The Insolvency And Bankruptcy Code, 2021

Upon the matter being taken up for consideration, learned counsel for the parties, including learned senior counsel for the appellant, have submitted ad idem that the matter stands settled amongst the contesting parties and, in fact, an application in Form-FA seeking withdrawal of corporate insolvency resolution process under Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, has been submitted before the National Company Law Tribunal, New Delhi (the Adjudicating Authority). The relevant contents of this application are as under: -

“FORM FA APPLICATION FOR WITHDRAWAL OF CORPORATE INSOLVENCY RESOLUTION PROCESS

[Under Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016]

I, Vandana Raheja, Vipin Raheja, Anil Datta, Radhika Datta, Anjlee Prakash, Ashish Basu, Kalpana Vishwanath Basu, Chirayu Paul, Nisha Paul, Hiranand Jethmal Makhijani and Sons (HUF), Mukesh Nanik Mansukhani (HUF), Jaswinder Singh Ghumman, Jayant Nath, Arun Kumar Joneja, Manmohan Krishan Malik, Sadhna Disha Chawla, Neena Sabharwal, Rajesh Kumar Lodha, Rashmi Lodha, Arvind Kumar Bhadani (HUF), Ravindra Kumar Bhadani and Sons (HUF), Renu Gakhar, Rosemarie D Jamwal, Roma Kapur, Sudeep Budhiraja, Chandrika Budhiraja, Sumat Mehra, Pushp Lata Jain, Rekha Rani Gambhir, Naveen Sangari, Kavita Sangari, Sharda Bajaj, Jugal Kishore Bajaj, Jugal Kishore Bajaj (HUF), Asha Sheth, Bharat Sheth, Lalita Kumari Rakyan, Jyoti Rakyan, Ritu Jaiswal and Concept Studio (India)Pvt. Ltd. (through Kshitij Jain, Hemant Chadha, Inderneel Sethi, Sunil Paul, Raju Makhijani and Vishal Chaudhry), had filed an application bearing I.B. No. 889(ND) of 2020 titled “Vandana Raheja & Ors. v. Spaze Towers Private Limited on 20.06.2020 before the Adjudicating Authority under Section 7 of the Insolvency and Bankruptcy Code, 2016. The said application was admitted by the Adjudicating Authority on 28.10.2021 bearing I.B. No. 889 (ND) of 2020.

2. We hereby withdraw the application bearing I.B. No. 889 (ND) of 2020 titled “Vandana Raheja & Ors. v. Spaze Towers Private Limited” filed by us before the Hon’ble National Company Law Tribunal, New Delhi under Section 7 of the Insolvency and Bankruptcy Code, 2016. A copy of the Memorandum of Settlement executed between the parties is annexed herewith as Annexure-A.

3. We confirm that all dues and fees of the Interim Resolution Professional have been paid by us.

Learned counsel for the parties have also referred to various orders passed by this Court in similar situations, including that in the case of Punit Beriwala vs. Vipul Greens Residents Welfare Association & Anr., Civil Appeal No. 4467 of 2021, decided on 02.08.2021.

Having regard to the submissions made, we take the terms of Settlement Agreement dated 15.11.2021 on record. We also record the undertaking of both the parties to abide by the consent terms. In view of the above, the proceedings in C.P.(IB)No.889(ND)of 2020 stand annulled.

Needless to observe that the proceedings pending in appeal before the Adjudicating Authority are rendered redundant and they shall stand disposed of as such.

The civil appeal stands disposed of in the above terms. All the pending applications also stand disposed of.

(DINESH MAHESHWARI)

(VIKRAM NATH)

NEW DELHI

NOVEMBER 18, 2021