w w w . L a w y e r S e r v i c e s . i n



Vivek Verma v/s Ipro Sugar Engineering Pvt. Ltd. & Another


Company & Directors' Information:- M & B ENGINEERING LIMITED [Active] CIN = U45200GJ1981PLC004437

Company & Directors' Information:- J H V SUGAR LIMITED [Active] CIN = U15421WB1997PLC085863

Company & Directors' Information:- VIVEK PRIVATE LIMITED [Active] CIN = U51909TN1994PTC028470

Company & Directors' Information:- G. R. ENGINEERING PRIVATE LIMITED [Active] CIN = U65990MH1990PTC058602

Company & Directors' Information:- G G ENGINEERING LIMITED [Active] CIN = L28900MH2006PLC159174

Company & Directors' Information:- V U B ENGINEERING PRIVATE LIMITED [Active] CIN = U29290MH2005PTC154033

Company & Directors' Information:- N S ENGINEERING COMPANY PVT LTD [Active] CIN = U29219TG1989PTC010511

Company & Directors' Information:- T L VERMA AND CO PVT LTD [Active] CIN = U45201CH1982PTC004829

Company & Directors' Information:- S S S ENGINEERING COMPANY PRIVATE LIMITED [Strike Off] CIN = U27205KA1981PTC004194

Company & Directors' Information:- H M G ENGINEERING LIMITED [Active] CIN = U45200MH1977PLC019533

Company & Directors' Information:- K R R ENGINEERING PRIVATE LIMITED [Active] CIN = U29309TN1989PTC016852

Company & Directors' Information:- G G ENGINEERING LIMITED [Active] CIN = U28900MH2006PLC159174

Company & Directors' Information:- D B ENGINEERING PRIVATE LTD [Active] CIN = U74899DL1986PTC026541

Company & Directors' Information:- G G ENGINEERING PRIVATE LIMITED [Active] CIN = U28900MH2006PTC159174

Company & Directors' Information:- J P ENGINEERING CORPN PVT LTD [Active] CIN = U34103WB1951PTC019638

Company & Directors' Information:- S N B ENGINEERING PRIVATE LIMITED [Active] CIN = U27106DL2007PTC301213

Company & Directors' Information:- S M SUGAR PRIVATE LIMITED [Active] CIN = U51299DL1999PTC098109

Company & Directors' Information:- T P W ENGINEERING LTD [Active] CIN = U27203WB1975PLC029939

Company & Directors' Information:- C L ENGINEERING PRIVATE LIMITED [Active] CIN = U34300PB1992PTC012057

Company & Directors' Information:- S K G SUGAR LIMITED [Not available for efiling] CIN = U15421BR1971PLC000906

Company & Directors' Information:- W & W ENGINEERING PRIVATE LIMITED [Active] CIN = U72900TN2003PTC051228

Company & Directors' Information:- M L R ENGINEERING PRIVATE LIMITED [Active] CIN = U74999TG2006PTC051974

Company & Directors' Information:- K B ENGINEERING CO PVT LTD [Active] CIN = U74160TG1988PTC008366

Company & Directors' Information:- R P ENGINEERING PVT LTD [Active] CIN = U29299WB1992PTC055482

Company & Directors' Information:- J & K ENGINEERING LIMITED [Active] CIN = U45203JK2006PLC002684

Company & Directors' Information:- S P T ENGINEERING PRIVATE LIMITED [Converted to LLP] CIN = U27109UP2005PTC030940

Company & Directors' Information:- A R F ENGINEERING LIMITED [Active] CIN = U27200TN1980PLC008347

Company & Directors' Information:- A M ENGINEERING PRIVATE LIMITED [Amalgamated] CIN = U65910MH1981PTC187856

Company & Directors' Information:- S. S. E. ENGINEERING PRIVATE LIMITED [Active] CIN = U36990MH2007PTC175320

Company & Directors' Information:- C T ENGINEERING LIMITED [Strike Off] CIN = U29259GJ1986PLC009007

Company & Directors' Information:- R AND S ENGINEERING INDIA PVT LTD [Active] CIN = U29199GJ1995PTC027661

Company & Directors' Information:- U AND R ENGINEERING PRIVATE LIMITED [Active] CIN = U29199TZ1999PTC009012

