IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH-IV Company Petition No. (IB)/226/ND/2019 IN THE MATTER OF:

M/s. Godrej & Boyce Manufacturing Company Limited …. Applicant/

Operational Creditor Vs.

M/s. Nayati Health Care Research Private Limited …. Respondent/

Corporate Debtor CORAM:

DR. P.S.N. PRASAD, HON’BLE MEMBER (JUDICIAL)

DR. BINOD KUMAR SINHA, HON’BLE MEMBER (TECHNICAL)

Order Delivered on: 23.01.2023

ORDER

PER: DR. BINOD KUMAR SINHA, HON’BLE MEMBER (TECHNICAL)

1. The instant interlocutory application is filed on behalf of M/s. Godrej &

Boyce Manufacturing Company Limited („applicant‟) who has preferred the above caption application (C.P.(IB)/226/ND/2019) under Section 9 of the Insolvency and Bankruptcy Code 2016, against the Corporate Debtor seeking payment of the outstanding dues Rs. 4,11,0000/- (Four Crores Eleven Lakhs only) with interest seeking the following prayer(s):-

Page 1 of 8 I.A. No./5343/ND/2021 a) Allow the present application and revive the application filed under Section-9 of Insolvency and Bankruptcy Code 2016 as C.P No. IB-226(ND)/2019 titled as “Godrej & Boyce Mfg. Co. Ltd. V/s Nayati Healthcare & Research NCR Pvt. Ltd”.

b) Admit the petition C.P Np. IB-226(ND)/2019 in view of the clear admission of debt by the Corporate Debtor in the settlement dated 10.07.2021 and appoint an Interim Resolution Professional to take over the management and affairs of business of the Corporate Debtor;

c) Pass such other or further order/order(s) as deemed fit and proper in the facts and circumstances of the instant case.

2. Briefly stated the facts of the present application as averred by the applicant are that the applicant had filed the Company Petition (IB)/226/2019 under Section 9 of the Insolvency and Bankruptcy Code 2016, against the Corporate Debtor seeking payment of the outstanding dues Rs. 4,11,0000/- (Four Crores Eleven Lakhs only) with interest, which the Corporate Debtor was under obligation to pay to the Operational Creditor towards the works performed by the Operational Creditor pursuant to agreement and work order bearing no. OSLHC/Infra/2015-16/1300 dated 30.07.2015 which was amended from time to time through addendums. The applicant submitted that during the pendency of the instant application under Section 9, the applicant and corporate debtor had mutually and amicably settled their differences and entered into a Settlement Agreement on 10^th July, 2021.

3. Further, it is submitted that pursuant to the said settlement agreement dated 10.07.2021 between the parties, as agreed between Page 2 of 8 I.A. No./5343/ND/2021 the parties, the Operational Creditor moved an application (I.A. No.3394/ND/2021) for withdrawal of IB-226/ND/2019 which was allowed and vide order dated 05.08.2021, this Hon‟ble Adjudicating Authority had disposed of the application in terms of the settlement as recorded between the parties and reduced to writing on

10.07.2021.

4. It is submitted that as per the settlement dated 10.07.2021, out of the total debt of Rs.4,11,00,000/- (Rupees Four Crore Eleven Lakh only) as claimed by the Applicant towards work order bearing No. OSLHC/Infra/2015-16/1300 (amended through addendums), the Respondent/Corporate Debtor had agreed to pay a sum of Rs.3,35,00,000/- (Rupees Three Crore Thirty Five lakh only), thus admitting its liability towards the Operational Creditor. It is further submitted that out of this Rs. 3.35 Crores, a sum of Rs.35,00,000/- (Rupees Thirty Five lakh only) was paid by the Respondent to the applicant by way of RTGS, as recorded in the Settlement Agreement dated 10.07.2021 and the remaining sum of Rs. 3,00,00,000/- (Rupees Three Crore only) was to paid by way of two cheques, however, both of those cheques have been dishonored on account of insufficiency of funds in the bank account of the Corporate Debtor.

5. It is submitted that the Corporate Debtor has failed to honor the terms of the settlement pursuant to the clear, unequivocal and unambiguous admission on their part of having owed debt t