2020 (3) TMI 1215

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....Interim Resolution Professional ORDER 1. "M/s. Val-Met Engineering P. Ltd." moved an application under section 7 of the Insolvency and Bankruptcy Code, 2016 (for short, "the I and B Code") for initiation of "corporate insolvency resolution process" against "M/s. Trusted Aerospace Engineering P. Ltd.". The Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai by the impugned order dated June 21, 2019-(Val-Met Engineering P. Ltd. v. Trusted Aerospace Engineering P. Ltd. [2019] 8 Comp Cas-OL 287 (NCLT)) admitted the application. 2. On July 4, 2019 learned counsel appearing on behalf of the appellant" Mr. Sankaraman Viadyanathan, promoter of "M/s. Trusted Aerospace Engineering P. Ltd." (corporate debtor) initially sub....

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....egistrar, National Company Law Appellate Tribunal. We are not inclined to accept such oral offer. The appellant may give such offer to the ValMet Engineering P. Ltd. ("financial creditor") and may deposit the amount with them, who may keep it in a separate "interest bearing" account. If the amount is deposited within 10 days, we will look into the matter whether to allow the Val-Met Engineering P. Ltd., to with draw the application under section 7. Post the case 'for orders' on October 17, 2019 at 2.00 p.m. In the meantime, the 'interim resolution professional' will ensure that the company remains a going concern and will take assistance of the (suspended) board of directors, paid director and the employees. The person w....

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....m the earlier orders, it is evident that the appellant intended to settle the matter with the respondent. Finally, on September 19, 2019 when we noticed that the matter has not been settled, it is the appellant who was ready to deposit the total amount of Rs. 2.13 crores as claimed by the respondent-"M/s. Val-Met Engineering P. Ltd.", we allowed "to give such offer to 'M/s. Val-Met Engineering P. Ltd.' (financial creditor) and may deposit with them". However, we directed the respondent to keep the same in a separate "interest bearing account". It was also made clear that if the amount is deposited within 10 days, then this Appellate Tribunal will decide whether to allow the "M/s. Val-Met Engineering P. Ltd." to withdraw the applicat....