CENTRUM CAPITAL LIMITED Vs. SHRIRAM EPC LIMITED

JUDGEMENT

(1.) The Applicant/Operational Creditor has filed an application under section 9 of the I & B Code, 2016 seeking an order to initiate Insolvency Resolution Process against M/s. Shriram EPC Limited, the respondent/ Corporate Debtor and it is pending in CP/684/IB2017 for disposal.

(2.) Before proceeding with the matter has been taken up for hearing from time to time and also on 11.12.2017 and on the said date the learned counsel for the Applicant/Operational Creditor submitted before this Tribunal that he is intending to withdraw the petition and sought time for filing a memo to that effect. The said submissions were recorded in the adjudication order dated 11/12/2017 and the matter was adjourned to 18.12.2017. The learned Counsel for the Applicant/Operational Creditor made the above submissions in the light of the order made by the NCLAT in the matter of M/s. Uttam Galva Steels Limited vs. DF Deutsched Forfait AG & another and Centech Engineers Private Limited and another vs. Omicron Sensing Private Limited wherein it was held that an advocate/Lawyer cannot issue any demand notice under Section 8 of the I & B Code, 2016. Subsequently the learned counsel for the Applicant/Operational Creditor filed a memo dated 11.12.2017 duly withdrawing the present petition filed against the Respondent/Corporate Debtor with liberty to file afresh at a later date as may be circumstances warrant.

(3.) In these circumstance, an order came to be passed by the Hon'ble Supreme Court on 15.12.2017 in M/s. Macquarie Bank Limited vs. Shilpi Cable Technologies Limited and held inter- alia that the Authorized Agent of the Operational Creditor and an Advocate could issue the demand notice under section 8 of the I & B Code, 2016. Therefore, the Applicant/Operational Creditor filed an affidavit on 27.12.2017 to withdraw the memo / dated 11.12.2017 filed earlier to with draw the Application and prayed that the Operational Creditor may be permitted to withdraw the earlier memo filed on 11.12.2017 and withdraw the application filed under 9 of the I & B Code. In the meantime during the interregnum period the Respondent/Corporate Debtor issued a notice dated 12/12/2017 to the Operational Creditor invoking the provisions of Arbitration and Conciliation Act and therefore now prayed to close this application in CP No. 684/2017 as withdrawn allowing the memo dated 11.12.2017 filed by the Operational Creditor.