9911796707
TMI Blog2021 (3) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... plicant to approach the appropriate forum, in case of failure in implementing the Settlement Agreement by the Corporate Debtor. Application disposed off. - MA No. 01/KOB/2020 and IA No. 166/KOB/2020 in MA/01/KOB/2020 in IBA/145/2019 - - - Dated:- 17-2-2021 - Hon ble Mr. Ashok Kumar Borah , Member ( Judicial ) For the Applicant : Shri Maulik Nanavati , Advocate For the Respondent : Mr. Sherry Samuel Oommen , Advocate ORDER This MA has been filed by the Operational Creditor in CP(IB)No.IBA/145/2019 to revive the application filed by the applicant under Section 9 of the Insolvency and Bankruptcy Code, 2016. 2. The brief facts are that the Operational Creditor filed CP(IB) No.IBA/145/2019 before the NCLT, Chennai Be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he requested for time to produce the settlement agreement. On 15th December, 2020 the learned counsel for the applicant stated that the settlement proposal is still in progress and again sought time to file the settlement agreement. Again, on 8th January, 2021 the leaned counsel for the applicant stated that the Operational Creditor received Rs. One Lakh on 23.12.2020 from the Corporate Debtor and that the settlement agreement will be filed without delay. The Tribunal observed that this is a long pending case and an early disposal is required and directed both parties to cooperate for early disposal of the matter. 4. On 12.02.2021 when the matter was taken up for hearing, the learned counsel for the applicant stated that the parties hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 6,06,880/- (Rupees Six Lakhs Six Thousand Eight Hundred and Eighty only) on or before April 30,2022 (F) ₹ 6,06,880/- (Rupees Six Lakhs Six Thousand Eight Hundred and Eighty only) on or before August 31,2022 (G) ₹ 6,06,880/- (Rupees Six Lakhs Six Thousand Eight Hundred and Eighty only) on or before December 31,2022 (H) ₹ 6,06,880/- (Rupees Six Lakhs Six Thousand Eight Hundred and Eighty only) on or before April 30, 2023 (I) ₹ 6,06,880/- (Rupees Six Lakhs Six Thousand Eight Hundred and Eighty only) on or before August 31,2021 (J) ₹ 6,06,880/ - (Rupees Six Lakhs Six Thousand Eight Hundred and Eighty only) on or before December 31, 2023 (K) ₹ 6,06,880/- (Rupees Six Lakh Six Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Settlement Agreement are fair and reasonable and have been entered into after full appreciation of its various clauses and implications. (H)The Parties acknowledge that on payment of settlement amount in full, no party shall have any claim against each other. (I) This agreement constitutes the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter. (J) Both Parties shall sign a joint application seeking withdrawal of their respective applications pending before the Hon ble NCLT, Kochi. 6. I have heard the learned counsel for the applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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