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2021 (12) TMI 359 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- Even if specific permission has not been sought to re-file the proceedings on the cause of action having arisen in favour of the operational creditor, once the corporate debtor has failed to comply with the terms and conditions fixed in the settlement agreement, the right of the operational creditor still subsists and he has all the rights to file this petition for enforcing the settlement agreement dated October 11, 2018 having been entered into by the parties and admitted before this Adjudicating Authority. It is no doubt true that the settlement agreement dated October 11, 2018 has indeed been a clever handiwork of a draftsman, especially designed to take the operational creditor in its fold and avoid the imminent court orders against the corporate debtor, without even paying a penny after the settlement - the operational creditor has satisfied this Adjudicating Authority on all the issues raised in opposition by the corporate debtor. The failure of the corporate debtor to comply with the terms settled between the parties is a proved default on its part and its failure to pay the instalments, the right to sue rightly accrued in favour of the operational creditor. The agreed debt forming part of the settlement agreement dated October 11, 2018 is an admitted operational debt which had to be paid off within the stipulated time but since the corporate debtor has failed to perform its obligation under the aforesaid agreement, it is certainly a default which calls for an immediate action by this Adjudicating Authority. The application filed by the operational creditor under section 9 of the Insolvency and Bankruptcy Code, 2016 for initiating corporate insolvency resolution process against the corporate debtor, BST Infratech Ltd., is hereby admitted - application admitted - moratorium declared.
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