Vishal Gupta vs Suntech Infra Solutions Pvt Ltd & Anr

Vishal Gupta .... Appellant

Vs

M/s Suntech Infra Solutions Pvt. Ltd. & Anr. .... Respondents

Present: For Appellant: Mr. Akhilesh, Advocate.

For Respondents: Mr. Saurabh Seth, Advocate for Respondent No.1.

Mr. Ajay Kumar, Interim Resolution Professional.

ORDER

10.06.2019 M/s Suntech Infra Solutions Pvt. Ltd. ('Operational

Creditor') filed an application under Section 9 of the Insolvency and

Bankruptcy Code, 2016 (I&B Code) against M/s. Shri Balaji Infradevelopers

Pvt. Ltd. ('Corporate Debtor'). The application having admitted by the

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

II by impugned order dated 27th May, 2019, the present Appeal has been

preferred by Vishal Gupta, Director of M/s Shri Balaji Infra Developers Pvt.

Ltd.

2. Earlier, when the matter was taken up on 6th June, 2019, learned

Counsel appearing on behalf of the Appellant submitted that the Appellant

wants to settle dispute and a draft for Rs.33 lakhs payable to the 'Operational

Company Appeal (AT) (Insolvency) No. 615 of 2019 Page 1 of 3 Creditors' is ready. It was further submitted that the 'Interim Resolution

Professional' had not constituted the 'Committee of Creditors'. To know the

exact position, we issued notice to the 'Interim Resolution Professional'.

3. Counsel for the Appellant has placed on record a copy of settlement

dated 7th June, 2019, from which it is clear that a sum of Rs.33 lakhs have

been handed over to Respondent - M/s Suntech Infra Solutions Pvt. Ltd. in

terms of settlement. The fee of 'Interim Resolution Professional' has also

been paid.

4. Mr. Ajay Kumar Jain, 'Interim Resolution Professional' appears in

person and submits that the parties have settled the matter and he has

received the fees and cost. He further informs that the 'Committee of

Creditors' have not been constituted and only one claim received from one of

the 'Operational Creditor'.

5. Taking into consideration the aforesaid development that the parties

have settled the matter and that the 'Committee of Creditors' have not been

constituted, in exercise of powers conferred under Rule 11 of the National

Company Law Appellate Tribunal Rules, 2016, we allow the settlement.

6. In effect, order (s) passed by Ld. Adjudicating Authority appointing

'Interim Resolution Professional', declaring moratorium and all other order (s)

passed by Adjudicating Authority pursuant to impugned order and action taken

by the 'Resolution Professional' are set aside. The application preferred by the

Respondent under Section 9 of the I&B Code is disposed of as withdrawn. The

Adjudicating Authority will now close the proceeding. The Respondent

Company Appeal (AT) (Insolvency) No. 615 of 2019 Page 2 of 3 Company is released from all the rigour of law and is allowed to function

independently through its Board of Directors from immediate effect.

7. The appeal is allowed with aforesaid observations and directions. No costs.

[Justice S. J. Mukhopadhaya] Chairperson

[Justice A.I.S. Cheema] Member (Judicial)

[Kanthi Narahari] Member (Technical)

Ash/SK

Company Appeal (AT) (Insolvency) No. 615 of 2019 Page 3 of 3