2022 (5) TMI 993

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....shan ] Chairperson , [ Shreesha Merla ] Member ( Technical ) And [ Naresh Salecha ] Member ( Technical ) For the Appellant : Mr. Arpit Dwivedi, Mr. Vijay Nair, Advocates For the Respondents : Ms. Malvika Trivedi, Senior Advocate with Mr. Ashish Choudhury, Ms. Rituparna Sanyal, Mr. Shivam Bajaj, Ms. Bhargavi Kannan, Ms. Akanksha Tripathi, Ms. Mansi Chaudhary, Mr. Akash Tandon, Mr. Santosh Kr.....

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....ditions of the OTS, hence, there was no debt and Application could not have been admitted. He submits that the said plea with regard to OTS dated 28.05.2020 was taken in the Reply of the Corporate Debtor. He has referred to paragraphs 19 and 20 of the impugned order where this has been noticed. 4. Learned Counsel appearing for the Respondent- Financial Creditor does not deny that OTS took place....

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....as Annexure-B along with Reply which is at Page 522 of the paper book. The Revised Repayment Schedule as approved indicated that on communication of sanction Rs.20 Cr. was to be paid and on 30.06.2020, Rs. 16.17 Cr. was to be paid by the Companies- M/s. Darjeeling Organic Tea Estates Private Limited and M/s. Bush Tea Company Private Limited. Clause 6 of the Terms and Conditions of the OTS thus pro....

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....ates and cost etc will become due for payment forthwith." 7. There being clear stipulation that on any of the default Bank reserve its right to cancel the compromise settlement and will be entitle to exercise against the borrowers/ guarantors all rights and remedies available prior to the compromise settlement as per applicable law. The 'Default Clause' clothe the Financial Creditor the right t....