Company & Directors' Information:- I Q ENGINEERING (INDIA) PRIVATE LIMITED [Active] CIN = U85110KA1996PTC021507

Company & Directors' Information:- G M ENGINEERING PRIVATE LIMITED [Active] CIN = U28910GJ2013PTC077091

Company & Directors' Information:- W. E. ENGINEERING PVT. LTD. [Active] CIN = U52335WB1985PTC039370

Company & Directors' Information:- L. B. ENGINEERING PRIVATE LIMITED [Active] CIN = U74999WB2018PTC225084

Company & Directors' Information:- R I ENGINEERING (INDIA) PRIVATE LIMITED [Active] CIN = U74210KA1991PTC012420

Company & Directors' Information:- U D ENGINEERING PRIVATE LIMITED [Active] CIN = U32109DL1999PTC102586

Company & Directors' Information:- K M T S ENGINEERING PRIVATE LIMITED [Active] CIN = U29192DL2005PTC141240

Company & Directors' Information:- C A G ENGINEERING LIMITED [Active] CIN = U00350PB2006PLC029521

Company & Directors' Information:- C A G ENGINEERING LIMITED [Active] CIN = U29110PB2006PLC029521

Company & Directors' Information:- D ENGINEERING PRIVATE LIMITED [Active] CIN = U29269TZ1932PTC000046

Company & Directors' Information:- V K B ENGINEERING PRIVATE LIMITED [Active] CIN = U74899DL2005PTC141483

Company & Directors' Information:- S. B. SUGAR LIMITED [Active] CIN = U45201WB1995PLC072017

Company & Directors' Information:- INDIA ENGINEERING PRIVATE LIMITED [Active] CIN = U72200PN1999PTC014259

Company & Directors' Information:- C N C ENGINEERING LIMITED [Strike Off] CIN = U93000KA1986PLC007922

Company & Directors' Information:- M K V ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29199TZ1997PTC007736

Company & Directors' Information:- G V T ENGINEERING (INDIA) PRIVATE LIMITED [Active] CIN = U29219DL1996PTC082427

Company & Directors' Information:- K. I. ENGINEERING PRIVATE LIMITED [Active] CIN = U74999WB2009PTC133109

Company & Directors' Information:- G M E P ENGINEERING PRIVATE LIMITED [Active] CIN = U29192DL1998PTC096737

Company & Directors' Information:- J T ENGINEERING PRIVATE LIMITED [Active] CIN = U74899DL1984PTC018756

Company & Directors' Information:- M C ENGINEERING CO PVT LTD [Active] CIN = U74899DL1972PTC006392

Company & Directors' Information:- C P ENGINEERING (INDIA) PRIVATE LIMITED [Active] CIN = U27209TN1987PTC014052

Company & Directors' Information:- H V S ENGINEERING PRIVATE LIMITED [Active] CIN = U28920MH2005PTC158342

Company & Directors' Information:- S C ENGINEERING CO PVT LTD [Active] CIN = U74210WB1982PTC035623

Company & Directors' Information:- U M ENGINEERING PRIVATE LIMITED [Active] CIN = U29200MH1977PTC019574

Company & Directors' Information:- A V K ENGINEERING PRIVATE LIMITED [Active] CIN = U74899DL1995PTC071971

Company & Directors' Information:- S K ENGINEERING CO PRIVATE LIMITED [Strike Off] CIN = U05001UP1952PTC002408

Company & Directors' Information:- G D ENGINEERING COMPANY (INDIA) PVT LTD [Active] CIN = U74210WB1993PTC058553

Company & Directors' Information:- VIVEK PRIVATE LIMITED [Active] CIN = U65999DL1957PTC002861

Company & Directors' Information:- V M R ENGINEERING PRIVATE LIMITED [Active] CIN = U29120DL2005PTC136764

Company & Directors' Information:- K. S. I. ENGINEERING PRIVATE LIMITED [Active] CIN = U36999HR2007PTC036660

Company & Directors' Information:- N S S ENGINEERING PRIVATE LIMITED [Active] CIN = U28999KA1989PTC010312

Company & Directors' Information:- A P V ENGINEERING CO LTD [Strike Off] CIN = U29113WB1945PLC006428

Company & Directors' Information:- G B ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29212PB1996PTC017500

