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TMI Blog2022 (6) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... urther it is agreed that post-dated cheques 069333 to 069345 (Total 13) of different amounts shall be given by the Respondent/Corporate Debtor to the Operational Creditor towards the above-said amount. In the said settlement, it is also mentioned that the payment shall be either made through cheques or RTGS. A copy of demand draft dated 10.05.2020 of an amount of Rs. 45 lacs has also been placed on record, existing in the name of Shobha Cards Private Limited, which further indicates that the respondent has intent to pay the amount as per settlement deed. Thus, the Operational Creditor merely wants to recover that amount and not having a fair intent to trigger CIR proceedings. Had, it would have been there, the Operational Creditor might ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor failed to adhere the conditions laid down in the settlement and did not handover the cheques, accordingly, the present petition has been filed after giving a demand notice on 21.04.2022 to the Respondent. 3. Ld. Counsel for the Applicant vehemently argued that the present petition is well maintainable as the fresh notice has been issued and the Respondent/Corporate Debtor failed to make the payment as agreed vide settlement-deed dated 18.04.2022. Accordingly, prayed for issuing the notice against the Respondent/Corporate Debtor. 4. Ld. Sr. Counsel Mr. Mehra appeared on an advance notice on behalf of Corporate Debtor and argued that the Respondent herein as per the settlement dated 18.04.2022 was to make the payment either by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ason that the account has been found closed by the beneficiary. Admittedly, the parties entered into a settlement vide settlement deed dated 18.04.2022, whereby the respondents have agreed to make the payment in the following manner. 7. At the same juncture, it was also agreed that the payment may be made either through cheque or RTGS. The first instalment of Rs. 45 lacs was to be paid on 10.05.2022, accordingly, the same was attempted by the respondent/corporate debtor by virtue of RTGS in the account of M/s. Shobha Cards Private Limited, having account No. 263010200001977 lying with the Axis Bank on 09.05.2022 Axis Bank reported to the Director of Kanodia Technoplast Limited that the Account bearing No. 263010200001977 was al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ettlement deed. Thus, the Operational Creditor merely wants to recover that amount and not having a fair intent to trigger CIR proceedings. Had, it would have been there, the Operational Creditor might have not withdrawn the earlier petition. NCLT cannot be permitted to move at the whims and wishes of unscrupulous persons, as the main intent of the legislation was to keep the Corporate Debtor as going concern. The parties, who are coming forward to file the petition under Section 7 or 9 of the code with malicious intent to initiate CIR proceedings are to be curbed at the very outset. NCLT cannot allowed to become Recovery Tools for such like litigants. This proposition has been consistently held by Hon'ble Apex Court. 9. In view of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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