TMI Blog2020 (3) TMI 1215X X X X Extracts X X X X X X X X Extracts X X X X ..... 39; (financial creditor) and may deposit with them . However, we directed the respondent to keep the same in a separate interest bearing account . It was also made clear that if the amount is deposited within 10 days, then this Appellate Tribunal will decide whether to allow the M/s. Val-Met Engineering P. Ltd. to withdraw the application under section 7 of the I and B Code - the respondent having agreed to withdraw the application filed under section 7, we are not inclined to accept such plea taken by the appellant. The application under section 7 filed by M/s. Val-Met Engineering P. Ltd. stands withdrawn. - Company Appeal (AT) (Insolvency) No. 675 of 2019. - - - Dated:- 6-12-2019 - Sudhansu Jyoti Mukhopadhaya J. (Chairperson ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor remains a going concern. 3. Subsequently on August 6, 2019 when the matter was taken up, learned counsel for the appellant and the respondent submitted that the parties are negotiating for amicable settlement. On their request the appeal was adjourned and we allowed the respondent to file reply-affidavit along with terms of settlement . 4. On September 19, 2019 learned counsel for the appellant submitted that no settlement has been reached between the parties. However, on behalf of the appellant it was submitted that the appellant was ready to deposit the total claim amount of ₹ 2.13 crores for settlement. He requested to keep that amount with the Registrar, National Company Law Appellate Tribunal and on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terim resolution professional' will not constitute the 'com mittee of creditors' till September 30, 2019 to enable the appellant to deposit the amount with the respondent as ordered above, failing which, the 'interim resolution professional' will constitute the 'com mittee of creditors' with effect from October 1, 2019. 5. Learned counsel for the appellant informed that a sum of ₹ 2.13 crores has already been deposited with the respondent- M/s. Val-Met Engineering P. Ltd. . It is also accepted by learned counsel appearing on behalf of the respondent- M/s. Val-Met Engineering P. Ltd. . Learned counsel for the respondent further informs that the respondent intends to withdraw the application filed under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor M/s. Trusted Aerospace Engineering P. Ltd. does not go through the rigour of the corporate insolvency resolution process the claim amount having already settled, we exercise power under rule 11 of the National Company Law Appellate Tribunal Rules, 2016, set aside the impugned order dated June 21, 2016 and allow the respondent- M/s. Val-Met Engineering P. Ltd. to withdraw the application under section 7 of the I and B Code. The amount of ₹ 2.13 crores paid to the respondent- M/s. Val-Met Engineering P. Ltd. should be treated as full and final payment. The application under section 7 filed by M/s. Val-Met Engineering P. Ltd. stands withdrawn. Company Petition No. CP/922/IB/2018 is closed. The Adjudicating Au ..... X X X X Extracts X X X X X X X X Extracts X X X X
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