2020 (9) TMI 702

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.... of Understanding' dated 01.09.2020, was arrived at between the Parties. 2. As a matter of fact, the terms of 'Memorandum of Understanding' dated 01.09.2020, entered into between the Parsvnath Developers Ltd. (1st Respondent) and the Appellant (Sirajudin Qureshi) read as under; "1. That in terms of the settlement arrived between the Parties, the Second Party shall: 1.1 Pay to the First Party, a sum of Rs. 12,00,000/- (Rupees Twelve Lakhs only) ("Settlement Amount") through Demand Draft only, simultaneously with the execution of this MOU, as one time full and final settlement amount, against the payment of unpaid operational debt of Rs. 16,20,145/- (Rupees Sixteen Lakhs Twenty Thousand One Hundred and Forty-Five only) with regard to th....

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....tioned in Clause 1 above is in full and final settlement of all and any dispute between the First Party and the Company towards the outstanding Sub Licence Fee and such other amount due under the Agreement, Erstwhile MOU-I and Erstwhile MOU-II. 4. That the Parties have agreed to withdraw the Insolvency Application and the Appeal, subject to the compliance of the terms and condition of this MOU by the Second Party. 5. That with the execution of this MOU, the First Party shall file requisite applications and necessary paperwork and appear before the Hon'ble NCLT so as to withdraw as dismissed, its Insolvency Applications on receiving the payments due under this MOU. It is however clarified that in the event if the Second Party or Compan....

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....that no variation, amendment, modification or addition to this MOU shall be effective and binding or any Party unless set forth in writing and duly authorized by the Parties hereto. 9. That both the Parties to this MOU are fully satisfied with this settlement and agreed with the terms of this MOU and they agreed that subject to the timely performance of the terms of this MOU, the Parties shall be left with no claim or demand on account of interest, damages, compensation etc. in any manner whatsoever with respect to the outstanding Sub-Licence Fee and such other amount due under the Agreement, Erstwhile MOUI and Erstwhile MOU-II. 10. That the terms of this MOU and all negotiations concerning this MOU are confidential and shall not be d....