Company & Directors' Information:- C M S ENGINEERING INDIA PRIVATE LIMITED [Strike Off] CIN = U74210TN2010PTC075302

Company & Directors' Information:- S S SUGAR INDIA PRIVATE LIMITED [Active] CIN = U74900PN2012PTC142939

Company & Directors' Information:- T S C ENGINEERING PRIVATE LIMITED [Active] CIN = U70109DL2011PTC217251

Company & Directors' Information:- H T S ENGINEERING PRIVATE LIMITED [Active] CIN = U74999MH2008PTC187914

Company & Directors' Information:- T P ENGINEERING PRIVATE LIMITED [Active] CIN = U45201OR2010PTC011517

Company & Directors' Information:- S B ENGINEERING PVT LTD [Active] CIN = U29199GJ1982PTC005292

Company & Directors' Information:- J J ENGINEERING PVT LTD [Active] CIN = U29219WB1986PTC041433

Company & Directors' Information:- D & L ENGINEERING PRIVATE LIMITED [Converted to LLP] CIN = U29113TN2004PTC052690

Company & Directors' Information:- H R P ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U31503MH1997PTC108621

Company & Directors' Information:- S H ENGINEERING PRIVATE LIMITED [Active] CIN = U70101WB1999PTC088930

Company & Directors' Information:- V K S ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U28133TN2005PTC057283

Company & Directors' Information:- M K ENGINEERING PVT LTD [Active] CIN = U29199GJ1995PTC027278

Company & Directors' Information:- K J ENGINEERING PRIVATE LIMITED [Active] CIN = U29299PN2006PTC129171

Company & Directors' Information:- C S S ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U45302TN2003PTC051161

Company & Directors' Information:- N. P. ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U31100WB2010PTC150609

Company & Directors' Information:- S R K ENGINEERING CO PVT LTD [Active] CIN = U67120WB1994PTC063442

Company & Directors' Information:- M P T ENGINEERING PVT LTD [Strike Off] CIN = U29299KL1994PTC007761

Company & Directors' Information:- T S R C ENGINEERING PRIVATE LIMITED [Active] CIN = U29100UP2020PTC133920

Company & Directors' Information:- A K ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U50300UP1981PTC005354

Company & Directors' Information:- H M T D ENGINEERING PVT LTD [Active] CIN = U99999MH1981PTC035175

Company & Directors' Information:- J P ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U28129MH1972PTC015813

Company & Directors' Information:- V M ENGINEERING COMPANY PRIVATE LIMITED [Active] CIN = U28920MH1969PTC014224

Company & Directors' Information:- H M A ENGINEERING LIMITED [Strike Off] CIN = U45209PB2008PLC031777

Company & Directors' Information:- K S M ENGINEERING PRIVATE LIMITED [Active] CIN = U74210TG1997PTC028612

Company & Directors' Information:- IPRO SUGAR ENGINEERING PRIVATE LIMITED. [Active] CIN = U01403CH2007PTC030679

Company & Directors' Information:- M M ENGINEERING COMPANY PRIVATE LIMITED [Converted to LLP] CIN = U28932MH1979PTC021819

Company & Directors' Information:- N G T ENGINEERING PVT LTD [Active] CIN = U27109WB1968PTC027292

Company & Directors' Information:- M A S ENGINEERING PRIVATE LIMITED [Active] CIN = U99999MH1976PTC019233

Company & Directors' Information:- R D VERMA AND COMPANY PRIVATE LIMITED [Active] CIN = U74899DL1968PTC004873

Company & Directors' Information:- G R K ENGINEERING (INDIA) PRIVATE LIMITED [Active] CIN = U74200AP2011PTC076356

Company & Directors' Information:- P N S ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29120TN2006PTC060120

Company & Directors' Information:- K P ENGINEERING CORPORATION PVT LTD [Strike Off] CIN = U74200WB1961PTC025258

Company & Directors' Information:- M A N INDIA ENGINEERING LTD [Strike Off] CIN = U74200WB1979PLC020893

Company & Directors' Information:- R V K ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29253TN2010PTC074505

Company & Directors' Information:- R K ENGINEERING COMPANY PVT LTD [Active] CIN = U74899DL1975PTC007743

Company & Directors' Information:- G S A ENGINEERING CORPN PVT LTD [Strike Off] CIN = U74210WB1957PTC023382

