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TMI Blog2021 (2) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... nd in view of the Memo filed by the Operational Creditor, nothing survives for further consideration in this matter - Application disposed off as withdrawn. - IBA/32/KOB/2020 - - - Dated:- 21-1-2021 - Hon ble Shri Ashok Kumar Borah , Member ( Judicial ) For the Operational Creditor : Shri Vinod PV , Advocate For the Corporate Debtor : Mr. Panoy Harilal , Advocate ORDER This application has been filled under Section 9 of IBC, 2016 by the Operational Creditor M/s GMP Technical Solutions Private Limited against the Corporate Debtor M/s HLL Biotech Limited to initiate Corporate Insolvency Resolution Process. 2. The facts in brief are that the Corporate Debtor awarded six tenders to the Operational Creditor for supply o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. Two Crores has already been paid and the Operational Creditor has given an undertaking to the Corporate Debtor to file a withdrawal application. Hence the matter was adjourned to 21.01.2021 for filing withdrawal memo. 4. On 18.1.2021, the learned counsel for the Applicant/Operational Creditor filed a withdrawal memo stating that in terms of the settlement agreed between the parties in the Deed of Settlement dated 7th January, 2021, this Tribunal may be pleased to permit the Operational Creditor to withdraw the above application No.IBA./32/KOB/2020 under Rule of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 5. In the Deed of Settlement, it is stated as under: This Deed of Settlement is si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against sanction of the proposed Scheme of Arrangement. WHEREAS GMP (in relation to dealings between HBL and CRP Division of GMP based out of Baddi, Himachal Pradesh) has filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal, Kochi Bench(1BA 32/K08/2020),to initiate Corporate Insolvency Resolution Process against HBL on account of non-receipt of their outstanding of ₹ 3,06,20,091/ (Rupees Three Crore Six lakhs Twenty thousand Ninety One only) as principal amount plus interest of ₹ 83,75,222/- (Rupees Eighty Three lakh Seventy Five thousand Two hundred Twenty Two only). WHEREAS the National Company Law Tribunal has by order dated 17 December, 2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urchase Orders and under those transaction there are outstanding payments due to GMP of Principal amount of ₹ 2,10,00,000/- (Rupees Two crore Ten lakh only) plus interest of ₹ 1,08,62,175/- (Rupees One crore Eight lakh Sixty Two thousand One hundred Seventy Five only) as on date and ₹ 1,00,000/- (Rupees One lakh only) on account of non-submission of C form totally amounting to ₹ 3,19,62,175/- (Rupees Three crore Nineteen lakh Sixty Two thousand One hundred Seventy Five only). For the said dues, GMP has already sent a Demand Notice under Insolvency and Bankruptcy Code, 2016 to HBL, but has not filed any application before National Company Law Tribunal, Kochi, and has not initiated any other legal proceedings before an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r paragraph 7 hereinabove, all claims against HBL by GMP shall stand settled, except the aggregate amount of ₹ 39,53,826/- on account of (i) C-forms pending submission by HBL and (i) supply of material, which has to be mutually consulted and concurred by the parties. 9. Notwithstanding the above, in the event of default in balance payment as per clause 7 hereinabove or any part thereof by HBL, GMP shall be at liberty to adopt appropriate proceedings before the NCLT and/or any other legal remedy available at that time for recovery of the original amount outstanding (towards both CRP HVAC divisions of GMP) including interest after deducting the payment of ₹ 2,00,00,000/- (Rupees Two Crore only) made under the present Deed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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