2020 (2) TMI 52

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....eking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Vikram Structures Private Limited ('Respondent/Corporate Debtor') on the ground that it has committed default for an amount of Rs. 31,81,30,887/- (Rupees Thirty One Crores Eighty One Lakhs Thirty Thousand Eight Hundred and Eighty Seven only) as on 31.12.2016 along with interest. 2. The case was listed for admission viz., 17.07.2019, 31.07.2019, 09.08.2019, 16.08.2019, 30.08.2019, 17.09.2019, 10.10.2019, 25.10.2019, 11.11.2019, 18.11.2019, 21.11.2019, 27.11.2019 and on 29.11.2019. The case was adjourned on these dates at the requests of the parties, on one ground or the other including to settle the issue in question. 3. Heard Shri Abhishek Bagg....

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.... expenses and the same shall be paid on or before March 24, 2020 to the Financial Creditor. This amount is not part of the Settlement Amount but has been agreed by the Parties over and above the mutually agreed revised repayment terms. And they have agreed that the Corporate Debtor shall pay interest @ 19% p.a. payable monthly from December 1st 2019 at the end of each month on the balance outstanding amount payable by the Corporate Debtor as per this settlement terms. (2) The parties have also agreed that in the event the Corporate Debtor fails to make the instalment amount that falls due on December 31, 2019 or January 31, 2020 the Financial Creditor shall issue a notice calling up the Corporate Debtor to pay the due amount within....

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....tion and the whole outstanding amount as per the Debenture Trust Deed dated October 21st 2015 and other Transaction Documents shall become due and payable immediately along with all applicable interests and charges as they were prior to this settlement. 6. Therefore, the learned Counsel for the Petitioner urged the Adjudicating Authority to withdraw the instant Company Petition subject to comply with the terms and conditions as mentioned in the said Joint Memo Settlement Terms. 7. Shri Abhishek Bagga, learned Counsel for the Respondent submits that under the instruction from Shri Vikram Prabhakar, Managing Director of the Corporate Debtor and affirmed that the Joint Memo dated 27.11.2019 has been executed in accordance with law, and t....