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TMI Blog2020 (1) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 3rd September, 2019 passed by the Adjudicating Authority initiating Corporate Insolvency Resolution Process against M/s Jagtar Singh and Sons Hydraulics Private Limited conditionally, subject to the compliance of the Terms of Settlement by the end of August, 2020. Terms of Settlement as recorded by the Hon ble Mediator should be treated to be order and direction of this Appellate Tribunal to be complied by all the parties including the Promoters of M/s Jagtar Singh and Sons Hydraulics Private Limited (Corporate Debtor); Parvinder Singh, Authorized Representative; Intec Capital Ltd. And Interim Resolution Professional. In the present, whole process practically stands suspended for compliance of the Terms of Settlement. The C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, 2019, while the Appellant was substituted, learned counsel for the Appellant submitted that the Appellant on behalf of the Promoters is ready to settle the claim of the Financial Creditor. If necessary, they are ready to move before a Mediator , who may be appointed by this Appellate Tribunal. It was also submitted that Committee of Creditors has not been constituted till date. 3. For the said reason, the Interim Resolution Professional was while directed to ensure that the Corporate Debtor remains a going concern, also directed not to constitute Committee of Creditors, if not constituted, to enable the parties to reach amicable settlement. 4. Mr. Ketan Madan, learned counsel appearing on behalf of the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Piyush Moona, Interim Resolution Professional, who is present before this Appellate Tribunal will receive the amount in terms of the Settlement Terms. 10. In the fact and circumstances, in the light of decision of Hon ble Supreme Court in Swiss Ribbons Pvt. Ltd. Anr. Vs. Union of India Ors. , Writ Petition (Civil) No. 99/2018, reported in 2019 SCC OnLine SC 73 and in exercise of power conferred under Rule 11 of NCLAT Rules, 2016, we set aside impugned order dated 3rd September, 2019 passed by the Adjudicating Authority initiating Corporate Insolvency Resolution Process against M/s Jagtar Singh and Sons Hydraulics Private Limited conditionally, subject to the compliance of the Terms of Settlement by the end o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of salaries/wages of Directors; Officers; employees ; workmen; current bills of the suppliers, electricity/water bills etc. However, it will not transfer any amount in favour of any shareholder or related party till the compliance. 13. It will be open to the parties to file appropriate application in this appeal for revival of the matter, in case of default. 14. The appeal stands disposed of with aforesaid observations and directions. No costs. 15. Let the Mediation Report filed by the Hon ble Mediator be kept in a sealed cover alongwith the record. 16. Let the disposed of appeal be listed for reporting of compliance on 7th September, 2020 . - - TaxTMI - TMITax - Inso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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