2021 (1) TMI 1111

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....allow the present application and pass an order to restore and revive the application vide Application No. IBA/13/KOB/2020 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 in the interest of justice. (ii) To pass an order directing the Corporate Debtor to comply with the consent terms in the interest of justice. The brief facts leading to filing of this IA is narrated as under: 2. Vide order dated 25.8.2020 this Tribunal admitted IBA/13/KOB/2020 declaring moratorium. Before the paper publication was made, the Corporate Debtor intimated his willingness to settle the matter by sending a mail to the financial creditor with certain conditions. Based on the aforesaid letter, form FA was filed before this Tribunal for wi....

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....akumari Main Branch is yet to be encashed and can be done only on 30.11.2020. 6. It is further stated that the balance amount of settlement of Rs. 2,14,00,000/- arrived between the parties is only for this settlement and if the Corporate Debtor fails to pay the said sum on or before 30.11.2020 then M/s Sri Ramani Resorts and Hotels Pvt. Ltd. shall be at liberty to file fresh application with actual amount i., Rs. 4,25,32,016.405 along with 24% interest per annum stand due as on date. The Committee of Creditors is not yet constituted and that since the matter is settled between the parties, it is not necessary to pursue the matter any more. Hence the applicant would like to withdraw the application IBA/13/KOB/2020 filed under Section 7 of....

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.... Pvt. Ltd and another to argue that the NCLT can restore the petition dismissed as infructuous. It is also stated that at any stage before the Committee of Creditors is not constituted, a party can approach the NCLT directly, in which case in exercise of inherent powers under Rule 11 of the NCLT Rules, 2016 the Tribunal can allow or disallow an application for withdrawal as stated in the decision of the Hon'ble Supreme Court in the case of Swiss Ribbons Pvt. Ltd and others Vs. Union of India and others - Manu/SC/0079/2019. It is further stated that the parties have entered into the consent terms and the Corporate Debtor did not adhere to the consent of settlement terms schedule and the parties themselves agreed that the applicant can approa....

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....ars, it is not a valid acknowledgment and is barred by limitation. They have referred to the decision of the Hon'ble Supreme Court in (1996) 5 SCC 550-, (2003) 8 SCC 319 and 1995(2) CLJ 388 to state that a person playing deceit or fraud is not entitled to be heard. 5. We have heard the learned Senior Counsel Shri Aravind Pandian appearing for the applicant/financial creditor and the learned counsel for the respondent/Corporate Debtor Shri PV George (Puthiyedam). With respect to the contention of the respondent regarding the disqualification of the Director, the learned Senior counsel has stated that the Hon'ble Madras High Court vide judgment dated 15.12.2020 in W.P.No. 18641 of 2020 and W.M.P. Nos. 23123, 23125, 23127 and 23129 of 2020 ....