2019 (11) TMI 617

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..... Chairperson, Justice A.I.S. Cheema Member (Judicial) And Justice Kanthi Narahari Member (Technical) For The Appellants : Appeared but attendance not marked For The Respondents : Mr. P.K. Ganesh and Mr. S. Arun Prakash, Advocates ORDER An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) was filed by Mr. K. Gopinath and Anr. (Financial Creditors) - Respondents .....

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..... on behalf of the Respondents submits that in terms of settlement part of the amount has already been received and rest of the amount has been deposited by the Appellants with the National Company Law Tribunal, Chennai Bench. Therefore, Tribunal should be asked to handover the Draft to the Respondents. 4. Having heard learned Counsel for the parties and taking into consideration that the parties .....

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..... y will now close the proceeding. The Respondents Company is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. 6. The Adjudicating Authority (National Company Law Tribunal), Chennai Bench will direct its Registry to handover the Draft deposited by the Appellants to the Counsel for the Respondents for onwards transfer .....

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