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2023 (12) TMI 1175 - SCH - Insolvency and BankruptcyDeed of Compromise/settlement dated 04.10.2023 entered into by respondent no. 1 Rustagi Projects Pvt. Ltd. and the appellant Anuj Sharma, is taken on record - Parties will be bound by the terms and conditios mentioned in the Deed of Compromise/settlement dated 04.10.2023. However, the appellant Anuj Sharma/respondent no. 1 Rustagi Projects Pvt. Ltd. shall pay the Corporate Insolvency Resolution Process (CIRP) costs, as may be determined by the National Company Law Tribunal. In the event the costs are not paid, it will be open to the adjudicating authority/NCLT to take appropriate steps for recovery of the amount in accordance with law. Appeal allowed in part.
Issues involved:
The judgment deals with the acceptance of a Deed of Compromise/settlement between Rustagi Projects Pvt. Ltd. and Anuj Sharma, and the implications of default in payment on the proceedings in C.P. no. (IB)-245(ND)/2021. Deed of Compromise/Settlement: The Deed of Compromise/settlement dated 04.10.2023 between Rustagi Projects Pvt. Ltd. and Anuj Sharma has been accepted and taken on record by the court. Both parties are bound by the terms and conditions mentioned in the Deed. If there is a default in payment as per the compromise/settlement, the proceedings in C.P. no. (IB)-245(ND)/2021 will be revived and will continue from the current stage. On the other hand, if full payment is made as per the compromise/settlement, C.P. no. (IB)-245(ND)/2021 will be considered disposed of without further orders or recourse to the provisions of the Insolvency and Bankruptcy Code, 2016. Corporate Insolvency Resolution Process (CIRP) Costs: Anuj Sharma and Rustagi Projects Pvt. Ltd. are required to pay the CIRP costs as determined by the National Company Law Tribunal (NCLT). Failure to pay these costs may lead to the adjudicating authority/NCLT taking appropriate steps for recovery of the amount in accordance with the law. The judgment partly allows the appeal in the specified terms, and any pending applications shall be disposed of accordingly.
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