Parties Settle Dispute, Tribunal Dismisses Application. Settlement agreement, outstanding claim, Covid-19 extension.

The Tribunal dismissed the initial application as withdrawn based on the parties' amicable settlement reached regarding a settlement agreement, outstanding claim payment to the Liquidator, possession of the dredger, and extension of time due to Covid-19. The parties agreed on terms, including payment by the Scheme Proponent to the Liquidator for the dredger's release, and continuing mediation through a Chartered Accountant for the outstanding claim. The Liquidator confirmed asset handover despite seeking an extension, with pending instructions from the Scheme Proponent noted by the Tribunal.

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Issues:
1. Settlement agreement between parties
2. Payment of outstanding claim to Liquidator
3. Possession of dredger by Scheme Proponent
4. Extension of time due to Covid-19

The Tribunal considered an urgent application filed for the hearing of another application, both related to a settlement agreement between the parties involved. The parties informed the Tribunal about reaching an amicable settlement, supported by a joint memo filed by the Counsel for the respondents. The applicant's Counsel confirmed no objection to the terms in the memo, which aligned with previous email communications. A specific sum was identified as outstanding, with a balance to be paid by the Scheme Proponent to the Liquidator for the release of the dredger in possession of the Applicant. The Applicant acknowledged the limited duration of their possession of the dredger as per the terms in the joint memo. The mediation regarding the applicant's claim was to be withdrawn as per the agreement reached.

In terms of the outstanding claim with the Liquidator, both parties and the Liquidator agreed to continue the mediation process through a Chartered Accountant. Consequently, the Tribunal dismissed the initial application as withdrawn based on the representations made and the joint memo submitted by the respondents. Additionally, the Liquidator, despite seeking an extension due to Covid-19, confirmed the handover of the company's assets to the Corporate Debtor. However, further instructions were awaited from the Scheme Proponent, with a commitment to file a memo before the Tribunal by the end of the week, which was duly noted by the Tribunal for record purposes.

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