2020 (1) TMI 150

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....while the Appellant was substituted, learned counsel for the Appellant submitted that the Appellant on behalf of the Promoters is ready to settle the claim of the Financial Creditor. If necessary, they are ready to move before a 'Mediator', who may be appointed by this Appellate Tribunal. It was also submitted that Committee of Creditors has not been constituted till date. 3. For the said reason, the Interim Resolution Professional was while directed to ensure that the Corporate Debtor remains a going concern, also directed not to constitute Committee of Creditors, if not constituted, to enable the parties to reach amicable settlement. 4. Mr. Ketan Madan, learned counsel appearing on behalf of the Respondent - 'Intec Capital Ltd.' agreed for mediation and the matter was referred to Hon'ble Mr. Justice (Retd.) A. K. Sikri, Former Judge of the Hon'ble Supreme Court for mediation. 5. Hon'ble Mr. Justice (Retd.) A. K. Sikri, Former Judge of the Hon'ble Supreme Court forwarded the Mediation Report dated 2nd December, 2019 enclosing the Settlement Terms, as extracted below:- BEFORE JUSTICE A.K. SIKRI, FORMER JUDGE SUPREME COURT OF INDIA MEDIATOR MEDIAT....

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....given by the Corporate Debtor to the Financial Creditor; 4. WHEREAS Corporate Debtor paid about 13-14 instalments on time and thereafter paid some more instalments, though delayed, and in this manner, paid 38 instalments with interest and penalty on delayed payments; 5. AND WHEREAS the Corporate Debtor committed default in making the payments of the instalments thereafter as the cheques given by the Corporate Debtor were bounced and payment against those bounced cheques was not made and the account was seized by the bank due to account becoming NPA; 6. AND WHEREAS, in order to regularise the aforesaid account, the Financial Creditor agreed advance another sum of Rs.41,32,383 (hereinafter referred to as the second loan) which carried interest @ 13% on 31.05.2016 and this loan was to be repaid in 36 instalments of Rs.1.57 lakhs each; 7. AND WHEREAS the Corporate Debtor paid 34 instalments of second loan, but neglected to pay the amount of remaining 22 instalments in respect of the first loan; 8. AND WHEREAS after payment of 34 instalments of the second loan, 2 instalments in respect of second loan were also not paid. In this manner, 22 ins....

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....re unpaid along with interest, which as accrued thereupon from May/June 2019. b. On the other hand, as per the Corporate Debtor, a sum of Rs.2,90,87,646 has been paid by the Corporate Debtor till December 2018 plus ICD amount of Rs.95.40 lakhs. The Corporate Debtor also maintained that on Rs.95.40 lakhs, no interest is paid. On the aforesaid respective basis, negotiation started between the parties, and it was agreed that the Corporate Debtor shall pay a sum of Rs.1.20 crore in respect of first loan given by the Agreement dated 28.03.2013 in full and final settlement of the said entire loan amount, in all respects. Further, the Corporate Debtor shall pay a sum of Rs. 5.00 lakhs in respect of second loan in full and final settlement. c. The amount of Rs.1.20 crore shall be paid in six instalments of Rs.20 lakhs starting from March 2020 as under: First instalment on or before 20.03.2020 Second instalment on or before 20.04.2020 Third instalment on or before 20.05.2020 Fourth instalment on or before 20.06.2020 Fifth instalment on or before 20.07.2020 Sixth instalment ....

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....3 15.08.2020 33,000/- Drawn On SBI, Mansarovar Garden g. Insofar as fee of IRP and other legal fee/expenses in respect of the said IRP are concerned, the Financial Creditor shall pay the same up to a maximum amount of  Rs.10.00 lakhs that too up to December 4, 2019. In case the said amount exceeds Rs.10 lakhs, the balance over and above Rs.10.00 lakhs shall be paid by the Corporate Debtor. The fee and expenses of IRP shall be paid by the Financial Creditor on the receipt of instalment from the Corporate Debtor, from time to time. h. Since the IBC Petition in respect of the Corporate Debtor stand admitted and the Board of Directors of the Company stand superseded with the appointment of IRP, the erstwhile Board is not competent to pass any Resolution authorising any person to enter into this settlement. This is the peculiar situation which has arisen in the matter. Though the Appeal before the NCLAT was initially filed by the Corporate Debtor Company, thereafter, Mr. Parvinder Singh, one of the employee, got himself impleaded in the Appeal and is signing the Settlement Agreement as well. i. Insofar as Mediation proceedings a....

