2018 (5) TMI 2105 - AT - Insolvency and Bankruptcy

Settlement agreement leads to withdrawal of appeal, resolving dispute.

Arkay Energy (Rameshwaram) Ltd., IndBarath Thermal Power Ltd. And IndBarath Powergencom Ltd. Versus Tamil Nadu Generation & Distribution Co. Ltd.

The National Company Law Appellate Tribunal facilitated the settlement of a dispute between the parties. The Appellant agreed to withdraw the appeal as ... Permission to withdraw the appeal - respondent submits that in view of terms and conditions of the agreement, the Appellants are required to withdraw the appeal - HELD THAT:- All the appeals stands disposed of as withdrawn. Issues: Settlement of dispute, withdrawal of appeal, terms and conditions of agreement, disposal of appealsThe judgment delivered by the National Company Law Appellate Tribunal, New Delhi involved a settlement of a dispute between the parties. The learned counsel for the Appellant informed the Tribunal that the parties had reached a settlement, as evidenced by the Minutes of the 6th Meeting held in Chennai. The Respondent, represented by Mr. Amrendra Saran, highlighted that as per the terms and conditions of the agreement, the Appellants were required to withdraw the appeal. Mr. Saran handed over a cheque of &8377; 40,00,00,000/- to the Appellant's counsel for onward transmission, issued by the State Bank of India. The Appellant's counsel, upon receiving instructions, sought permission to withdraw the appeal in light of the settlement. Consequently, all appeals were disposed of as withdrawn, with the parties directed to act in accordance with the agreement. The Tribunal's decision was based on the mutual agreement and the fulfillment of the terms outlined in the settlement, leading to the withdrawal of the appeals and the resolution of the dispute as per the agreement reached by the parties.