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2022 (6) TMI 105 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues/defaulting settlement deed - Operational Creditors - existence of debt and dispute or not - HELD THAT:- On behalf of the Applicant herein the settlement deed dated 20.04.2022 has been placed on record, wherein it is clearly mentioned that an amount of Rs. 5,25,00,000/- to be paid by the Corporate Debtor to the Applicant and out of the settled amount of Rs. 2,01,92,143/- shall be payable against the principal and Rs. 3,23,07,857/- shall be payable towards interest to the Operational Creditor. Further 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 Had, it would have been there, the Operational Creditor might have not withdrawn the earlier petition.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 Tribunal is of affirm view that the no cause of action has arisen to initiate CIR proceedings and the present applicant has also not come with clean hands to trigger the same - application not maintainable and is dismissed.
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