Hind Terminals Private Limited vs Satkar Logistics Pvt Ltd

Hind Terminals Pvt. Ltd. ...Appellant

Versus

Satkar Logistics Pvt. Ltd. ...Respondent

Present: For Appellant: Mr. Savyasachi K. Sahai and Mr. Kushagra Aman, Advocates. For Respondent: Mr. Mohit Chaudhary, Advocate.

ORDER

(Virtual Mode)

28.07.2022: Heard learned counsel for the Appellant as well as learned

counsel appearing for the Respondent. This Appeal has been filed against the

order dated 07.06.2022 by which order the Adjudicating Authority (National

Company Law Tribunal), New Delhi, Court IV has allowed I.A. No. 2632/2022

where liberty was sought to withdraw the petition. The Appellant is an

Operational Creditor. In view of settlement between the Operational Creditor

and the Corporate Debtor, the applicant was permitted to withdraw the

petition. The Adjudicating Authority, however, refused to grant liberty to

revive the application in event settlement is not honoured by the Corporate

Debtor. Aggrieved by that part of the order, this Appeal has been filed.

2. Learned counsel for the Respondent submits that the Respondent, who

has already entered into settlement, has all intentions to honour the

Cont'd.../ 2

settlement. He further submits that the Respondent is already making

payments as agreed.

3. We are of the view that in view of the fact that application was

withdrawn on settlement, the Adjudicating Authority ought to have granted

liberty to revive the application if any such eventuality arises. We, thus,

modify the order dated 07.06.2022 to the effect that there shall be liberty to

the Appellant to revive the petition if any such eventuality arises. With above

modification, the Appeal is partly allowed.

[Justice Ashok Bhushan] Chairperson

[Justice M. Satyanarayana Murthy] Member (Judicial)

[Barun Mitra] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No. 810 of 2022