2019 (7) TMI 1732

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....arne the basis of the order dated 02.05.2019 in disposal of the petition when we passed the following order:- "There is an amicable settlement between the parties and final details have now been worked out. According to the arnicable settlement, the post-dated cheques have been issued which are finally to be paid by September, 2019. In view of the above, the petition is dismissed as withdrawn on the basis of compromise with liberty to the petitioner to file an appropriate application, in case the terms of the settlement are violated. The application stands disposed of." 2. On account of non-compliance with the terms of the amicable settlement the present application (CA-1245(PB)/2019) has been filed seeking rev....

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.... in respect of associate comp ies were to the knowledge of the respondent-corporate debtor on or before 27.04.2019 when compromise was entered into. Therefore, we are unable to persuade ourselves to accept the submission made by Mr. K. Datta, Ld. Counsel. It is well settled that once a cheque has been dishonored then the amount sought to be paid is acknowledged and the default also stand established. In that regard we may place reliance on the judgement of Hon 'ble Appellate Tribunal in the case of Sudhi Sachdev vs. APPL Industries Ltd. [Company Appeal (AT) (Insolvency) No. 623 of 2018] vide order dated 13.11.2018. 6. In view of the above we revive the proceedings in CP. No. (IB)281 (PB)/2019. The default stands established and there....

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....d by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 9. In pursuance of Section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional shall immediately (3 days) make public announcement with regard to admission of this application under Section 7 of the Code. 10. We direct the Financial Creditor to deposit a sum of Rs. 1 Lac with the Interim Resolution Professional namely CS Vekas Kumar Garg to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of rec....