Deed of Compromise Enforced; Payment Default May Resume Insolvency Proceedings, Full Payment Ends Case.

The court accepted the Deed of Compromise between Rustagi Projects Pvt. Ltd. and Anuj Sharma, binding both parties to its terms. If payment defaults occur, proceedings in C.P. no. (IB)-245(ND)/2021 will resume. Full payment will result in the case's disposal without further action under the Insolvency and Bankruptcy Code, 2016. Both parties must pay the CIRP costs as determined by NCLT, with potential recovery actions for non-payment. The appeal is partly allowed, and pending applications are disposed of.

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Issues involved:
The judgment deals with the acceptance of a Deed of Compromise/settlement between Rustagi Projects Pvt. Ltd. and Anuj Sharma, and the implications of default in payment on the proceedings in C.P. no. (IB)-245(ND)/2021.

Deed of Compromise/Settlement:
The Deed of Compromise/settlement dated 04.10.2023 between Rustagi Projects Pvt. Ltd. and Anuj Sharma has been accepted and taken on record by the court. Both parties are bound by the terms and conditions mentioned in the Deed. If there is a default in payment as per the compromise/settlement, the proceedings in C.P. no. (IB)-245(ND)/2021 will be revived and will continue from the current stage. On the other hand, if full payment is made as per the compromise/settlement, C.P. no. (IB)-245(ND)/2021 will be considered disposed of without further orders or recourse to the provisions of the Insolvency and Bankruptcy Code, 2016.

Corporate Insolvency Resolution Process (CIRP) Costs:
Anuj Sharma and Rustagi Projects Pvt. Ltd. are required to pay the CIRP costs as determined by the National Company Law Tribunal (NCLT). Failure to pay these costs may lead to the adjudicating authority/NCLT taking appropriate steps for recovery of the amount in accordance with the law. The judgment partly allows the appeal in the specified terms, and any pending applications shall be disposed of accordingly.

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