Company & Directors' Information:- A R M ENGINEERING PRIVATE LIMITED. [Strike Off] CIN = U00500JH1988PTC003057

Company & Directors' Information:- L & V ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U45202MZ2005PTC007690

Company & Directors' Information:- S G A ENGINEERING COMPANY PRIVATE LIMITED [Strike Off] CIN = U29200MH2005PTC154349

Company & Directors' Information:- C P C ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29120TZ1986PTC001880

Company & Directors' Information:- P K R ENGINEERING INDIA PRIVATE LIMITED [Strike Off] CIN = U29130TZ2004PTC011094

Company & Directors' Information:- VIVEK INDIA PVT LTD [Strike Off] CIN = U51909WB1984PTC037367

Company & Directors' Information:- R R K ENGINEERING PRIVATE LIMITED [Active] CIN = U74999WB2011PTC161080

Company & Directors' Information:- SUGAR CORPORATION PVT LTD [Strike Off] CIN = U15424WB1954PTC000884

Company & Directors' Information:- D M S ENGINEERING CO PVT LTD [Strike Off] CIN = U28920WB1964PTC026168

Company & Directors' Information:- B S I SUGAR LIMITED [Strike Off] CIN = U01511MP1996PLC011170

Company & Directors' Information:- S D S ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U28999PN2000PTC014838

Company & Directors' Information:- N T ENGINEERING COMPANY PVT LTD [Strike Off] CIN = U99999PY1986PTC000445

Company & Directors' Information:- R K ENGINEERING PRIVATE LIMITED [Active] CIN = U31100MH2005PTC152838

Company & Directors' Information:- V J S ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29130TN1996PTC036636

Company & Directors' Information:- R. K. V. ENGINEERING PRIVATE LIMITED [Active] CIN = U29253MH2010PTC205237

Company & Directors' Information:- U S ENGINEERING PVT LTD [Active] CIN = U34300CH1986PTC006887

Company & Directors' Information:- A D ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U74210OR1989PTC002348

Company & Directors' Information:- R J ENGINEERING COMPANY PRIVATE LIMITED [Active] CIN = U27107RJ1972PTC001441

Company & Directors' Information:- H F ENGINEERING PRIVATE LIMITED [Active] CIN = U29244KL2013PTC033909

Company & Directors' Information:- O N ENGINEERING PRIVATE LIMITED [Active] CIN = U74899DL1988PTC031987

Company & Directors' Information:- P S R ENGINEERING PVT LTD [Strike Off] CIN = U40200WB1987PTC042244

Company & Directors' Information:- P N ENGINEERING CO PVT LTD [Strike Off] CIN = U74210WB1980PTC032750

Company & Directors' Information:- A M A R ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29219DL1997PTC084187

Company & Directors' Information:- S G D ENGINEERING PRIVATE LIMITED [Active] CIN = U29210KA2009PTC050452

Company & Directors' Information:- G A S ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29191MH2004PTC149606

Company & Directors' Information:- G T ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29219PN2012PTC145781

Company & Directors' Information:- M. M. K. ENGINEERING COMPANY PRIVATE LIMITED [Active] CIN = U29305MH2014PTC252830

Company & Directors' Information:- K-4 ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U31400MH2010PTC204004

Company & Directors' Information:- N J ENGINEERING PRIVATE LIMITED [Active] CIN = U45209MH2015PTC262607

Company & Directors' Information:- P R S ENGINEERING PRIVATE LIMITED [Active] CIN = U29253TN2009PTC073915

Company & Directors' Information:- U P S ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U40300TN2013PTC090167

Company & Directors' Information:- K G D ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U45400WB2014PTC200732

Company & Directors' Information:- T A ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U28992CH2003PTC025800

Company & Directors' Information:- M N A ENGINEERING PVT LTD [Strike Off] CIN = U45202CH2006PTC030215

Company & Directors' Information:- IPRO INDIA PRIVATE LIMITED [Active] CIN = U74200CH2013PTC034766

Company & Directors' Information:- A A P ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U27106DL2005PTC138318

Company & Directors' Information:- A C ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29253DL2011PTC222515

Company & Directors' Information:- S. Z. ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U29253DL2014PTC274095

