National Company Law Appellate Tribunal
Sequent Electricals vs Refex Energy Limited on 28 July, 2025
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
AT CHENNAI
(APPELLATE JURISDICTION)
Company Appeal (AT) (CH) (Ins) No.25/2021
(IA No.59/2021)
In the matter of:
SEQUENT ELECTRICALS
#17/A, 1st Floor,
20th Main Road, 1st R Block,
Rajaji Nagar, W.O.C. Road,
Banglore-560 010 ... Appellant
V
REFEX ENERGY LIMITED
CIN U40100TN2008PLC067360
Reg. Off:-
No. 67, Bazullah Road, T. Nagar,
Chennai-600 017 ...Respondent
Present :
For Appellant : Mr. Giridhar & Mr. Hari Prasad, Advocates
For Respondent : Mr. Chiron Singhi, Advocate
For Mr. Kumarpal R Chopra, Advocate
ORDER
(Hybrid Mode) 28.07.2025:
The instant company appeal, questions the propriety of the impugned order dated 20.01.2021, as it has been passed in CP/1490/IB/2018 in M/s. Sequent Electricals V M/s. Refex Energy Limited, being the proceedings, which were carried under Section 9 of the I & B Code, 2016. On the culmination of the proceedings before the Ld. Adjudicating Authority, consequently the application thus preferred under Section 9 of the I & B Code, 2016, stood rejected.
Today when the matter was taken up, the Ld. Counsel for the Appellant, had placed before this Appellate Tribunal, a memorandum of compromise, which Comp App (AT) (CH) (Ins) No.25/2021 Page 1 of 2 has been entered into between the parties, and the terms of which has been deciphered in the said documents. Ld. Counsel for the Appellant supports the memorandum of compromise, by attracting the provisions contained under Order XXIII Rule 3 of the Code of Civil Procedure (CPC), which itself contemplates that filing of a memorandum by the counsel itself would suffice the purpose for closing the appeal.
Owing to the memorandum of settlement, which has been arrived at between the parties, this 'company appeal' would stand 'closed', in terms of the said memorandum of 'settlement'.
[Justice Sharad Kumar Sharma] Member (Judicial) [Jatindranath Swain] Member (Technical) SN/MS/RS Comp App (AT) (CH) (Ins) No.25/2021 Page 2 of 2