2021 (1) TMI 112

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....shutosh Chandra, Member (Technical) For the Petitioner : Shri Abhijit Atur For the Respondent : Ms. Princi Jaiswal ORDER C.P.(IB) No. 182/BB/2020 is filed by Mihir Kanakia (hereinafter referred to as 'Applicant/ Operational Creditor') U/ s 9 of the IBC, 2016, R/ w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking ....

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....ed the pleadings of both the Parties and extant provisions of the Code and the Rules made there under. 4.  The Learned Counsels for both the Parties submits that they have settled the issue between the Parties out of their own free will and thus executed Memo of Settlement dated 21.12.2020, which is placed on record, which reads as under: "That the Second Party undertake to pay an....

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....diction in India, including proceedings before the Hon'ble NCLT, Bengaluru. The company petition shall in such case, be revived without any  further steps for the entire claim of the First Party including for reasonable costs. The parties herein have mutually agreed that the above sum is full and final settlement with respect to any disputes arising between the parties. And that ....

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....hat they have executed this agreement out of their own free will and volition. " Therefore, both the Learned Counsels submit that the Company petition can be disposed of in terms of above settlement. 5.  Since the Parties themselves have settled the issue by way of Settlement dated 21.12.2020, we are inclined to dispose of the instant Company Petition by directing the Parties to s....