Company & Directors' Information:- IN ENGINEERING PRIVATE LIMITED [Active] CIN = U74210DL2011PTC212284

Company & Directors' Information:- J N ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U45400DL2015PTC278906

Company & Directors' Information:- N I ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U45400DL2015PTC280734

Company & Directors' Information:- A N D ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U51502DL2012PTC242516

Company & Directors' Information:- R R V ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U51909DL1997PTC089342

Company & Directors' Information:- Z. M. ENGINEERING PRIVATE LIMITED [Active] CIN = U51909DL2007PTC168270

Company & Directors' Information:- K Y ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U74999DL2013PTC248278

Company & Directors' Information:- R AND T ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U34300DL2005PTC136846

Company & Directors' Information:- THE ENGINEERING CORPORATION PRIVATE LIMITED [Strike Off] CIN = U99999KA1951PTC000699

Company & Directors' Information:- S J P ENGINEERING CO. PRIVATE LIMITED [Strike Off] CIN = U51505KA2002PTC030808

Company & Directors' Information:- B VERMA AND COMPANY PRIVATE LTD. [Strike Off] CIN = U74140DL1986PTC023027

Company & Directors' Information:- S I ENGINEERING COMPANY PRIVATE LIMITED [Strike Off] CIN = U27109UP1967PTC003182

Company & Directors' Information:- W D ENGINEERING PRIVATE LIMITED [Active] CIN = U29308MH2020PTC345065

Company & Directors' Information:- S D ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U18101DL1999PTC102948

Company & Directors' Information:- M B D ENGINEERING PRIVATE LIMITED [Strike Off] CIN = U74210DL2008PTC181446

Company & Directors' Information:- SUGAR CORPORATION OF INDIA LIMITED [Dissolved] CIN = U99999MH1920PTC000754

Company & Directors' Information:- A. B. C. ENGINEERING CORPORATION LIMITED [Not available for efiling] CIN = U99999MH1950PLC008192

Company & Directors' Information:-  ENGINEERING COMPANY ( [Not Available for eFiling] CIN = U99999MH1951PLC010002

    Company Appeal (At) (Insolvency) No. 967 of 2019

    Decided On, 16 October 2019

    At, National Company Law Appellate Tribunal

    By, THE HONOURABLE MR. S.J. MUKHOPADHAYA
    By, CHAIRPERSON
    By, THE HONOURABLE MR. A.I.S. CHEEMA
    By, JUDICIAL MEMBER & THE HONOURABLE MR. KANTHI NARAHARI
    By, MEMBER

    For the Appearing Parties: Rajiv Ranjan, Animesh Rastogi, Mrinal Harshvardhan, R.S. Randhawa, Yashpal Gupta, Nakul Mohta, Advocates.



Judgment Text

1. Ipro Sugar Engineering Pvt. Ltd. ('Operational Creditor') filed application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short the 'I&B code') against Spray Engineering Devices Limited ('Corporate Debtor'). The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, by the impugned order dated 3rd September, 2019 having admitted the application, the present application has been preferred by Director/ Shareholder.

2. Earlier, when the matter was taken up, learned Counsel for the Appellant submitted that during the pendency of the Arbitration proceedings, application under Section 9 was filed, which was admitted. The other ground taken is that the Appellant is ready with the Demand Draft dated 11th September, 2019 to pay the entire dues as claimed by the Respondent in their Demand Notice issued under Section 8(1) of the I&B Code. It was also informed that the 'Committee of Creditors' has not been constituted. In view of such position, we issued notice to the Respondents and allowed the Appellant to pay the total claimed amount by the Demand Draft with liberty to 'Operational Creditor' to accept the same and if they refuse it, they should give it in writing.

