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TMI Blog2019 (6) TMI 844X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant submitted that the parties have reached settlement in principle and a formal agreement in regard to terms of settlement will be placed by the next date. The parties were allowed to reach settlement. Matter was posted to 4th June, 2019 and in the meanwhile 'Interim Resolution Professional' was directed not to constitute 'Committee of Creditors', if not yet constituted. 3. An affidavit has been filed on behalf of the Appellant, enclosing the terms of settlement dated 4th June, 2019, which are as follows: - "Execution Version June 4, 2019 SETTLEMENT AGREEMENT THIS Settlement Agreement ("Agreement") executed on this 4th day of June 2019 By and Between Maersk Trade Finance A/S, a public limited liability company incorporated under the laws of Denmark, having its registered address at Esplanaden 50, DK-1263 Copenhagen K, with company registration no. (CVR) 32345808 hereinafter referred to as "MTF" (which expression shall unless repugnant to the context or meaning thereof mean and include its successors and assigns). And Mr. Shyam Kumar Garg and Mr. Rahul Garg, erstwhile Promoters/Directors and Shareholders of Metalore Overseas Private Limited ("Metalore") (having m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ached MTF with an offer to pay a sum of USD 150,000 (United States Dollars One Hundred and Fifty Thousand only) ("Settlement Amount") in full and final settlement of all the dues and liabilities of Metalore towards MTF and MTF has agreed to accept the Settlement Amount in full and final satisfaction of all outstanding dues. I. For the above-mentioned purpose, the Parties are desirous of recording the terms and conditions of their settlement in writing to regulate their rights and obligations in accordance with terms and conditions mutually agreed to as follows. NOW THEREFORE, the Parties agree as follows: 1) The above Preamble shall be considered as an integral part of the present Agreement. 2) As per records maintained by MTF, the total amount due and payable as on May 1, 2018 by Metalore to MTF is USD 222,722 (including LIBOR interest and default interest) (United States Dollars Two Hundred and Twenty Two Thousand seven hundred and Twenty Two only). However, in accordance with the settlement arrived at between MTF and the Metalore Promotors, the Metalore Promotors agree and undertake that they shall pay to MTF the Settlement Amount of USD 150,000 (United States Dollars On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such person arising out of, resulting from any breach of Metalore Promotor's warranties, representations, covenants or undertaking contained herein. (ii) Notwithstanding anything contained in any other provision of this Agreement, MTF shall not be liable for any indirect, incidental or consequential loss or damage (including lost profits or loss of business) suffered or incurred by the other party in connection with the present Agreement. 6) Miscellaneous (i) Governing Law This Contract shall be governed by and construed in accordance with Indian Law with non-exclusive jurisdiction of the courts of New Delhi. (ii) Entire Agreement On and from the date of execution of this Agreement, this Agreement shall constitute an integral part of each of the Facility Agreement and shall always be read along with the Facility Agreement. No amendment to this Agreement shall be valid unless agreed to in writing by both the Parties. (iii) Captions The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. (iv) Assignment Neither Party shall transfer or assign this Agreement to any third party in whole or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 Commo Info Solutions Private Limited 333A, 2nd Floor, Santnagagar, East of Kailash, New Delhi-110065 50000 10 500,000 2.713 11. Techno Soft Infosystem Private Limited 36, 3rd Floor, Deepak Building, 13 Nehru Place, New Delhi-110019. 50000 10 500,000 2.713 12 Yunan Sales Private Limited B-87, Block-B, Defence Colony, New Delhi-110024 50000 10 500,000 2.713 13 Sai Infoweb Private Limited 326, L.G.F., Sant Nagar, East of Kailash, New Delhi-110065. 50000 10 500,000 2.713 14 Purus Marketing Private Limited B-87, Block-B, Defence Colony, New Delhi-110024 50000 10 500,000 2.713 15 Kushaagra Exports Private Limited R-17, Private Colony, Sri Niwaspuri, New Delhi-110065 50000 10 500,000 2.713 16 M3M Traders Private Limited 7B/11, Sri Niwas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al for recall of this order and to revive the 'Corporate Insolvency Resolution Process' against M/s Metalore Overseas Private Limited. They may also file an application for initiation of contempt proceedings against the concerned Managing Director/ Directors and Shareholders including the Appellant. 7. Taking into consideration the fact and that 'Interim Resolution Professional' has worked for 30 days, we assess his fee at Rs. 1,00,000/-. This apart, he will also be entitled for an amount of Rs. 1,65,000/- towards cost incurred by him, i.e. total Rs. 2,65,000/-. The Respondent Sunrise 14 A/S Denmark has advanced a sum of Rs. 2,00,000/-, after deducting TDS. Therefore, 'Interim Resolution Professional' will be entitled for another sum of Rs. 65,000/- only. The 'Corporate Debtor' will pay Rs. 2,00,000/-, which includes TDS amount to the Sunrise 14 A/S Denmark, apart from the amount payable in terms of settlement. The amount of Rs. 2,00,000/- be paid within 15 days. The rest amount of Rs. 65,000/- be paid by the 'Corporate Debtor' to the 'Interim Resolution Professional' (Mr. Anil Bhatia) within 15 days. We also make it clear that if the amount is being received by the 'Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X
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