TMI Blog2018 (11) TMI 1689X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Debtor and the application filed by the Financial Creditor - L T Finance Limited was in order, the Adjudicating Authority having admitted the application, we find no ground to interfere with the said impugned order. Settlement with the Financial Creditor - L T Finance Limited - HELD THAT:- If Settlement has been made, on the basis of such settlement, we cannot grant any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For Respondents: - Mr. Navneet Gupta, Advocate. ORDER Admittedly, M/s. Meka Dredging Company Private Limited - ( Corporate Debtor ) failed to pay the debt and having defaulted to pay the amount, the Respondent- M/s. L T Finance Limited - ( Financial Creditor ) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ( I B Code for short ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y settlement with the other Financial Creditor namely- ARCIL . 4. Learned counsel appearing on behalf of the ARCIL submitted that a settlement agreement was reached before initiation of the Corporate Insolvency Resolution Process but the Corporate Debtor having failed to pay in terms of the settlement the settlement was revoked. However, we are not inclined to go into the questi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... easons aforesaid, while we do not grant any relief to the Appellant, we make it clear that this order will not come in the way of the parties to settle the matter, if they do not want liquidation and may move before the appropriate forum for appropriate relief. The appeal and the Interlocutory Application stand disposed of with aforesaid observation. No cost. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
