2021 (11) TMI 950

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....Petition No. 619/ND/2019 and to further reset the time line or give fresh start to the CIR process under Insolvency & Bankruptcy Code, 2016 (IBC, 2016). 2. The facts that led to the filing of the present application are as follows: a. It is submitted that the applicant moved an application u/s. 7 of the IBC, 2016 for initiation of CIRP against Corporate Debtor and this adjudicating authority vide order dated 03.09.2019 admitted the application and initiated the CIR Process against CD. The CD preferred an appeal against the admission order and vide order dated 19.09.2019, the Hon'ble Appellate Authority referred the matter to Mediation, wherein a compromise was arrived at between the parties by entering into a settlement deed....

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....is argued that last opportunity was given by Hon'ble Appellate Authority to the Corporate Debtor/Promoters vide order dated 15.03.2021 and following order was passed: "After hearing learned counsel for the parties and going through the records, we are of the view that it would he conducive to interest of justice to allow the Appellant to pay 50% of the balance amount by the end of March, 2021 and remaining amount by the end of June, 2021, failing which Respondent No. 1 shall be entitled to approach the adjudicating authority to seek revival of CIRP proceedings against the Corporate Debtor for breach of terms of settlement recorded by this Hon'ble Tribunal in terms of para 11 of the order dated 6th December, 2019 treating it....

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.... the Promoters of 'M/s. Jagtar Singh and Sons Hydraulics Private Limited' (Corporate Debtor); Parvinder Singh, Authorized Representative; Intec Capital Ltd. and Interim Resolution Professional. In the present, whole process practically stands suspended for compliance of the Terms of Settlement. The Corporate Insolvency Resolution Process can be revived by the Petitioner in case of breach of Terms of Settlement or default of any post-dated cheque. On completion of compliance of terms and conditions, the application under Section 7 will be deemed to have been withdrawn by Intec Capital Ltd.', otherwise the order setting aside the impugned order dated 3rd September, 2019 shall stand recalled and the Corporate Insolvency Resolution ....