2022 (2) TMI 1386 - Tri - Companies Law

Debtor settles with creditors, NCLT case dismissed. Settlement agreements reached for outstanding amounts.

The NCLT Kolkata Bench dismissed case CP No. 1621/2018 after the corporate debtor agreed to settle outstanding amounts with three financial creditors ... Seeking withdrawal of SLP - settlement agreement entered into between parties - HELD THAT:- Three settlement agreements all dated 21.01.2022 have been entered into with the three financial creditor who are petitioners in the present petition - The corporate debtor has agreed to settle the outstanding between them in terms of the settlement agreements in which future payments are also envisaged the settlement agreements are taken on record and shall form a part of this order. The undertakings given shall be treated as undertakings given to the court. CP No. 1621/2018 shall stand dismissed as withdrawn in accordance with the three settlement agreements. The National Company Law Tribunal Kolkata Bench issued an order based on three settlement agreements dated 21.01.2022 between the corporate debtor and three financial creditors. The corporate debtor agreed to settle the outstanding amounts as per the agreements, which also include future payments. The settlement agreements are made part of the order, and the case CP No. 1621/2018 is dismissed as withdrawn. Financial creditors have the liberty to file applications for revival of the company petition in case of default.