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TMI Blog2020 (1) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational Creditor may also file Application for initiation of the contempt proceedings against the defaulting Appellant, Directors/Director and shareholders. The Impugned Order admitting Section 9 Application and order (s) passed by Ld. Adjudicating Authority appointing Interim Resolution Professional , declaring moratorium and all other order(s) passed by Adjudicating Authority pursuant to impugned order and action taken by the Resolution Professional are set aside - application preferred by the Respondent under Section 9 of the I B Code is disposed of as withdrawn. - Company Appeal (AT) (Ins) No.1000 of 2019 - - - Dated:- 4-11-2019 - Justice A.I.S. Cheema Member (Judicial), Justice Venugopal M. Member (Judicial) And Justice Jarat Kumar Jain Member (Judicial) For the Appellant : Ms. Ani Singh Jhala, Company Secretary For the Respondents : Shri Praveen Kumar Sharma, Company Secretary (for Operational Creditor) ORDER 1. Company Secretary Ani Singh Jhala appears on behalf of the Appellant Shareholder of MEC Shot Blasting Equipment Private Limited Corporate Debtor. She states that she h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal creditor has supplied goods from time to time to Mec Shot. Upon the contractual date of payment Mec Shot failed to make payment of the operational debt to Operational Creditor against such supplies. B. After several reminders and rounds of negotiations relating to repayment of the due operational debt, Mec Shot acknowledged the debt on 30-01-2016 and issued 97 cheques against the total dues of operational creditor out of which some were honoured and some were dishonoured. C. The operational creditor again approached Mec Shot for payment but didn t get any proper response in the matter. Facing this the operational creditor was constrained to file an insolvency application before the National Company Law Tribunal, Jaipur Bench under Section 9 of Insolvency and Bankruptcy Code, 2016 ( IBC ) vide company petition No. (IB)/93/9/JPR/2018. D. The insolvency application was finally disposed vide order dated 18-09-2019 wherein Hon ble NCLT, Jaipur Bench ordered initiation of Corporate Insolvency Resolution Process against Mec Shot. In accordance with IBC, Mr. Anoop Kumar Goyal, Interim Resolution Professional ( IRP ) has taken cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S. No. Particulars Amount (Rs.) 1 Amount due and payable against supply of goods by the operational creditor 53,65,668/- 2 Amount towards legal expenses 5,00,000/- 3 Amount paid to Interim Resolution Professional as per NCLT Order dated 18-09-2019 2,00,000/- Total 60,65,668/- 5. Mec Shot Promoters agrees to pay the settlement amount of ₹ 60,55,668/- (Rupees Sixty Lac Fifty Five Thousand Six Hundred Sixty Eight only) to settle the claim of operational creditor which operational creditor accepted. 6. It was decided by the parties that the Mec Shot Promoters will make payment of ₹ 15,00,000/- (Rupees Fifteen Lac only) by way of demand draft payable to operational creditor an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment schedule . 7. The operational creditor agrees to settle the claim subject to clearing of all post-dated cheques and receipt of settlement amount as per the repayment schedule. Operational creditor confirms that there shall be no due from the corporate debtor against the claim after receipt of the settlement amount as per the repayment schedule. 8. The parties hereby undertake to present a copy of this Deed of Settlement to Hon ble National Company Law Appellate Tribunal, New Delhi on 04-11-2019 with a request to stop the corporate insolvency resolution process ( CIRP ) against Mec Shot but the operational creditor reserves the right to reinitiate CIRP if Mec Shot Promoters defaults in making payment as per repayment schedule. Parties further undertake to cooperate for taking necessary steps in this respect before the adjudicating authority. 9. It is hereby agreed by the parties that the fees payable to Interim Resolution Professional, all other expenses relating to corporate insolvency resolution process, cost imposed by NCLT/NCLAT, if any, and all other expenses/costs of whatsoever nature, shall be borne by the Mec S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds the day and year first hereinabove mentioned. SIGNED AND DELIVERED BY The within named Mec Shot Promoters 1. Ruchita Modi 2. Anand Kishore Modi 3. Vaibhav Modi The within named Operational Creditor Mrs. Kanchan Ostwal Sole Proprietor of J.K. Electricals In presence of Witnesses: Witness 1 Witness 2 Signature Name Hari Prasad Karwa Naveen Ostwal Father s Name Manendra Kumar Ostwal Address 83, Keshav Nagar, Jodhpur H-28-A, Bakhtawarmal ji ka Bagh, Chopasani Road, Jodhpur Annexure 1 to the Deed of Settlement List of Shareholders of Mec Shot Blas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... settlement, it will be open for the Operational Creditor to move this Appellate Tribunal for recall of this Order and to revive the CIRP process against the Corporate Debtor. The Operational Creditor may also file Application for initiation of the contempt proceedings against the defaulting Appellant, Directors/Director and shareholders. As the IRP is functioning since 18th September, 2019 on admission of Section 9 Application, we compute the fees of IRP @ ₹ 1,50,000/-. The IRP would be entitled to also recover CIRP costs as may have been incurred. The Appellant for Corporate Debtor undertakes to contact IRP and pay fees as above and CIRP costs as may have been incurred by the IRP in 3 weeks, after deducting amount already received by IRP under the Impugned Order. In case IRP has any difficulty regarding CIRP costs, he would be entitled to move the Adjudicating Authority and the Appellant will be bound to pay the CIRP costs concerned, as may be directed by Adjudicating Authority. 8. The Impugned Order admitting Section 9 Application and order (s) passed by Ld. Adjudicating Authority appointing Interim Resolution Professional , declaring m ..... 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