https://www.taxtmi.com/caselaws?id=400603 The Tribunal ordered the Applicants to make payments to the Respondents by specific deadlines for the shares as outlined in the Memorandum of Settlement. Despite the Applicants' financial hardship due to the COVID-19 pandemic, the Tribunal emphasized that the Respondents had relied on the settlement agreement and granted an extension until 15.08.2020, which the Applicants failed to meet. The Tribunal rejected the invocation of the Force Majeure Clause, stating it did not apply to the settlement agreement. The decision in MA No. 116/KOB/2020 highlighted the importance of honoring financial commitments while considering extenuating circumstances. en-us Wed, 04 Nov 2020 00:00:00 +0530 Wed, 11 Nov 2020 11:57:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400603 The Tribunal ordered the Applicants to make payments to the Respondents by specific deadlines for the shares as outlined in the Memorandum of Settlement. Despite the Applicants' financial hardship due to the COVID-19 pandemic, the Tribunal emphasized that the Respondents had relied on the settlement agreement and granted an extension until 15.08.2020, which the Applicants failed to meet. The Tribunal rejected the invocation of the Force Majeure Clause, stating it did not apply to the settlement agreement. The decision in MA No. 116/KOB/2020 highlighted the importance of honoring financial commitments while considering extenuating circumstances. Case-Laws Companies Law Wed, 04 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400603