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Judgment
Heard Learned Counsel for the Appellant.
This Appeal has been filed against the Order dated 21.02.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-V) by which order, the Application being IB No. 227/ND/2019 filed by the Respondent under Section 9 of the Insolvency and Bankruptcy Code, 2016 has been admitted. The Application was filed by the Respondent-Operational Creditor under Section 9 of the Code for default of debt of Rs. 24,41,344/- with interest.
The Adjudicating Authority by the impugned Order has admitted the Application under Section 9 of the Code. The Adjudicating Authority in the Application has relied on a Letter dated 16th August, 2018 by which the Appellant has admitted the debt of Rs. 15,76,478/- plus Rs. 97,353/- and returned a finding that debt being admitted, the Application under Section 9 of the Code deserved to be admitted.
Learned Counsel for the Appellant submits that he is ready to pay the admitted amount to the Corporate Debtor and this letter was not referred to in the Application filed under Section 9 of the Code. Be that as it may, we are of the view that no error has been committed by the Adjudicating Authority in admitting the Application under Section 9 of the Code. In event, the Appellant is desirous to enter into a settlement with the Corporate Debtor, he is at liberty to enter into a Settlement and bring the Settlement before the Adjudicating Authority. It is for the Adjudicating Authority to take and pass appropriate order accepting Settlement, if any, between the parties and pass all consequential orders. The above submissions are being noted without prejudice to the rights and contentions of the Appellant.
With these observations, the Appeal is dismissed.