While exercising the power conferred upon it under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, the New Delhi Bench of the National Company Law Tribunal (NCLT) has held that in view of the settlement arrived at between the parties, the company petition was treated as having been settled and was accordingly dismissed as withdrawn. Accordingly, the Registry was directed to record the debt in default of Rs. 51.72 crores as settled for the purposes of the Monthly Report on Case Progress (MRCP).
The Division Bench comprising Manni Sankariah Shanmuga Sundaram (Judicial Member) and Reena Sinha Puri (Technical Member) noted that the present Interlocutory Application, had been listed specifically for the purpose of withdrawal of the Company Petition. However, after considering the facts and circumstances set out in the application, the Tribunal took note of the settlement arrived at between the parties, which formed the basis for the withdrawal sought by the Applicant.
Briefly, the Applicant, PT BBN Airlines Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (SpiceJet Limited). The petition was premised on an alleged default by SpiceJet Limited in payment of a sum of Rs. 51.72 crores, inclusive of taxes.
Appearances:
Gaurav Mitra, Sr. Adv., Ayush Chaddha, Priyanka Shetty, Dr. Abhimanyu Chopra, Karthikka K C, Tejas Raghav, Advs., for Applicant
Krishnendu Datta, Sr., Adv., Mr. Sanjay Gupta, Aditi Pundhir, Manisha Sharma, Rishabh Wahi, Niharika Sharma, Advs., for Respondent