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TMI Blog2019 (12) TMI 561X X X X Extracts X X X X X X X X Extracts X X X X ..... of the 'I B Code' is dismissed. Learned Adjudicating Authority will now close the proceeding. - Company Appeal (AT) (Insolvency) No.452 Of 2019 - - - Dated:- 29-7-2019 - Justice S.J. Mukhopadhaya, Chairperson A.I.S. Cheema, Judicial Member And Kanthi Narahari, Technical Member Nikhilesh Kumar and Vinod Kr. Chaurasiya, Advs. for the Appellant. Ashok Kriplani, Wamika Trehan and Milind Sharma, Advs. for the Respondent. ORDER 1. The Respondent- 'Hubergroup India Pvt. Ltd.' filed application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ( I B Code for short) for initiation of the 'Corporate Insolvency Resolution Process' against 'Shreemataji Graphics Pvt. Ltd.'- ('Corporate Debtor'), which was admitted by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai on 6th March, 2019 against which the appeal has been preferred. 2. Earlier on 10th May, 2019, when the matter was taken up, learned counsel for the Appellant submitted that the Appellant is negotiating for settlement with the 'Operational Creditor' and no 'Committee of Creditors& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tively referred to as Parties and each referred to as a Party to this Settlement Agreement. The Corporate Debtor agrees and undertakes to this Hon'ble Tribunal to pay a sum of ₹ 1,20,04,280/- (Rupees One crore twenty lakh four thousand two hundred and eighty only) to the Respondent herein and the Respondent agrees to accept the payment of the said sum of ₹ 1,20,04,280/- (Rupees One crore twenty lakh four thousand two hundred and eighty only) ( Agreed Settlement Amount ) towards full and final settlement of all claims between the Respondent and the Corporate Debtor, inter alia as raised in the captioned Company Petition in the following manner: On the signing of this Settlement Agreement, the same being taken on record by the Hon'ble NCLAT, and the Order of Admission being set aside by the Hon'ble NCLAT, the Corporate Debtor shall pay to the Respondent the first installment of a sum of ₹ 10,00,356 (Indian Rupees Ten lakh Three hundred and fifty-six only) by a dated Cheque bearing number [784797] dated 16.07.2019 drawn on Hubergroup India Private Limited; I. On or before 16 August 2019, the Corporate Debtor shall pay to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of a sum of ₹ 10,00,356 (Indian Rupees Ten lakh Three hundred and fifty-six) by a post-dated Cheque number [784810] dated 16.04.2020 drawn on Hubergroup India Private Limited; X. On or before the 16 May 2020, the Corporate Debtor shall pay to the Respondent Eleventh Instalment of a sum of ₹ 10,00,356 (Indian Rupees Ten lakh Three hundred and fifty-six) by a post-dated Cheque number [784811] dated 16.05.2020 drawn on Hubergroup India Private Limited; and XI. On or before the 16 June 2020, the Corporate Debtor shall pay to the Respondent Twelfth instalment of a sum of ₹ 10,00,364 (Indian Rupees Ten lakh Three hundred and sixty-four) by a post-dated Cheque number [784812] dated 16.06.2020 drawn on Hubergroup India Private Limited; For ease of reference the payment schedule is enclosed as Schedule 'A'. Respondent herein agrees and acknowledges that an amount of ₹ 17,04,637 (Indian Rupees Seventeen lakh four thousand six hundred and thirty-seven only) is to be paid by it to an entity named Kruthika Inks Private Limited ( Kruthika ), which is a sister concern of the Corporate Debtor. Parties acknowledge that the Agreed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is purpose. It is however, made clear that In the event of three consecutive defaults committed by the Appellant in making the payments mentioned in Schedule 'A' and/or breach of any of the clauses of this Settlement Agreement, Respondent shall continue to prosecute the said Criminal Complaint against the Appellant, in accordance with law. In view of the settlement between the Parties, the Parties shall jointly seek an order to set aside the Order of Admission, before the Hon'ble NCLAT. It is reiterated that the payment or discharge of the entire Agreed Settlement Amount by Corporate Debtor to Hubergroup, as set out above, shall be the consideration for full and final settlement of all disputes, differences and claims between the Appellant, Respondent and the Corporate Debtor, and from and upon the execution of these presents, the Parties agree not to raise any fresh claims and/or to initiate and/or continue any proceedings against the other in respect of disputes, differences or claims between the Parties, save as contemplated herein. It is agreed that the fees of the IRP for an amount of ₹ 2,36,000,00, shall be borne by the Appellant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Process' as also for initiation of Contempt Proceedings against the Appellant and other Shareholders, Promoters, Directors and Officers of 'Shreemataji Graphics Pvt. Ltd.'- ('Corporate Debtor'). 11. In effect, order (s), passed by the Adjudicating Authority appointing 'Interim Resolution Professional', declaring moratorium, freezing of account, and all other order (s) passed by the Adjudicating Authority pursuant to impugned order and action, if any, taken by the 'Interim Resolution Professional', including the advertisement published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside. The application preferred by Respondent under Section 9 of the 'I B Code' is dismissed. Learned Adjudicating Authority will now close the proceeding. The 'Corporate Debtor' (company) is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. 12. The 'Interim Resolution Professional' will be paid as per the Settlement. The appeal is allowed with aforesaid observation. However, in the facts and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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