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2022 (5) TMI 914 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCHSeeking winding up of the Respondent/Corporate Debtor - Section 433(e) and Section 433(f) r/w. Section 434 of the Companies Act, 1956 - HELD THAT:- It is seen from the records that already a Settlement Agreement was entered into between the parties on 25.07.2017 in and by which the Corporate Debtor is liable to pay a sum of 65,000,000 JPY on or before September 2018. There is no dispute in relation to the same. However, it is seen from the record of proceedings that the Corporate Debtor has violated the terms of the said settlement Agreement and seeking time to settle the matter. Hence, the 'debt' and 'default' on the part of the Corporate Debtor is proved beyond reasonable doubt and under the said circumstances, there are no other option available, than to initiate Corporate Insolvency Resolution Process as against the Corporate Debtor. Since the present Petition is admitted, the restraining order passed against the property situated Arcot Road, comprised in T.S. No. 5/11, stands intact. Application admitted - moratorium declared.
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