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TMI Blog2020 (5) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency and Bankruptcy Code, 2016 (for short the "I and B Code") against Spray Engineering Devices Ltd. ("corporate debtor"). The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, by the impugned order dated September 3, 2019-(IPRO Sugar Engineering P. Ltd. v. Spray Engineering Devices Ltd. [2019] 8 Comp Cas-OL 430 (NCLT)) having admitted the application, the present application has been preferred by director/shareholder. 2. Earlier, when the matter was taken up, learned counsel for the appellant submitted that during the pendency of the arbitration proceedings, appli-cation under section 9 was filed, which was admitted. The other ground taken is that the appellant is ready with the demand draft dated Sep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h and having its registered office at H. No. 651, Top Floor, Sector-8B, Chandigarh-160 008 through its director Mr. Harjeet Singh Bola hereinafter referred to as 'second party' which expression unless repugnant to its meaning or context otherwise including its legal heirs, successors, executors, administrators and legal representatives of the second party ; And whereas the second party filed an application under section 9 of the Insolvency and Bankruptcy Code, 2016 read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authorities) Rules, 2016 against M/s. Spray Engineering Devices Ltd., which is currently under CIRP (corporate insolvency resolution process) by virtue of an admission of order dated Septem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 16(5) of the IBC, 2016. And whereas the first party in his individual capacity challenged the admission order passed by the hon'ble National Company Law Tribunal Chandigarh Bench, Chandigarh under section 61 of the IBC, 2016 at the hon'ble National Company Law Appellate Tribunal, New Delhi which is pending till date. And whereas the hon'ble National Company Law Appellate Tribunal, New Delhi pleased to admit the appeal filed by the first party and pleased to issue notice upon second party and also passed the following order. National Company Law Appellate Tribunal New Delhi Company Appeal (AT) (Insolvency) No. 967 of 2019 In the matter of : Mr. Vivek Verma... Appellant Versus M/s. IPRO Sugar Engineerin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -'operational creditor' may accept the same and if they refuse it, they should give in writing. Until further orders, the 'interim resolution professional' will not constitute the 'committee of creditors', if not yet constituted. However, in the meantime, the 'interim resolution professional' will ensure that the company remains going concern and will take assistance of the (suspended) board of directors and the officers/directors/ employees. The person who is authorised to sign the bank cheques may issue cheques but only after approval of the 'Interim Resolution Professional'. The bank account of the 'corporate debtor' be allowed to be operated for the day-to-day functioning of the company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted by the hon'ble National Company Law Tribunal, Chandigarh under section 9 of the IBC at Chandigarh. 3. That both the parties mutually agreed that the second party upon accepting the demand draft of Rs. 53,40,453 (rupees fifty three lakhs forty thousand four hundred fifty three only) shall immediately file an application for withdrawal of CIRP under rule 11 of the National Company Law Tribunal Rules before the hon'ble National Company Law Tribunal, Chandigarh. The second party further undertakes that to inform the IRP about the acceptance of the afore said amount and filing of withdrawal of application before the hon'ble National Company Law Tribunal, Chandigarh. 4. That both the parties have mutually agreed that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of settlement and set aside the impugned order dated September 3, 2019 and release the "corporate debtor" from rigour of "corporate insolvency resolution process". The "interim resolution professional" will handover the assets and records to the "corporate debtor"/"promoter". 6. In the result, order(s) passed by the learned Adjudicating Authority appointing "interim resolution professional", declaring moratorium and all other order(s) passed by the Adjudicating Authority pursuant to impugned order and action taken by the "resolution professional" are set aside. The application preferred by the respondent under section 9 of the I and B Code is disposed of as withdrawn. The Adjudicating Authority will now close the proceeding. The responde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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