(Rohinton Fali Nariman and Sanjay Kishan Kaul, JJ.)
Lokhandwala Kataria Construction Private Limited _______ Appellant
v.
Nisus Finance and Investment Managers LLP ___________ Respondent
Civil Appeal No. 9279 of 2017, decided on July 24, 2017
The Order of the court was delivered by
Order
1. Heard the learned Senior Counsel appearing for the parties.
2. The present appeal raises an interesting question as to whether, in view of Rule 8 of the I&B (Application to Adjudicating Authority) Rules, 2016, the National Company Law Appellate Tribunal could utilize the inherent power recognized by Rule 11 of the National Company Law Appellate Tribunal Rules, 2016 to allow a compromise before it by the parties after admission of the matter.
3. By the impugned order dated 13.07.2017, the National Company Law Appellate Tribunal was of the view that the inherent power could not be so utilized. According to us, prima facie this appears to be the correct position in law.
4. However, since all the parties are before us today, we utilize our powers under Article 142 of the Constitution of India to put a quietus to the matter before us. We take the Consent Terms dated 28.06.2017 and 12.07.2017 entered into between the parties on record and also record the undertaking of the appellant before us to abide by the Consent Terms in toto. The appellant also undertakes to pay the sums due on or before the dates mentioned in the aforesaid Consent Terms.
5. With this, the present appeal is disposed of.
6. In view of our order made today, nothing further survives in the aforesaid appeal.
Civil Appeal No(s). 9279/2017
Lokhandwala Kataria Construction Private Limited _________ Appellant
v.
Nisus Finance and Investment Managers LLP ____________ Respondent
(IA No. 58825/2017-STAY APPLICATION AND IA No. 58826/2017-EXEMPTION FROM FILING C/C OF THE IMPUGNED JUDGMENT and IA No. 59782/2017-PERMISSION TO FILE ADDITIONAL DOCUMENTS)
Date : 24-07-2017 This appeal was called on for hearing today.
(Before Rohinton Fali Nariman and Sanjay Kishan Kaul, JJ.)
For Appellant(s) Mr. Mukul Rohatgi, Sr. Adv.
Mr. K.V. Viswanathan, Sr. Adv.
Mr. Prateek Kumar, Adv.
Snehal Kakrania, Adv.
Mr. Peshwan Jehangir, Adv.
Ms. Anushak Sharda, Adv.
M/s. Khaitan & Co., AOR
For Respondent(s) Mr. Krishnan Venugopal, Sr. Adv.
Mr. Shikhil Suri, Adv.
Mr. Shiv Kumar Suri, AOR
Ms. Shilpa Saini, Adv.
UPON hearing the counsel the Court made the following
ORDER
7. The appeal is disposed of in terms of the signed order.
8. Pending applications, if any, also stand disposed of.
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