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2020 (9) TMI 474 - NATIONAL COMPANY LAW TRIBUNAL BENGALURU BENCHMaintainability of petition - initiation of CIRP - Corporate Debtor has committed default for a total outstanding amount - Petitioner and Respondent submit that the Parties are inclined to settle the matter, however, the Respondent has not provided a settlement schedule acceptable to the Petitioner - HELD THAT:- As the parties have come forward to settle the matter, and the Respondent is seeking a staggered schedule of payments as terms of settlement, at this point we would not go into the merits of the claim or the dispute, and allow time to the Petitioner and the Respondent to settle the matter mutually. If the settlement fails, the Petitioner would be at liberty to file a fresh petition for admission - the Respondent's plea that it be given some more time to negotiate/settle/clear the debt needs to be accepted, and the Respondent/Corporate Debtor be directed to settle the debt at the earliest in consultation with the Petitioner/Operational Creditor, considering the amount involved and the present economic scenario, despite the argument of the Petitioner that it is a fit case for admission. Petition is disposed of by directing the Respondent/Corporate Debtor to repay the debt or the amount as settled with the Petitioner within a period of four months, failing which, the Petitioner would be at liberty to file a fresh petition for admission.
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