Roof Private Limited. The proceedings initiated by the operational creditor, i.e., the Respondent herein, was taken up on merits and by virtue of the impugned order that was passed on 04.10.2019, CIRP as against the Appellant herein was commenced.
As against this impugned order dated 04.10.2019, the company appeal has been preferred and the same remained pending since its institution on 15.10.2019 till it was dismissed for want of prosecution on 17.03.2023. Seeking recall of the said order, the Appellant has filed a Restoration Application, being Restoration (AT) No. 1/2023, seeking recall of the order dated 17.03.2023, on the ground which has been mentioned in the restoration application.
But owing to the subsequent developments that, has admittedly taken place resulting into a settlement that has been arrived at between the parties in a proceeding under Section 12A of the I & B Code, 2016, to be read with Regulation 30A of IBBI(Insolvency Resolution Process for Corporate Persons) Regulations, 2016, we are not required to make a very detailed scrutiny of the grounds stated in the restoration application, for the purposes of rendering of substantial justice. Owing to the grounds taken in the restoration application, being Restoration (AT) No. 1/2023, the same would stand allowed, and the order dated 17.03.2023 is recalled and the company appeal is restored to its original number.
We proceed to hear the Appellant, who appears in-person, on the merits of the company appeal. The Appellant has filed a Memorandum duly signed by him in support of the restoration application contending thereof that the main proceedings, i.e., CP (IBA) 316/2019 has been sought to be withdrawn by an application, IA No. 710/(CHE)/2023 that was preferred under section 12A of I & B Code, 2016, to be read with Regulation 30A of IBBI Regulations, 2016, that the same was considered by the learned Tribunal and the Tribunal has passed an order (page 16-18) on 11.05.2023 based on the settlement, which has been arrived at owing to the terms and conditions, that has been mentioned in the order itself and issued directions to hand over the management of the company to its Board and allowed, the application to withdraw CP (IBA) 316/2019. The order passed by the Tribunal on 11.05.2023 would constitute as to be the part of today’s order. Owing to the fact that the parties have settled their scores owing to the terms and conditions of the said and have pleaded in Section 12A application as extracted herein: -
"In the aforesaid facts and circumstances, it is most humbly and respectfully prayed that this Hon'ble Tribunal may be pleased to:
(a)Pass an order allowing the present application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 read with 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 and permit the Applicant to withdraw the Corporate Insolvency Resolution Process of the Corporate Debtor namely Unique Roof P Ltd in the instant CP/IBA/316/2019; and
(b)Pass any other order that this Hon'ble Tribunal may deem fit in the facts and circumstances of this case and in the interest of justice." this company appeal would stand closed in terms of the order dated 11.05.2023 as passed by the learned NCLT, Chennai in CP (IBA) 316/2019.
All pending interlocutory applications would stand disposed of.