Case Law Details
Delta Electro Mechanical Pvt. Ltd. Vs Sahara Hospitality Ltd. (NCLT Mumbai)
NCLT Terminates CIRP of Sahara Hospitality as parties signed settlement whereby the parties have agreed to settle disputes amongst each other for an amount of Rs. 8,00,00,000/
The present application is filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A(1)(a) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 by Ms. Mamta Binani, the Interim Resolution Professional of the Corporate Debtor viz., Sahara Hospitality Limited, seeking withdrawal of the C.P. (IB)/2430(MB)/2018 filed by the Operational Creditor viz., Delta Electro Mechanical Private Limited.
Counsel appearing for the applicant informed this Bench that in terms of the settlement signed between the parties whereby the parties have agreed to settle the disputes amongst each other for an amount Rs. 8,00,00,000/-(Rupees Eight Crores only) to be paid by the Corporate Debtor in three instalments as full and final settlement of all its outstanding dues as on the date of signing of the consent terms. Counsel appearing for the Operational Creditor further confirmed that the entire amount as indicated in the settlement agreement has been received by the Operational Creditor. Having considered the submissions of the Counsel, appearing for the parties and on perusal of averments made in the present application, this bench is of the considered view that since parties have settled the matter as full and final. Hence, taking the consent terms into account, nothing survives in the present Company Petition. Accordingly, C.P. (IB) No. 2430(MB)2018 is allowed to be withdrawn, hence stands closed. IA 1990/2022 is allowed and disposed of. File be consigned to records. Hence, the Company Petition is out of the rigour of the CIRP.
