Dinesh Goyal vs Prints Publication Pvt. Ltd. & Anr

Dinesh Goyal ...Appellant

Versus

Prints Publications Pvt. Ltd. & Anr. ...Respondents

Present: For Appellant : Mr. Pankaj Bhagat and Mr. Vijay Zaveri, Advocates

For Respondents: Mr. Kunal Kishor, Advocate for 1st Respondent

Mr. Amit Sharma, Advocate for Interim Resolution Professional (2nd Respondent)

ORDER

15.11.2019 'Printers Publication Pvt. Ltd.' (Operational Creditor) filed an

application under Section 9 of the 'Insolvency and Bankruptcy Code, 2016 (for

short, 'the I&B Code') for initiation of the 'Corporate Insolvency Resolution

Process' against 'Goyal Books Overseas Pvt. Ltd.' (Corporate Debtor). The

Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-V by

the impugned order dated 4th November, 2019 having admitted the application,

the present Appeal has been preferred by 'Mr. Dinesh Goyal', Director of the

'Corporate Debtor'.

Earlier, when the matter was taken up, learned counsel for the Appellant

submitted that the 'Committee of Creditors' had not been constituted and the

Appellant intends to settle the matter.

2

Today, it is informed that the parties have settled the matter. Mr. Pankaj

Bhagat, learned counsel appearing on behalf of the Appellant handed over the

Banker's Cheque No. 037850 dated 11th November, 2019 issued by the 'Axis

Bank Ltd.', Sector 62, NOIDA (U.P.) in the name of 'Prints Publication Pvt. Ltd.'

(Operational Creditor) for a total sum of Rs. 12,20,574/- to Mr. Kunal Kishor,

learned counsel appearing on behalf of the 1st Respondent (Prints Publication

Pvt. Ltd.). 1st Respondent is satisfied with the aforesaid amount as total payment

towards dues is made.

Mr. Amit Sharma, learned counsel appears on behalf of Mr. Saurabh

Agarwal, 'Interim Resolution Professional'. Learned counsel for the Appellant

handed over another Banker's Cheque No. 037866 dated 13th November, 2019

issued by 'Axis Bank Ltd.', Sector 62, NOIDA (U.P.) for a total sum of Rupees Two

Lakhs to Mr. Amit Sharma, learned counsel for the 'Interim Resolution

Professional' for onward transmission. It is stated that the 'Interim Resolution

Professional' is satisfied with the total amount which is paid towards his fees

and cost. The learned counsel for 2nd Respondent also accepts that the

'Committee of Creditors' have not yet been constituted.

In view of the fact that the parties have settled the matter and 'debt

amount' has been paid before constitution of the 'Committee of Creditors', in

exercise powers under Rule 11 of the 'National Company Law Appellate Tribunal

Rules, 2016, we set aside the impugned order dated 4th November, 2019 passed

by the Adjudicating Authority and allow 'Print Publication Pvt. Ltd. (Operational

Creditor) to withdraw the application filed under Section 9 of the 'I&B Code'

which stands disposed of as withdrawn.

Company Appeal (AT) (Insolvency) No. 1214 of 2019 3

The Adjudicating Authority will now close the proceedings. The 'Interim

Resolution Professional' is directed to hand over the Books of Accounts etc. and

the assets of the 'Corporate Debtor' to the 'Promoter of the Corporate Debtor',

which run independently without rigour of law.

The Appeal is allowed with aforesaid directions. However, in the facts and

circumstances of the case, there shall be no order as to cost.

[Justice S.J. Mukhopadhaya] Chairperson

[Justice Venugopal M.] Member (Judicial)

/ns/gc

Company Appeal (AT) (Insolvency) No. 1214 of 2019