TaxTMI 
TaxTMI 
2020 (1) TMI 105
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....behalf of the Operational Creditor - Mrs. Kanchan Ostwal. None present for IRP in spite of service of Notice. 3. Both the Company Secretaries state that there is settlement as per the deed of settlement which has been tendered at Bar. 4. This matter had earlier come up before this Tribunal on 26th September, 2019 when while issuing Notice, direction was given not to constitute Committee of Creditors if not yet constituted. Both the Company Secretaries make statement that Committee of Creditors has till now not been constituted. 5. As the Committee of Creditors has not been constituted and the Operational Creditor and the Corporate Debtor have settled their disputes, we take the deed of settlement on record. The deed of settlement tendered is taken on record and marked 'X' for identification. It reads as under:- "DEED OF SETTLEMENT This Deed of Settlement is executed on this 2nd day of November, 2019 at Jodhpur BY AND BETWEEN 1. Ms. Ruchita Modi, Mr. Anand Kishore Modi and Mr. Vaibhav Modi, erstwhile promoters/Directors and Shareholders of Mec Shot Blasting Equipments Private Limited ('Mec Shot') (having majority control in the management of Me....
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.... 04-11-2019 i.e. the next date of hearing in the matter and issued necessary instructions in the matter. F. The operational creditor in pursuance of the order of Hon'ble NCLAT approached the Mec Shot Promoters for settlement and Mec Shot Promoters offered to pay a sum of Rs. 60,65,668/- (Rupees Sixty Lac Sixty Five Thousand Six Hundred Sixty Eight only) ("Settlement amount") in full and final settlement of the dues and liabilities of Operational Creditor and Operational Creditor agreed to accept the settlement amount on the terms and conditions described in this Deed of Settlement. G. For the above mentioned purpose, the parties are desirous of recording the terms and conditions of their settlement in writing to regulate their right and obligation in accordance with the terms and conditions mutually agreed to as follows: NOW THIS DEED OF SETTLEMENT WITNESSTH AS UNDER: 1. The above preamble shall be considered as an integral part of the present Deed of Settlement. 2. The shareholding pattern of Mec Shot as on the date of execution of these presents is attached as Annexure - 1 hereto. 3. The Mec Shot Promoters acknowledge that there is ....
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.... The above table is hereinafter referred to as "the repayment schedule". 7. The operational creditor agrees to settle the claim subject to clearing of all post-dated cheques and receipt of settlement amount as per the repayment schedule. Operational creditor confirms that there shall be no due from the corporate debtor against the claim after receipt of the settlement amount as per the repayment schedule. 8. The parties hereby undertake to present a copy of this Deed of Settlement to Hon'ble National Company Law Appellate Tribunal, New Delhi on 04-11-2019 with a request to stop the corporate insolvency resolution process ("CIRP") against Mec Shot but the operational creditor reserves the right to reinitiate CIRP if Mec Shot Promoters defaults in making payment as per repayment schedule. Parties further undertake to cooperate for taking necessary steps in this respect before the adjudicating authority. 9. It is hereby agreed by the parties that the fees payable to Interim Resolution Professional, all other expenses relating to corporate insolvency resolution process, cost imposed by NCLT/NCLAT, if any, and all other expenses/costs of whatsoever nature, sha....
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.... SIGNED AND DELIVERED BY The within named Mec Shot Promoters 1. Ruchita Modi 2. Anand Kishore Modi 3. Vaibhav Modi The within named Operational Creditor Mrs. Kanchan Ostwal Sole Proprietor of J.K. Electricals In presence of Witnesses: Witness 1 Witness 2 Signature Name Hari Prasad Karwa Naveen Ostwal Father's Name Manendra Kumar Ostwal Address 83, Keshav Nagar, Jodhpur H-28-A, Bakhtawarmal ji ka Bagh, Chopasani Road, Jodhpur Annexure 1 to the Deed of Settlement List of Shareholders of Mec Shot Blasting Equipments Private Limited as on 02-11-2019 S. No. Name of shareholder Address No. of Shares held % of holding 1 Anand Kishore Modi 47-B-5, PWD Colony, Jodhpur 1911560 48.83% 2 Vaibhav Modi 47-B-5, PWD Colony, Jodhpur 1830010 46.74% 3 Pushpa Modi 47-B-5, PWD Colony, Jodhpur 173230 4.42% 3 Ruchita Modi 47-B-5, PWD Colony, Jodhpur 100 0.01% 4 Hari Prasad Karwa 83, Keshav Nagar, Jodhpur 100 0.01% Total 3915000" &nb....