Naveen Bajaj vs Shree Navrang Suppliers Pvt Ltd

IN THE MATTER OF: Naveen Bajaj ...Appellant

Versus M/s. Shree Navrang Suppliers Pvt. Ltd. ...Respondent

Present: For Appellant: Mr. Kirti Uppal, Mr. Jaspreet Singh Rai, Advocates For Respondent: Mr. Vinod Chaurasia, Advocate for RP ORDER

(Virtual Mode) 01.04.2022: Heard Learned Counsel for the Appellant.

2. This Appeal has been filed against the Order dated 21.02.2022 passed by

the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-

V) by which order, the Application being IB No. 227/ND/2019 filed by the

Respondent under Section 9 of the Insolvency and Bankruptcy Code, 2016 has

been admitted. The Application was filed by the Respondent-Operational

Creditor under Section 9 of the Code for default of debt of Rs. 24,41,344/- with

interest.

3. The Adjudicating Authority by the impugned Order has admitted the

Application under Section 9 of the Code. The Adjudicating Authority in the

Application has relied on a Letter dated 16th August, 2018 by which the Appellant

has admitted the debt of Rs. 15,76,478/- plus Rs. 97,353/- and returned a 2

finding that debt being admitted, the Application under Section 9 of the Code

deserved to be admitted.

4. Learned Counsel for the Appellant submits that he is ready to pay the

admitted amount to the Corporate Debtor and this letter was not referred to in

the Application filed under Section 9 of the Code. Be that as it may, we are of the

view that no error has been committed by the Adjudicating Authority in

admitting the Application under Section 9 of the Code. In event, the Appellant is

desirous to enter into a settlement with the Corporate Debtor, he is at liberty to

enter into a Settlement and bring the Settlement before the Adjudicating

Authority. It is for the Adjudicating Authority to take and pass appropriate order

accepting Settlement, if any, between the parties and pass all consequential

orders. The above submissions are being noted without prejudice to the rights

and contentions of the Appellant.

With these observations, the Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Dr. Alok Srivastava] Member (Technical)

[Ms. Shreesha Merla] Member (Technical)

Basant/nn

Company Appeal (AT) Ins. No. 340 of 2022