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TMI Blog2020 (2) TMI 1553X X X X Extracts X X X X X X X X Extracts X X X X ..... 'Corporate Debtor/Respondent'), on the ground that the Corporate Debtor has committed default for total amount of Rs. 33,84,32,493/- (Rupees Thirty Three Crores Eighty Four Lakhs Thirty Two Thousand Four Hundred and Ninety Three Only). 2. The case was listed for admission on various dates viz. 06.06.2019, 10.06.2019, 20.06.2019, 10.07.2019, 16.07.2019, 26.07.2019, 22.08.2020, 11.09.2019, 18.09.2019, 24.10.2019, 05.11.2019, 22.11.2019, 20.12.2019 & 29.01.2020, and it was adjourned on these dates at the request of parties, to serve the notice, to explore the possibility of the settlement etc. 3. Heard Shri Nikhil K., learned Counsel for the Petitioner and Shri Amit Mandgi, learned Counsel for the Respondent. We have carefully peruse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and undertakes to pay and the Financial Creditor agrees to accept a sum of INR 17,00,000 (Rupees Seventeen Lakhs Only) (hereinafter referred to as the 'Settlement Amount') in full final settlement of the outstanding sum due, referred in the above Company Petition. b) The Corporate Debtor has till date paid a sum of INR 5,71,100/- (Rupees Five Lakhs Seventy One Thousand One Hundred Only) to the Financial Creditor towards Principle, the receipt of which is accepted by the Financial Creditor. The aforementioned amount will be deducted from the principle amount of Rs. 15,00,000/- (Rupees Fifteen Lakhs Only). The balance amount of INR 9,08,900/- (Rupees Nine Lakhs Eight Thousand Nine Hundred Only) and Rs. 2,00,000/- (Rupees Two Lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Financial Creditor in the Company Petition with respect to the financial debt more particularly mentioned in the said Company Petition read with the affidavit in support of the petition. (4) It is hereby agreed by the parties hereto that all disputes between the parties, earlier correspondence, writings or agreements if any, claiming any dues, costs, damages against each other which are the subject matter of this petition shall stand withdrawn, revoked and waived, provided the payment of the settlement amount along with TDS certificate is made by the Corporate Debtor to the Financial Creditor and as statutorily required as mentioned hereinabove, time being of the essence. On realisation of the Settlement Amount as aforesaid stated here ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor and an amount of Rs. 27.25 crore has been paid to them. 13 claims/Petitioners before us have been settled, 40 are in the process of settlement and 39 pending settlement. Thus the process of settlement appears to be progressing in all seriousness. Instead of examining all the individual claims in detail, we would like to dispose of the instant case by directing the Corporate Debtor to settle all the remaining claims sincerely within a definite time frame. 8. In view of the above narrated facts and circumstances of the case, C.P.(IB) No. 188/BB/2019 is disposed of with the following directions: a. The Corporate Debtor is directed to settle the remaining claims as expeditiously as possible, but not later than 3 months, and commu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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