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Judgment
ORDER
In the instant company appeal, the Appellant has questioned the impugned order dated 30.10.2025 that was passed by the Ld. NCLT Chennai, in CP(IB)/185/(CHE)/2024, SBI Capital Markets Limited versus Ramalingam Construction Company Private Limited, the proceedings which were held under Section 9 of the I & B Code, 2016, to be read with Rule 6 of IBC, 2016.
The consequential effect of the impugned order had been that Section 9 of the I & B Code, 2016, application as preferred by the Respondent-2, SBI Capital Markets Limited stood admitted.
When initially, this company appeal was argued, we after hearing the Ld. Counsel for the parties, had granted an interim protection by an order passed by this Appellate Tribunal on 06.11.2025.
During the pendency of this company appeal, the parties to the proceeding have ultimately, entered into a settlement, the terms of which has been placed on record of this company appeal by the memo filed by the counsels under the joint signatures, contending thereof that the parties have agreed to settle their dispute based upon the terms of the settlement agreement dated 02.12.2025.
The parties have also submitted that based upon the said settlement, Form FA, an application for withdrawal of the CIRP processes, in Form FA under Regulation 30 (A) in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, has already been preferred before the Ld. Adjudicating Authority. Based upon the said terms of settlement and submission of Form FA, this company appeal would stand closed and the parties would be governing their terms and conditions for closure of proceeding under Section 12A of the I & B Code, 2016, as per the conditions of settlement contained in the memorandum dated 02.12.2025.
The Counsels are at a consensus that they will lay their hands off in enforcing the impugned order under challenge, till the application under Section 12A of the I & B Code, 2016, is decided by the Ld. Tribunal. Subject to above the company appeal stands closed.