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TMI Blog2020 (1) TMI 1479X X X X Extracts X X X X X X X X Extracts X X X X ..... a, Advocate. ORDER 'M/s Aanav Construction Co'. moved an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short the 'I&B Code'), pursuant to which the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench by impugned order dated 20th September, 2019 initiated 'Corporate Insolvency Resolution Process' against 'Shri Balaji Infradevelopers Private Limited'. 2. On 1st October, 2019, when the matter was taken up, learned Counsel for the Appellant submitted that except 'Contract Agreement' with regard to the performance, no document was enclosed in 'Form 5' by the 'Operational Creditor' to suggest that there is a 'debt' payable, neither any bill nor any Invoice was raised. However, from the record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020 of GS Steels to suggest that the amount due to him has already been paid and appropriated by them. Another email dated 16th January, 2020, shows that SREI Equipment Finance Ltd. has arrived at settlement in view of order of this Appellate Tribunal dated 2nd January, 2020. 6. A Settlement Agreement dated 18th January, 2020 has been produced to suggest that M/s Translite Scaffolding Limited has reached 'Terms of Settlement' with one of the Directors of the 'Corporate Debtor'. So, three more documents relating to settlement has been placed before us. 7. Mr. Amarjit Singh Bedi, learned Counsel appearing on behalf of Tata Motors Finance Ltd. accepts that the settlement has been reached with the Promoters. Mr. Saurabh Kalia, learned Couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1,00,000/- and the rest amount, if allowed, will be paid within fifteen days. 11. In view of the aforesaid facts that the Promoters have settled the claim of all the 11 Claimants and the 'Committee of Creditors' has not been constituted, we in exercise of powers conferred by Rule 11 of the NCLAT Rules, 2016 set-aside the impugned order dated 20th September, 2019 and dispose of the application under Section 9 of the I&B code preferred by M/s Aanav Construction Co. as withdrawn. Shri Balaji Infradevelopers Private Limited ('Corporate Debtor') is released from the rigour of 'Corporate Insolvency Resolution Process'. The 'Interim Resolution Professional' will handover all the premises, assets and records of the 'Corporate Debtor' to the Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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