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TMI Blog2024 (2) TMI 1442X X X X Extracts X X X X X X X X Extracts X X X X ..... ispute, because the matter has been settled between the Parties through a written settlement, in which one of the clauses permitted the Appellant to file an application for revival in case of breach on the part of the Corporate Debtor/Respondent. It is otherwise true that the application filed by the Applicant was initially dismissed as withdrawn on account of the settlement between the Parties and no permission was sought at the time for revival of the said application. However, in the case of IDBI Trusteeship Service Ltd. [ 2023 (5) TMI 770 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] , this Court while distinguishing the order in the case of SRLK Enterprises LLP [ 2021 (4) TMI 1358 - NATIONAL COMPANY LAW APPEL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the order dated 04.05.2023, by which an application filed by the Appellant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, (for short the Code) read with Rule 11 of the National Company Law Tribunal Rules, 2016, (for short the Rules) for revival of C.P.(IB) No. 1013 (PB)/2020 has been dismissed. 2. Shorn of unnecessary details, the Appellant filed an application under Section 9 of the Code for the Resolution of debt of 598,548 USD. During the pendency of the application, a settlement was arrived at between the parties on 09.11.2021, which was reduced into writing. In terms of the settlement, the Corporate Debtor had to pay 578,148 USD in place of 598,548 USD. The relevant Clauses of the Agreement are reproduced as und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the Learned Counsel for the Operational Creditor/Petitioner submitted that she does not want to pursue the matter anymore and she want to withdraw the Petition. In view of the statement made by the Learned Counsel for the Petitioner, the main matter stands dismissed as withdrawn. Affidavit to that affect be filed within three days. In view of the same, all these applications have now become infructuous. 4. In pursuance of the aforesaid order, the appellant also filed an affidavit on 12.12.2021, which read as under: I, Amla Mazumdar, Daughter of Late Mr. Shailendra, aged about 68 years, residing at Meadows 5, Villa 47, Street 3, Dubai, UAE, do hereby solemnly state and affirm as follows: 1. I am the power of attorney holder of the abovena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pon decisions of this Court rendered in the case of `IDBI Trusteeship Service Ltd. Vs. `Nirmal Lifestyle Limited in Comp. App. (AT) (Ins.) No.117/2023, decided on 15.05.2023, `Vinay Gupta Vs. `Ashika Credit Capital Limited Anr. [Comp. App. (AT) Ins. No.92/2023], `Priyal Kantilal Patel Vs. `IREP Credit Capital Private Limited Anr. [Comp. App. (AT) Ins. No.1423/2022] and `Ahluwalia Contracts (India) Ltd. Vs. `Jasmine Buildmart Pvt. Ltd. , [2023 SCC OnLine NCLAT 579]. 7. On the other hand, Counsel for the Respondent has submitted that about 200,000 USD have already been paid in two payments made in terms of the settlement. It is also submitted that in the case of `SRLK Enterprises LLP Vs. `Jalan Transolutions (India) Limited [Comp. App. (AT) I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat Adjudicating Authority committed error in rejecting the revival application 3196 of 2022 when the consent term itself contemplates a clause for revival in event of default and default having been committed by the Corporate Debtor, rejection of revival is to deny the Financial Creditor rightful remedy. Non-mention of specific liberty in the Order is inconsequential in view of the clear terms in the settlement which was the basis of withdrawal of Company Petition. 10. Moreover, in case of `Ahluwalia Contracts (India) Ltd. (supra), which was a case under Section 9 itself, the same observations have been made by this Court for the purposes of revival of the application filed under Section 9 on the ground that there was a provision made in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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