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TMI Blog2019 (3) TMI 1643X X X X Extracts X X X X X X X X Extracts X X X X ..... Sudhansu Jyoti Mukhopadhaya, J. The Appellant, shareholder of 'M/s Reacon Engineers (India) Pvt. Ltd.' has preferred this appeal against order dated 5th December, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata admitting the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code') filed by 'Diamond Steel Enterprise' (Operational Creditor) against 'M/s Reacon Engineers (India) Pvt. Ltd.' (Corporate Debtor). 2. Learned counsel for the Appellant has taken plea that parties have settled the claim prior to constitution of the Committee of Creditors and therefore the application under Section 9 should be dismissed. 3. The Respondent, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Process against the Corporate Debtor. It is informed that the Guarantors have already prepared a Demand Draft in favour of the Operational Creditor for entire principal amount. The Appellant is ready to make settlement with the Operational Creditor. Let notice be issued on Respondent also on the question of settlement as proposed by the Appellant, by speed post. Requisites alongwith process fee, if not already file, be filed by tomorrow. If the Appellant provide email address of the Respondent, let notice be also issued through email. Post the case 'for admission' on 21st January, 2019. In the meantime, the Interim Resolution Professional will ensure that the company remains going concern an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 28th December, 2018, which was indicated by order dated 4th January, 2019. 6. From the aforesaid fact it is clear that much prior to constitution of Committee of Creditors parties reached settlement on 26th December, 2018. 7. The question whether in view of settlement reached between the parties prior to constitution of Committee of Creditors, the shareholders of the Corporate Debtor can be granted relief or not fell for consideration of Hon'ble Supreme Court in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', Writ Petition (Civil) No. 99/2018 (2019 SCC OnLine SC 73). In the said case, the Hon'ble Supreme Court observed and held:- "76. Before this Section was inserted, this Court, under Article 142, was passing order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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