(Rohinton Fali Nariman and Sanjay Kishan Kaul, JJ.)
Uttara Foods and Feeds Private Limited __________________ Appellant
v.
Mona Pharmachem _________________________________ Respondent
Civil Appeal No. 18520 of 2017 [Arising out of SLP(C) No. 26824 of 2017], decided on November 13, 2017
The Order of the court was delivered by
Order
1. Leave granted.
2. Mr. Shyam Divan, learned senior counsel appearing on behalf of the appellant and the learned counsel appearing on behalf of the respondent both agree that the matter has since been settled amicably between the parties.
3. In an earlier order dated 24.07.2017, this Bench had observed that in view of Rule 8 of the I & B (Application to Adjudicating Authority) Rules, 2016, the National Company Law Appellate Tribunal prima facie could not avail of the inherent powers recognised by Rule 11 of the National Law Appellate Tribunal Rules, 2016 to allow a compromise to take effect after admission of the insolvency petition. We are of the view that instead of all such orders coming to the Supreme Court as only the Supreme Court may utilise its powers under Article 142 of the Constitution of India, the relevant Rules be amended by the competent authority so as to include such inherent powers. This will obviate unnecessary appeals being filed before this Court in matters where such agreement has been reached. On the facts of the present case, we take on record the settlement between the parties and set aside the NCLAT order.
4. As a result, the appeal is allowed in the aforesaid terms.
5. A copy of this order be sent to the Ministry of Law & Justice immediately.
Petition(s) for Special Leave to Appeal (C) No(s). 26824/2017
Uttara Foods and Feeds Private Limited __________________ Petitioner
v.
Mona Pharmachem ________________________________ Respondent
Date : 13-11-2017 This petition was called on for hearing today.
(Before Rohinton Fali Nariman and Sanjay Kishan Kaul, JJ.)
For Petitioner(s) Mr. Shyam Divan, Sr. Adv.
Ms. Malini Sud, Adv.
Mr. Hemant Sethi, Adv.
Mr. Vikas Mishra, Adv.
Mr. S.P. Singh Chawla, Adv.
Ms. B. Vijayalakshmi Menon, AOR
For Respondent(s) Mr. Diggaj Pathak, Adv. Ms. Shweta Sharma, Adv.
Ms. Vishaki Bhatia, Adv.
UPON hearing the counsel the Court made the following
Order
6. Leave granted.
7. The appeal is allowed in terms of the signed order.
8. Pending applications, if any, shall stand disposed of.
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