Prem Singh Rao vs V K R Projects Private Limited
- CitationCompany Appeal (AT) (Ins.) No. 1460 of 2023
Ratio decidendi
The rule this decision rests on
The order rests on a settlement between the parties, recorded before the Tribunal, which the Operational Creditor fairly accepts as bringing the Section 9 proceedings to an end. The Tribunal closes the CIRP, sets aside the impugned admission order, and takes the settlement on record. No reasoning beyond acceptance of the settlement and the consequential disposal is stated.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Company Appeal (AT) (Ins.) No. 1460 of 2023 IN THE MATTER OF: Prem Singh Rao ....Appellant
Vs.
V K R Projects Pvt. Ltd. ....Respondent
Present: For Appellant: Mr. Abhijeet Sinha, Mr. Kunal Kanungo, Mr. Mohit Singhvi, Advocates. For Respondent: Mr. Anurag Kalavatiya, Ms. Akshita Koolwal, Mr. Madhav Reddy, Advocates.
ORDER
09.11.2023: Heard Learned Counsel for the appellant as well as Learned
Counsel for the Operational Creditor.
2. This appeal has been filed against an order dated 31.08.2023 by which
order Section 9 application filed by the Operational Creditor has been admitted.
Learned Counsel for the appellant submits that before filing this appeal Civil
Writ Petition No. 13370 of 2023 was filed in the High Court of Rajasthan in
which orders were passed where the amount of Rs. 7.3 crores was deposited
with the Registrar.
3. Today when the matter was heard Learned Counsel for the appellant
submitted that he has already filed an I.A. with Diary No. 48384 of 2023 where
settlement between the parties have been brought on record which was entered
on 08.09.2023.
4. As per the settlement parties have settled their dispute and payments
have been made to the Operational Creditor. Counsel for the Operational -2-
Creditor submits that two cheques given are postdated cheques. We record the
said statement.
5. In view of the settlement between the parties where entire debt is settled
between the parties, the counsel for the Operational Creditor fairly submits
that proceedings under Section 9 be not continued any further.
6. In view of the aforesaid, we close the CIRP, set aside the order impugned
and take the settlement on record.
7. The appeal is disposed of accordingly.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
sa/nn
Company Appeal (AT) (Ins.) No. 1460 of 2023
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