3. Today, when the matter has been taken up, it is informed that the settlement has been reached between the parties and a total sum of Rs.53,40,453/- has been paid by Demand Draft. The copy of the Terms of Settlement has been placed on record, which is as follows: -

"SETTLEMENT AGREEMENT

THIS SETTLEMENT AGREEMENT is being made in duplicate sets and executed at Chandigarh on this 11th day of October, 2019 amongst:

BETWEEN

Mr. Vivek Verma, S/o Late Sh. Nand Kumar Verma, aged about 53 years, R/o H.No.485, Sector 8, Panchkula, Haryana 134109, being the Shareholder of M/s Spray Engineering Devices Limited hereinafter referred to as "First Party" which expression unless repugnant to its meaning or context otherwise shall include its legal heirs, successors, executors, administrators and legal representative of the First Party;

AND

M/s IPRO Sugar Engineering Private Limited a company incorporated under the Companies Act, 1956 having CIN:U01403CH2007PTC030679 dated: 30.01.2007 at ROC, Chandigarh and having its registered office at H. No.651, Top Floor, Sector- 8 B, Chandigarh 160008 through its Director Mr. Harjeet Singh Bola hereinafter referred to as "Second Party" which expression unless repugnant to its meaning or context otherwise including its legal heirs, successors, executors, administrators and legal representatives of the Second Party; AND WHEREAS the Second Party filed an application under section 9 of Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authorities) Rules, 2016 against M/s Spray Engineering Devices Limited which is currently under CIRP (Corporate Insolvency Resolution Process) by virtue of an admission of order dated 03.09.2019 passed by NCLT, Chandigarh in case bearing No.CP(IB)407/chd/chd/2018.

AND WHEREAS the First Party is a Shareholder of M/s Spray Engineering Devices Limited and signing this settlement agreement in his individual capacity without prejudice to the rights of company which is under CIRP.

AND WHEREAS the Second Party filed the case under section 9 claiming as one of the Operational Creditors of M/s Spray Engineering Devices Limited on the basis of various invoices raised between 29.02.2008 to 01.10.2009. The Second party also stated in the petition that the invoices were raised towards consulting engineering services being rendered to M/s Spray Engineering Devices Limited, therefore a total amount of debt of Rs.53,40,453/- (including interest) which was due and payable on behalf of M/s Spray Engineering Devices Limited as per the order of Hon'ble NCLT, Chandigarh.

AND WHEREAS the Hon'ble National Company Law Tribunal "Chandigarh Bench, Chandigarh" after adjudicating the claim, passed an admission order dated 03.09.2019 declaring moratorium on M/s Spray Company Appeal (AT) (Insolvency) No. 967 of 2019 Page 4 of 9 Engineering Devices Limited Under Section 14 of IBC, 2016. In terms of the admission order the Hon'ble NCLT pleased to appoint Mr. Sudhir Kumar Jain as interim resolution professional in terms of Section 16(5) of IBC, 2016.

AND WHEREAS the First Party in his individual capacity challenged the admission order passed by Hon'ble National Company Law Tribunal "Chandigarh Bench, Chandigarh" under Section 61 of IBC, 2016 at Hon'ble National Company Law Appellate Tribunal, New Delhi which is pending till date.

AND WHEREAS Hon'ble National Company Law Appellate Tribunal, New Delhi pleased to admit the appeal filed by the first party and pleased to issue notice upon Second Party and also passed the following order.

NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI

Company Appeal (AT) (Insolvency) No. 967 of 2019

IN THE MATTER OF:

Mr. Vivek Verma Appellant

Versus

M/s. IPRO Sugar Engineering Pvt. Ltd. & Anr. Respondents

Present:

For Appellant : Mr. Rajiv Ranjan, Sr. Advocate with Mr. Vaibhav Gaggar, Mr. Sanchit Uppal, Mr. Animesh Rastogi and Mr. Mrinal Harshvardhan, Advocates

O R D E R

19.09.2019 One of the ground taken by the learned counsel for the Appellant is that during the pendency of Arbitration proceedings the application under Section 9 was filed which has been admitted.

The other ground taken by the Appellant is that the Appellant is ready with the Demand Draft dated 11th September 2019 to pay the entire dues claimed as were made in the Demand Notice under Section 8(1) and application under Section 9 of the Insolvency and Bankruptcy Code, 2016. However, the Respondent - Operational Creditor is not accepting the amount therefore, it is submitted that the application under Section 9 was filed by the respondents with intent other than the Resolution or Liquidation, as prohibited in terms of Section 65 of the I&B Code.

Let notice be issued on the Respondents by Speed Post. Requisite along with process fee, if not filed, be filed by 20th September, 2019. If the appellant provides the e-mail address of respondents, let notice be also issued through e-mail. Dasti service is permitted.

Post the Case for Orders on 16th October 2019. The Appeal may be disposed of on the next date.

