TaxTMI 
TaxTMI 
2019 (10) TMI 1341
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....) No.224 of 2019, and for recalling the process of Corporate Insolvency Resolution in respect of the Corporate Debtor. The same was initiated vide this Court's order dated 10.07.2019, admitting the IB petition and by declaring Moratorium, in respect of M/s. Harmony Multimedia Private Limited and, thus, appointed the Interim Resolution Professional (IRP). 2. It is submitted that the corporate debtor made approach to the applicant and gave certain cheques and requested the applicant to withdraw the present IB Petition. It is stated that entire settlement amount of Rs. 19,94,800/- has been agreed to be paid through post-dated cheques. The particulars thereof are described as under; Sr. No. Cheque No. Amount Date of Che....
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....; 2 000380 2,18,300 17.07.2019 3 000390 76,500 17.07.2019 4 000383 2,83,333 15.08.2019 5 000384 2,83,334 15.09.2019 6 000386 2,83,333 15.10.2019 7 000389 2,83,333 15.11.2019 8 000388 2,83,334 15.12.2019 7 The first payment as per above schedule of payment shall he made on 17.07.2019. The Corporate Debtor undertakes that each and every Cheque mentioned hereinabove towards payment of the total outstanding dues of Rs. 19,94,800/- would be honoured on presentation of each cheque on its due date, as mentioned in each Cheque. 8 The Corporate Debtor agrees that in case of any single default committed by the C....
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....t in the matter of Swiss Ribbons vs. Union of India (Writ Petition (Civil) No. 99 of 2018 decided on 25.01.2019). For the sake of convenience, the relevant paragraph of the same Judgment is being reproduced herein below; "52. It is clear that once the Code gets triggered by admission of a creditor's petition under Sections 7 to 9, the proceeding that is before the Adjudicating Authority, being a collective proceeding, is a proceeding in rem. Being a proceeding in rem, it is necessary that the body which is to oversee the resolution process must be consulted before any individual corporate debtor is allowed to settle its claim. A question arises as to what is to happen before a committee of creditors is constituted (as per....
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....ng heard learned counsel for the parties and taking into consideration the fact that there is a 'pre-existence of dispute', we hold that that the application under Section 9 was not maintainable. Further, before the constitution of the 'Committee of Creditors', the parties having settled the matter. It is a fit case to accept the settlement. For the reasons aforesaid, we set aside the order dated 14th January, 2019. 7. The Adjudicating Authority will fix the fee of 'Interim Resolution Professional', and the 'Corporate Debtor' will pay the fees of the 'Interim Resolution Professional', for the period he has functioned. 7. By following the above referred judicial precedent, the peti....
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....f record that the Operational Creditor has moved this withdrawal application by settling its dues for an amount of Rs. 19,94,800/- (Rupees Nineteen Lakh Ninety Four Thousand Eight Hundred only) as full and final settlement has been arrived at between the parties prior to the formal constitution of the CoC. Therefore, this Adjudicating Authority is bound by the above referred decision of Hon'ble Supreme Court in Swiss Ribbons vs. Union of India read with the decision of Hon'ble NCLAT in Ashish Garodia vs. Impact Event Management & Anr, to accept such settlement at the post-admission of the present IB Petition. Hence, it is hereby accepted. The present IA is allowed. 12. Notwithstanding the above, it is expedient to issue necessary....