TaxTMI 
TaxTMI 
2019 (6) TMI 844
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.... 29th May, 2019, learned Counsel for the Appellant submitted that the parties have reached settlement in principle and a formal agreement in regard to terms of settlement will be placed by the next date. The parties were allowed to reach settlement. Matter was posted to 4th June, 2019 and in the meanwhile 'Interim Resolution Professional' was directed not to constitute 'Committee of Creditors', if not yet constituted. 3. An affidavit has been filed on behalf of the Appellant, enclosing the terms of settlement dated 4th June, 2019, which are as follows: - "Execution Version June 4, 2019 SETTLEMENT AGREEMENT THIS Settlement Agreement ("Agreement") executed on this 4th day of June 2019 By and Between Maersk Trade Finance A/S, a public limited liability company incorporated under the laws of Denmark, having its registered address at Esplanaden 50, DK-1263 Copenhagen K, with company registration no. (CVR) 32345808 hereinafter referred to as "MTF" (which expression shall unless repugnant to the context or meaning thereof mean and include its successors and assigns). And Mr. Shyam Kumar Garg and Mr. Rahul Garg, erstwhile Promo....
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....ed an Appeal before the NCLAT i.e. Company Appeal (Ins.) No.587/2019 ("Appeal"). H. During the pendency of the Appeal, the Metalore Promotors have approached MTF with an offer to pay a sum of USD 150,000 (United States Dollars One Hundred and Fifty Thousand only) ("Settlement Amount") in full and final settlement of all the dues and liabilities of Metalore towards MTF and MTF has agreed to accept the Settlement Amount in full and final satisfaction of all outstanding dues. I. For the above-mentioned purpose, the Parties are desirous of recording the terms and conditions of their settlement in writing to regulate their rights and obligations in accordance with terms and conditions mutually agreed to as follows. NOW THEREFORE, the Parties agree as follows: 1) The above Preamble shall be considered as an integral part of the present Agreement. 2) As per records maintained by MTF, the total amount due and payable as on May 1, 2018 by Metalore to MTF is USD 222,722 (including LIBOR interest and default interest) (United States Dollars Two Hundred and Twenty Two Thousand seven hundred and Twenty Two only). However, in accordance with the settl....
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....th all the terms and conditions of the present Agreement; 5) Indemnity (i) Metalore Promotors shall defend, indemnify and hold harmless MTF and its officers, directors, employees, agents and affiliates, from and against all the losses incurred or suffered by MTF or any such person arising out of, resulting from any breach of Metalore Promotor's warranties, representations, covenants or undertaking contained herein. (ii) Notwithstanding anything contained in any other provision of this Agreement, MTF shall not be liable for any indirect, incidental or consequential loss or damage (including lost profits or loss of business) suffered or incurred by the other party in connection with the present Agreement. 6) Miscellaneous (i) Governing Law This Contract shall be governed by and construed in accordance with Indian Law with non-exclusive jurisdiction of the courts of New Delhi. (ii) Entire Agreement On and from the date of execution of this Agreement, this Agreement shall constitute an integral part of each of the Facility Agreement and shall always be read along with the Facility Agreement. No amendment to this Ag....
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.... 7 Gomati Consultants Private Limited 333A, 2nd Floor, Santnagagar, East of Kailash, New Delhi-110065 50000 10 500,000 2.713 8. Karda Traders Private Limited B-163, 1st Floor, Amar Colony, Lajapat Nagar-IV, New Delhi-110024. 50000 10 500,000 2.713 9 Marco IT Systems Private Limited 326, L.G.F., Sant Nagar, East of Kailash, New Delhi-110065. 50000 10 500,000 2.713 10 Commo Info Solutions Private Limited 333A, 2nd Floor, Santnagagar, East of Kailash, New Delhi-110065 50000 10 500,000 2.713 11. Techno Soft Infosystem Private Limited 36, 3rd Floor, Deepak Building, 13 Nehru Place, New Delhi-110019. 50000 10 500,000 2.713 12 Yunan Sales Private Limited B-87, Block-....
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....mitted that he is entitled for a fee for working about 30 days. He also accepted that 'Committee of Creditors' have not yet been constituted. 6. Taking into consideration the aforesaid fact that the parties have settled the matter, in exercise of inherent powers under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016, we allow the settlement and set-aside the impugned order dated 13th May, 2019. In the result, Company Petition No. IB-832(PB)/2018 filed by Sunrise 14 A/S, Denmark is disposed of as withdrawn. The Appellant, other Shareholders/ Directors of the 'Corporate Debtor' and Sunrise 14 A/S, Denmark will be bound by the terms of settlement. In case, the Appellant or Shareholders/ Directors or the 'Corporate Debtor' fails to pay the amount in terms of the settlement, it will be open to the Respondent Sunrise 14 A/S Denmark ('Financial Creditor') to move before this Appellate Tribunal for recall of this order and to revive the 'Corporate Insolvency Resolution Process' against M/s Metalore Overseas Private Limited. They may also file an application for initiation of contempt proceedings against the concerned Managing Director/ Directors and Shareholders includ....