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TMI Blog2020 (4) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... sideration, a joint Memo of withdrawal/settlement has been filed stating that the Operational Creditor and the Corporate Debtor have entered into a mutual settlement pertaining to the debt due to the Corporate Debtor. Hence they prayed before this Tribunal to permit them to withdraw the above application. Application dismissed as withdrawn. - TIBA NO. 37 (KOB) OF 2019 - - - Dated:- 11-12-2019 - Ashok Kumar Borah, Judicial Member And Veera Brahma Rao Arekapudi, Technical Member Akhil Suresh, Adv. for the Applicant. Ranju Mohan, Adv. for the Respondent. ORDER 1. This Application has been filed by, Mr. Rajendra Jain, Unit Head, Mangal Electrical Industries Pvt. Ltd (Hereinafter referred as the 'Operational Credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to pay the outstanding amount as per the statement of account.(Annexure- 5 with the application) 4. The Counsel for Operational Creditor further submitted that the Corporate Debtor vide e-mail dated 24.04.2018 has acknowledged the liability towards the Operational Creditor (Annexure-6 with the application). The Operational Creditor had sent demand notice dated 02.07.2019 of the unpaid operational debt, which was duly delivered to the Corporate Debtor. The Corporate Debtor vide reply dated 15.07.2019 replied to the demand notice sent by the Operational Creditor and admitted the liability towards the Operational Creditor. The dispute regarding the supply is misconceived due to the fact that there is an admission of liability several times ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wal/settlement has been filed stating that the Operational Creditor and the Corporate Debtor have entered into a mutual settlement pertaining to the debt due to the Corporate Debtor. Hence they prayed before this Tribunal to permit them to withdraw the above application. In the Memo of understanding entered into between the Operational Creditor and Corporate Debtor it is stated as under: It is agreed between both the parties that the 1st party will pay ₹ 2,00,00,000/- (Two Crores Only) within 30 days from the date of signing of this agreement and pay ₹ 50,00,000/- (Fifty Lakhs Only) on every consecutive month for which post-dated cheques are being issued. The details of post-dated cheques are provided as under: Cheque no: ..... X X X X Extracts X X X X X X X X Extracts X X X X
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