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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 ..... 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. The Corporate Debtor is directed to settle the remaining claims as expeditiously as possible, but not later than 3 months, and communicate this decision to all the concerned parties - petition disposed off. - C.P. (IB) No. 188/BB/2019 - - - Dated:- 28-2-2020 - Rajeswara Rao Vittanala and Ashutosh Chandra, JJ. For Appellant: Nikhil K. and Amit Mandgi ORDER Ashutosh Chandra, J. 1. C.P.(IB) No. 188/BB/2019 is filed by Brig. E S Krishnamurthy 82 Others ('Petitioner/Financial Creditor') U/s 7 of the IBC, 2016, R/w Rule 4 of the I B(AAA) Rules, 2016, by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... between the parties. The Financial Creditor has agreed to settle the matter upon receipt of the total sum of INR 17,00,000/- (Rupees Seventeen Lakhs Only) towards return of principal amount invested and ₹ 2,00,000/- (Rupees Two Lakhs Only) towards interest. The Corporate Debtor has assured the Financial Creditor to make payment of the sum of INR 17,00,000/- (Rupees Seventeen Lakhs Only) by way of post-dated cheques and based upon the Corporate Debtor's assurance to make payment as agreed herein, the Financial Creditor has agreed to accept the same as full and final settlement and has further agreed to forego the amount of interest which would have otherwise been due and payable to the Financial Creditor. (2) The Financial Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Only) will become due and payable by the Corporate Debtor to the Financial Creditor. (3) The Corporate Debtor agrees and undertakes to this Tribunal not to commit any default in paying the instalments at any given time and to comply with Clause 3 (iii) hereinabove. If at all the Corporate Debtor fails to pay all or any part of the settlement amount on the due dates or to issue the TDS certificate this settlement becomes null void and the Financial Creditor will be at liberty to continue the case against the Corporate Debtor under the provisions of the IBC, 2016 or any other law for time being in force. The Financial Creditor agrees that the settlement amount is in full and final settlement of all its dues as mentioned in the Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent submits that subsequently they have settled the claims of about 140 Creditors. 6. It is not in dispute that the Corporate Debtor with bona fide intention is exploring the possibility of the settlement in question and the project is in advanced stage of completion, and if the Company is put under CIRP, interest of all the Home Buyers as well as other Creditors will be in jeopardy. He further submits that the Corporate Debtor is taking all steps to settle the remaining claims of the Petitioners as well as other Creditors within a time frame. Lists showing the number of cases settled and those remaining have been filed. 7. It is a settled position of law that this procedure under the Code is contemplated to be summary in nature, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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