Mohd Sharief Tariq, Member - (1.) Originally, the Company Petition No. 341/2016 came to be filed before Hon^ble High Court of Madras on 06.09.2016 under Sections 433 (e) & (f) , 434 (i) (a) and 439 (i) & (b) of the Companies Act 1956 for winding up of the Respondent Company. After the enforcement of the Insolvency and Bankruptcy Code, 2016 (for short 'the I&B Code, 2016') , the same has been transferred to this Bench, renumbered as TCP/95/(IB) /CB/2017 and treated under Section 9 of the I&B Code, 2016. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the I&B Code, 2016.
(2.) On 28.08.2017, the Counsels for both the parties were present and the Counsel for the Corporate Debtor submitted that the matter has been settled between the parties, pursuant to which an upfront amount of Rs. 10,50,000/- has been paid on 24.08.2017 by way of RTGS, which was confirmed by the Counsel for the Operational Creditor. Accordingly, the Petition was disposed of, with the liberty to the Operational Creditor to revive the Petition, in the event of default committed by the Corporate Debtor
^(3.) On 06.11.2017, the Operational Creditor has filed CA.No.34/2017 to revive the Petition on account of the defaults committed by the Corporate Debtor.;