2022 (6) TMI 105

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....e Applicant against the Corporate Debtor i.e. CP(IB)/141/ND/2021 titled "Shobha Cards Private Limited Vs. Kanodia Technoplast Limited" as the matter was settled, accordingly, the said petition was dismissed as withdrawn by the Applicant. The said petition was withdrawn vide order dated 19.04.2022. Thereafter, the Respondent/Corporate Debtor failed to adhere the conditions laid down in the settlement and did not handover the cheques, accordingly, the present petition has been filed after giving a demand notice on 21.04.2022 to the Respondent. 3. Ld. Counsel for the Applicant vehemently argued that the present petition is well maintainable as the fresh notice has been issued and the Respondent/Corporate Debtor failed to make the payment as....

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....orporate Debtor the e-mail dated 09.05.2022 issued by the Axis Bank to the Kanodia Technoplast Limited with respect to Account No. 263010200001977 is placed on record to shows that the amount of Rs. 45 lacs as agreed was to be remitted through RTGS, but when the RTGS was made, Axis Bank reported that the same returned back due to the reason that the account has been found closed by the beneficiary. Admittedly, the parties entered into a settlement vide settlement deed dated 18.04.2022, whereby the respondents have agreed to make the payment in the following manner. 7. At the same juncture, it was also agreed that the payment may be made either through cheque or RTGS. The first instalment of Rs. 45 lacs was to be paid on 10.05.2022, accor....

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.... present petition for triggering CIR proceedings against the Respondent. 8. Further, even a copy of demand draft dated 10.05.2020 of an amount of Rs. 45 lacs has also been placed on record, existing in the name of Shobha Cards Private Limited, which further indicates that the respondent has intent to pay the amount as per settlement deed. Thus, the Operational Creditor merely wants to recover that amount and not having a fair intent to trigger CIR proceedings. Had, it would have been there, the Operational Creditor might have not withdrawn the earlier petition. NCLT cannot be permitted to move at the whims and wishes of unscrupulous persons, as the main intent of the legislation was to keep the Corporate Debtor as going concern. The part....