During the pendency of the appeal the appellant may pay the total claimed amount by Demand Draft. The Respondent Operational Creditor may accept the same and if they refuse it, they should give in writing.

Until further orders, the Interim Resolution Professional will not constitute the Committee of Creditors, if not yet constituted. However, in the meantime, the Interim Resolution Professional will ensure that the company remains going concern and will take assistance of the (suspended) Board of Directors and the officers/ Directors/employees. The person who is authorised to sign the bank cheques may issue cheques but only after approval of the Interim Resolution Professional. The bank account of the Corporate Debtor be allowed to be operated for day-to-day functioning of the company such as for payment of current bills of the suppliers, salaries and wages of the employees/workmen electricity bills etc.

[Justice S.J. Mukhopadhaya]

Chairperson

[Justice A.I.S. Cheema]

Member (Judicial)

[Kanthi Narahari]

Member (Technical)AND IN CONSIDERATION OF THESE PRESENTS, THIS AGREEMENT WITNESSETH AS UNDER:

That both first party and second party have mutually agreed and arrived at an amicable settlement of the subject matter of section 9 petition which was filed by the second party against M/s Spray Engineering Devices Limited, which subsequently got admitted by Hon'ble NCLT, Chandigarh. It is made clear that First Party has agreed and arrived settlement in his individual capacity and not on behalf of M/s Spray Engineering Devices Limited which is currently under CIRP.

TERMS OF SETTLEMENT

1. That both the parties have agreed that in terms of the order dated 19.09.2019 passed by Hon'ble NCLAT, New Delhi, the First Party has paid an amount of Rs.53,40,453/- (Rupees Fifty Three Lacs Forty Thousand Four Hundred Fifty Three Only) to the Second party vide Demand Draft No.500447 dt: 11-09-2019 issued by ICICI Bank Limited, Sector 70, Mohali towards the subject matter, on which the admission order was passed by Hon'ble NCLT, Chandigarh.

2. Upon accepting the same the second party undertakes to withdraw the petition admitted by Hon'ble NCLT, Chandigarh under Section 9 of IBC at Chandigarh.

3. That both the parties mutually agreed that the second party upon accepting the demand draft of Rs. 53,40,453/-(Rupees Fifty Three Lacs Forty Thousand Four Hundred Fifty Three Only) shall immediately file an application for withdrawal of CIRP under Rule 11 of NCLT Rules before Hon'ble NCLT, Chandigarh. The second party further undertakes that to inform the IRP about the acceptance of aforesaid amount and filing of withdrawal of application before Hon'ble NCLT, Chandigarh.

4. That both the parties have mutually agreed that the withdrawal of istant Petition admitted under Section 9 shall not cause prejudice to the rights of the respective parties in relation to other transactions/disputes.

5. That both the parties mutually agreed to make a joint statement before Hon'ble NCLAT, New Delhi about the acceptance of the amount and consequent to that withdrawal of petition by the Second Party. That both the parties mutually agreed to get the appeal disposed off in terms of this agreement and withdrawal of Section 9 petition.

6. That it is agreed between the parties to pay the CIRP cost as well as the IRP Fee be shared equally.

7. This Agreement shall ensure to the benefit of and will be binding upon the respective heirs, executors, administrators, successors and permitted assigns of both the parties hereto. IN WITNESS WHEREOF, the parties here unto have set their hands on this 11th day of October, 2019 at Chandigarh."

4. As per the Terms of Settlement, both the parties agreed to share the cost and fee of the 'Interim Resolution Professional'. Learned Counsel for the parties state that cost and fee of 'Interim Resolution Professional' has already been paid, which is also accepted by the learned Counsel appearing on behalf of the 'Interim Resolution Professional'.

5. In

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the facts and circumstances and in exercise of inherent powers conferred upon this Appellate Tribunal under Rule 11 of the NCLAT Rules 2016, we accept the Terms of Settlement and set aside the impugned order dated 3rd September, 2019 and release the 'Corporate Debtor' from rigour of 'Corporate Insolvency Resolution Process'. The 'Interim Resolution Professional' will handover the assets and records to the 'Corporate Debtor'/ 'Promoter'. 6. In the result, 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 Company Appeal (AT) (Insolvency) No. 967 of 2019 Page 9 of 9 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 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 the aforesaid observations and directions.
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