TaxTMI 
TaxTMI 
2020 (2) TMI 1526
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....editor') - 1st Respondent moved an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I&B Code') against M/s Black Diamond Pulses Private Limited ('Corporate Debtor'). The Adjudicating Authority (National Company Appeal (AT) (Insolvency) No. 1393 of 2019 Page 2 of 7 Company Law Tribunal), New Delhi (Court No.IV) by order dated 7th November, 2019 admitted the application. 2. The present Appeal has been presented by the Appellant on the ground that the Appellant has settled the matter with the 'Operational Creditor' prior to the constitution of the 'Committee of Creditors' and, therefore, to pass appropriate order exercising inherent power under Rule 11 of the NCLAT Rules, 2016. The 'Oper....
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....hdrawn. The Appellant shall be at liberty to approach the Respondent (Operational Creditor) for negotiations so as to arrive at an amicable settlement. I.A. No. 3862 of 2019 seeking exemption from filing certified copy of the impugned order stands disposed of with direction to the Appellant to file the certified copy of impugned order within a week." 5. Mr. Avneet Goyal, Proprietor of M/s. R.B. Enterprises ('Operational Creditor') appeared through Mr. Abhishek Tandon, Chartered Accountant, who accepted that the Agreement has been reached. 6. The Agreement dated 27th November, 2019 is on India Non Judicial Stamp Paper issued by National Capital Territory of Delhi. The e-Stamp is dated 27th November, 2019, is extracted below: - "SETTLEME....
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....f them against each other. 4. That the parties hereto voluntarily agreed and this settlement has not been obtained by force/coercion/ undue Influence. 5. That the contents of the abovesaid settlement agreement have been read over, explained and understood by both the parties in vernacular language and both the parties have agreed to the same in the presence of witness and the same shall be binding upon both the parties. 6. That this Memorandum of Settlement has been voluntarily executed by the parties in their full senses, without any pressure, threat or coercion from any corner and this memorandum of Settlement is binding on all the parties, their legal heirs, successors etc. these deposition of the parties can also be placed before ....
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....ached therein were not proper. Such issues cannot be determined particularly when 'Interim Resolution Professional' has not accepted the claim. Admittedly, this Appellate Tribunal by order dated 26th November, 2019 noticed the prayer made by one of the Shareholder/ Promoter that it intends to settle and allowed the Promoter to settle the matter with the 'Operational Creditor'. The settlement was reached by next day as evident from Stamp Paper dated 27th November, 2019. The 'Committee of Creditors' was constituted thereafter on 28th November, 2019, about which the Adjudicating Authority was informed on 3rd December, 2019. Therefore, we find that the Promoters settled the matter with the 'Operational Creditor' prior to constitution of the 'Co....