2021 (3) TMI 108

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....nd Bankruptcy Code, 2016. 2. The brief facts are that the Operational Creditor filed CP(IB) No.IBA/145/2019 before the NCLT, Chennai Bench under Section 9 of the Code for imitating Corporate Insolvency Resolution Process against the Corporate Debtor M/s Asten Realtors Private Limited in view of their failure to pay the debt of Rs. 97,73,689/-. Since a mutual settlement agreement has been signed by the parties, the said application was withdrawn on 25.4.2019 by the Operational Creditor, with liberty revive the matter, in case of default by the Corporate Debtor. However, the Corporate Debtor failed to abide by the terms of the settlement agreement between the parties and the Corporate Debtor defaulted in making the payment to the Operation....

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....r. 4. On 12.02.2021 when the matter was taken up for hearing, the learned counsel for the applicant stated that the parties have amicably settled their disputes as the Corporate Debtor has agreed to pay the amount due and payable to Operational Creditor and has given a time schedule for making such payment. Both parties have reduced their understanding into writing by executing a Settlement Agreement dated 9.2.2021. He has agreed to produce the Settlement Agreement in original before this Tribunal without delay. Hence the matter was taken for orders. 5. The applicant has produced the Settlement Agreement dated 9.2.2021, duly signed by both parties. The relevant portion of the Settlement Agreement is as under: "Now THEREFORE, ....

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....akhs Six Thousand Eight Hundred and Eighty only) on or before December 31, 2023 (K) Rs. 6,06,880/- (Rupees Six Lakh Six Thousand Eight Hundred and Eighty only) on or before March 31, 2024 (B) In light of the settlement arrived, Asten on December 28, 2020 wire transferred an amount Rs. 1,00,000/- (Rupees One Lakh only) to Asianet. As agreed herein above Asten will make the remaining Rs. 5,06,880/- (Rupees Five Lakhs Six Thousand Eight Hundred Eighty only) by March 31, 2021. (C) In lieu of Asten's undertaking and warranting to timely payment of the Settlement Amount hereinabove, Asianet agrees to withdraw the ongoing proceedings for revival of IBA/ 145/2019 pending before the National Company Law Tribunal, Kochi....