TaxTMI 
TaxTMI 
2026 (3) TMI 1251
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.... The Appellant, who happens to be the Corporate Debtor in the proceedings of CP(IB) No.88/2024, puts a challenge to the impugned order dated 24.02.2026, that has been rendered by the Learned NCLT, Chennai Bench-II. Consequently, it has resulted into admission of the Section 9 application, that was initiated at the behest of Respondent No.1. In those proceedings, Mr. Mahesh Lakshmanadas was appointed as IRP of the Corporate Debtor. When the proceedings of the Company Appeal, were being taken up today, the parties to the proceedings, through their counsel, had made a statement that an understanding has been arrived at between the parties, wherein based on the terms and conditions as entered into the Memorandum of Understanding, the Respond....
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....aharashtra, India. Subject: Undertaking and No Objection in respect of withdrawal of Company Petition (IB) No. 88 of 2024 pending before the Hon'ble National Company Law Tribunal, Chennai Bench-II Dear Sir. We, M/s Gemscab Industries Limited, CIN: U74899DL1994PLC062461 a company incorporated under the Companies Act, 1956 and having its Registered office at 704-707, 7th Floor, Vikrant Tower, 4, Rajendra Place, New Delhi - 110008, hereby issue the Undertaking and No Objection Letter in connection with the full and final settlement of the total outstanding dues payable by M/s. Svaryu Energy Limited arising out of the supply of goods against various invoices raised during the year 2023. Further as agreed ....
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....Mumbai c) On 13th April 2026 15,00,000=00 Chq no: 239111 Bank: Union Bank of India Nariman Point Mumbai d) On 05th May 2026 15,00,000=00 Chq no: 239112 Bank: Union Bank of India Nariman Point Mumbai Total Amount Rs. 1,80,00,000/- 4. It is stated that M/s Gemscab Industries Limited had filed Company Petition (IB) No. 88 of 2024 under Section 9 of the Insolvency and Bankruptcy Code, 2016 before the Hon'ble National Company Law Tribunal, Chennai Bench-II, seeking initiation of the Corporate Insolvency Resolution Process against M/s Svaryu Energy Limited for recovery of the operational debt arising out of the aforesaid transactions. 5. In view of the settlement arrived at between the parties a....
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...., or any other competent authority, as and when required, without prejudice to our rights in the event of non-compliance with the agreed payment schedule For M/s Gemscab Industries Limited Through its Managing Director (Shashi Kant Gupta) Dated 13-03-2026 Place: New Delhi." 3. When the matter was being taken up, Mr. Venkata Sivakumar, had participated in the proceedings, though not being a party in Company Petition or in Company Appeal, contending thereof that they became a necessary party to be heard even if the Company Appeal is being decided on the basis of the Memorandum of Understanding arrived at between the parties on 13.03.2026. When the Company Appeal was instituted before this Appellate Tribu....
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....the so-called applicant who claims himself to be impleaded as a party petitioner to the application has not been a party to the proceedings before the Learned NCLT nor had sought his impleadment, and hence they don't become the necessary party to be impleaded herein in the instant Company Appeal at the first instance. When they are not party to the proceedings before the Learned Tribunal. 5. And more particularly, when the Applicant to the Section 9 application, himself has filed a Memorandum of Understanding dated 13.03.2026. When the Applicant to Section 9 application itself has sought a withdrawal of his Company Petition, the so-called Applicant M/s. Ishaan Solar Power Limited, represented through Mr. Venkata Sivakumar, cannot seek hi....