2021 (6) TMI 702

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....en IBA/1352/2019 on account of default in payment by the Corporate Debtor as per the Joint Memo of Compromise dated 12.03.2020. 2. On perusal of this Application, the averments made in the application are that (i) The Applicant herein being Operational Creditor, with claim of Rs. 53,09,980/- filed IBA/1352/2019 under Section 9 of the Code. As per the "Joint Memorandum of Compromise and Consent Terms" filed on 12.03.2020 (page. 10), the Corporate Debtor paid Rs. 9,27,500/- by RTGS on 11.03.2020 whereas for other monthly instalments, post-dated cheques were issued for the period from April, 2020 to August 2020. The applicant reserved its right to reopen IBA/1352/2019, if the cheques were dishonoured, under clause 4 of Joint memo o....

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....the application and therefore the application on this count alone is to be dismissed". In the another matter of M/s. Walchandnagar Industries Limited Vs. Karmayogi Shankarraoji Patil Sahakari Sakhar Karkhana Limited the Hon'ble Mumbai Bench vide its order dated 17.07.2019 held "it seems that the settlement agreement has been violated/breached and the applicant seeks for revival of this Petition and the applicant may issue a fresh notice to the Corporate Debtor and thereafter file fresh Petition. Hence, the application is dismissed'. (iii) According to the Respondent, by virtue of Notification S.O. 1205(E) : dated 24.03.2020, as per Section 4 of the IBC, Part-II relating to insolvency resolution for corporate person, will ap....