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....ided on expeditious basis. m. On payment of the amount in terms of the Settlement, the Financial Creditor shall also return all the cheques given by way of security by the Corporate Debtor to the Financial Creditor, which are lying with the Financial Creditor. IN WITNESS WHEREOF, the parties hereby sign the Agreement on this 2nd day of December 2019 at New Delhi. For Jagtar Singh & Sons Hydraulics Pvt. Ltd. For Intec Capital Ltd. Parvinder Singh Ajay Bansal 6. The Hon'ble Mediator has also forwarded copy of post-dated cheques which were issued in the name of 'M/s Intec Capital Ltd.', which are as follows:- 7. This Appellate Tribunal directed the Appellant to file affidavit on behalf of the Promoter of the Corporate Debtor giving undertaking that the post-dated cheques will be encashed on presentation and they will not be defaulted. An affidavit has been filed by the Appellant on behalf of the Promoter to that effect. It is stated that on default of any of the cheques, 'Parvinder Singh' (Appellant) and the Promoter will be personally liable. 8. The aforesaid post-dated cheques are being handed over to Mr. Ketan ....

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....Terms of Settlement are complied. 12. The Corporate Debtor may incur expenditure required for keeping the Company going concern, that is, for payment of salaries/wages of Directors; Officers; employees'; workmen; current bills of the suppliers, electricity/water bills etc. However, it will not transfer any amount in favour of any shareholder or related party till the compliance. 13. It will be open to the parties to file appropriate application in this appeal for revival of the matter, in case of default. 14. The appeal stands disposed of with aforesaid observations and directions. No costs. 15. Let the Mediation Report filed by the Hon'ble Mediator be kept in a sealed cover alongwith the record. 16. Let the disposed of appeal be listed for reporting of compliance on 7th September, 2020. ============= Document 1 17-09-2019 17-09-2019 Tel: 11-258076 Code SN0003429 DDMM m/s Intre Capital Ltd. RUPEES five lae Only- Ave Ne 36473518563 CURRENT A/C VOID को या उनके आदेश पर OR ORDER अदा करें Rs. 500000/- VALID UPTO 50 LA....

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....NCH 36581537463 MULTI-CITY CHEQUE Payable at Par at All Branches of SBI JAGTAR SINGH & SONS HYDRALACS PVT LTD. ⑈415761⑈ 110002072⑆ 001252⑈ 29 भारतीय स्टेट बैंक State Bank Of India (33429)-MANSAROVER GARDEN (NEW DELH SEC 33 BLOCK MANASAROVAR GARDEN NEW DELHI DELHI 110015 Tel: 11-254017 IFS Code SN0003429 | PAY M/s Dutee Capital und. रुप RUPEES Ac No. • Twenty dice culy- 36473518563 Please sign above 20062020 DD M M Y YYY को या उनके आदेश पर OR ORDER 20- अशा करें Rs. 2000000/- VALID UPTO 50 LACS AT NON-HOME BRANCH 36581537463 VoI CURRENT A/C PREFIX: 0523500064 MULTI-CITY CHEQUE Payable at Par at All Branches of SBI JAGTAR SINGH & SONS HYDRAULICS PVT LTD. ⑈415762⑈ 110002072⑆ 001252⑈ 29 Please sign above PAY भारतीय स्टेट बैंक State Bank Of India....

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....f India (00429) MANSAROVER GARDEN NEW DELH SEC-33 BLOCK MANASAROVAR GARDEN NEW DELH DELHI 110015 Tel: 11-25458017 IFS Code: SBIN0003429 M/s Jutee Capital Ltd. FOR RUPEES One Lace Aca 36473518563 VOID Twenty Thousand Only- CURRENT A/C PREFIX: 0523500064 15032020 DDMM को या उनके आदेश पर OR ORDER जा करें Rs. 120000/- VALID UPTO 50 LACS AT NON-HOME BRANCH 36581537463 MULT-CITY CHEQUE Payable at Par at All Branches of SBI JAGTAR SINGH & SONS HYDR VT LTD. Please sign above ⑈415766⑈ 110002072⑆ 001252⑈ 29 Document 4 SECI 30 BLOCK SAHONAR GARDEN NEW DELH Bank Of India 11-2908017 FS Code: 800000429 Intie Capital Ltd. One Lac culy- 36473518583 * 15042020 DDMMY को या उनके आदेश पर OR ORDER अदा करे Rs. 100sco VALID UPTO 50 LACS AT NON-HOME BRANCH 36581537463 CURRENT A/C VOID PREFIX: 0523500064 MULTI-CITY CHEQUE Payable at Par at All....