2022 (7) TMI 771

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) against default of Rs. 51,77,97,495/- Principal Amount being Rs. 32,72,03,256 and Interest @ 18% Rs. 19,05,94,239/- due and payable by the Corporate Debtor. The said Application has been filed pursuant to breach of Consent terms between the parties. 2. The Operational Creditor and the Corporate Debtor agreed to settle the claim for an amount of Rs. 20 Crores to be paid in 14 monthly instalments. Accordingly, terms of Settlement dated 23.04.2019 were executed between the parties. The said terms of settlement were submitted to this bench and accordingly this Tribunal vide its Order dated 30.04.2021 disposed of the Company Petition No.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ment, the Corporate Debtor failed to make the payment and chose to shrug off its liability to pay to the Operational Creditor stating that the present Application is infructuous to file a fresh petition. The Corporate Debtor at the time of hearing submitted that the second terms of settlement dealt with the disbursement of dues towards 4 Companies and therefore IA 2417 of 2020 is not maintainable. 6. The Corporate Debtor has taken a ground in order to maintain good business relations with the Operational Creditor, the parties entered into a settlement agreement and thereafter the Company Petition was withdrawn and disposed of. The Corporate Debtor states that the settlement agreement failed and as the Company Petition is disposed of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... is concerned, the dues claimed by the First Respondent in the subject matter and issue, squarely falls within the ambit of the definition of 'Operational Debt' as defined under Section 5 (21) of the Code." 8. In view of the above facts and circumstances and breach of the settlement agreement by the Corporate Debtor further the existence of debt and default has been proved by the Operational Creditor and at the very outset the Corporate Debtor has accepted it's liability in view of its Settlement Agreement thereby acknowledging its liability which is due and payable against the facilities extended by the Operational Creditor. 9. Further the Corporate Debtor has also nothing stated on the merits of the case nor has denied the liability....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... e. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied ....