2020 (10) TMI 392

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....Bankruptcy Code, 2016 (IBC) by Mr. Ashish Singh, Liquidator of RRC International Freight Services Limited (in liquidation) (also referred to as Corporate Debtor in this order), seeking leave of this Adjudicating Authority for continuation of Commercial Suits Nos.310/2018 and 842/2017 for and on behalf of the Corporate Debtor before the Hon'ble Bombay High Court. 2. The factual matrix 2.1. The brief facts leading up to the present application are as follows: - (a) EVRAZ East Metals AG (for short East Metals AG) had contracted to supply 10,000 MT of Metro Rails to Maharashtra Metro Rail Corporation Limited (for short MAHA METRO) and undertaken to deliver the same from Russia to the final destination at Nagpur Metro Rail Corpora....

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.... dated 18.12.2018, recorded the statement of the parties regarding existence of the settlement terms, but noted that the same were not taken on record as yet. 3. Commencement of CIRP and liquidation proceedings 3.1. Meanwhile, on 07.03.2018, an application under section 7 of the IBC bearing CP (IB) No.380/2018 was filed by Indiabulls Housing Finance Limited against the Corporate Debtor for initiation of Corporate Insolvency Resolution Process (CIRP). This Adjudicating Authority, vide order dated 26.12.2018, admitted the petition and ordered initiation of CIRP against the Corporate Debtor. In view of the commencement of CIRP, the settlement terms arrived at on 12.11.2018, and of which notice was taken by the Hon'ble Bombay High Court v....