Page 1 of 8

I.A. No./5343/ND/2021

IN

C.P. No. (IB)/226/ND/2019

Order dated:23.01.2023

IN THE NATIONAL COMPANY LAW TRIBUNAL

NEW DELHI BENCH-IV

I.A. No./5343/ND/2021

IN

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):-

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I.A. No./5343/ND/2021

IN

C.P. No. (IB)/226/ND/2019

Order dated:23.01.2023

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

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I.A. No./5343/ND/2021

IN

C.P. No. (IB)/226/ND/2019

Order dated:23.01.2023

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 re