JAINTIA FERRO ALLOYS LTD. Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Petitioner No. 1 is a limited company incorporated under the Companies Act, 1956 having its registered office at 13th Mile, Tamulikuchi, Ri-Bhoi, Byrnihat, Meghalaya and petitioner No. 2 is the Director of the company who vide Board of Directors resolution dated 15.02.2019 has been duly authorized for and on behalf of the company to prefer the instant revision petition.

(2.) The petitioners have assailed the proceedings registered as Dy. No. 3 (16) initiated under the Insolvency and Bankruptcy Code, 2016 [for short the 'IBC'] before the National Company Law Tribunal, Guwahati Bench [for brevity 'NCLT'] wherein, vide order dated 01.02.2019 passed by the Member (Judicial), NCLT notice was issued to the petitioner-company taking cognizance of the proceedings under Section 7 of the IBC read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by the Adjudicating Authority.

(3.) Learned counsel for the parties submitted that the matter has been amicably settled and, therefore, it is not considered appropriate to refer to the detail factual matrix regarding the claim of the respondent Bank. It has been settled at Rs. 2.17 Crores after waiving off interest. As the matter was referred to the National Lok Adalat which was held on 13.07.2019 in the premises of the High Court of Meghalaya, a settlement under Section 21 of the Legal Services Authority Act, 1987 was passed. The copy of the same has already been placed on record. It would be expedient to reproduce the terms of the settlement which are as under:-