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TMI Blog2019 (8) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... rs dated 13.7.2017. Finding recorded therein with regard to Respondent doing needful was not challenged. The final impugned order could naturally not be different. Appeal dismissed. - COMPANY APPEAL(AT) NO.156 OF 2018 - - - Dated:- 18-1-2019 - Mr A. I. S. Cheema, Member (Judicial) And Mr. Balvinder Singh, Member (Technical) For The Appellant : Mr. Kamal Kapoor, Advocate For The Respondents : Mr.Navind Kumar and Ms Shalini Kaul, Advocates ORAL JUDGEMENT Per: A. I. S. Cheema, J: Heard counsel for both sides. The learned counsel for appellant is submitting that because of the MOU dated 17.12.2015 entered into between the appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondents also substituted their own properties by way of securities which was given to the Bank and appellants were free to take back their documents given as security to the Bank which they did not do in time and so they could not put blame on the respondents. 3. We have gone through the matter. The NCLT earlier passed the order dated 13.7.2017 as can be seen with Annexure R-3 (See reply filed vide Diary No.6420). That order referred to the reply which was filed by the respondent and reproduced portions from the letter issued by Punjab National Bank which stated as under: 1.In the sanction letter dated 30.03.2016 for sanction of enhanced WC limits of Nava Healthcare Pvt Ltd, IP s in the name of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing was recorded by NCLT which shows the steps which the respondents took. It shows NCLT found that the Respondent has made all the efforts to fulfil the obligations undertaken in para 6c of the MOU. The NCLT subsequently, after hearing parties has then passed the present impugned order on which is as under: CA 25/2017 in CP 113/2015 has been filed by the petitioner. Pursuant to the compromise effected, there were certain direction for implementation of the compromise. As per the order dated 13.07.2017, one of the terms was that the Judgement Debtor would take all steps within a period of 6 months for release of the title deeds of the Decree Holder s immovable properties mortgaged with Panjab National Bank. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7th Street Nanagnallur, Chennai-61 and the second one at INDORE, being a Residential Flat at C-401 4th Floor, Elite Anmol, Village Piplaynha, Indore MP, which has been mortgaged as collateral security with Punjab National Bank (PNB) Shalimar Bagh, Delhi for loan granted to M/s Nava Healthcare Private Limited. The first party undertakes to complete this process in next 6 months i.e. before 30th June. 2016 . 7. Learned counsel for appellant insisted that the respondent was required to get released the two properties and it was the respondent who had to complete the process. The counsel then referred the term 10 which reads as follows: In case any of the parties do not carry out the terms of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tlement signed by the Petitioners as well as Respondent Nos 1 to 3 dated 17.12.2015 which has been duly notorized on 19.12.2015. Ld. Counsel for the Respondents duly identified the signatures of Respondents No. 2 3, namely Mr. Hemant Kulbir Suri and Ms. Vani Suri Ld. Counsel for the petitioners has also identified the signatures of petitioners Srinivasan Janakiraman, Mrs. Janakiraman Priya and Venkataraman Narayani. According to the statements in the amicable settlement all the cases filed by the parties against one another shall be withdrawn. Accordingly the present petition is dismissed as withdrawn. 10. Thus basically the company petition was dismissed as withdrawn because of the compromise and if that is kept in vie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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