9911796707
TMI Blog2017 (7) TMI 1328X X X X Extracts X X X X X X X X Extracts X X X X ..... from the side of the Applicant and Respondent. 2. In this case an Order was passed on 05th July, 2017 by invoking the jurisdiction under section 9 of the 1B Code and held as under:- "7. Having considered the totality of the Circumstances and the Application/Petition for initiation of Insolvency Resolution Process under the I&BP Code, 2016 and having considered the default of the Corporate Debtor in making the payment as discussed supra, it is hereby pronounced that the "Moratorium Mas prescribed under Section 14 of the Code 2016 shall come into operation. As a result, institution of any suit or parallel Proceedings before any Court of Law are prohibited. The assets of the Debtor liquidated the Insolvency Process is completed. However, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Private Limited, the Respondent abovenamed. 2. Parties have agreed to settle all disputes, differences and claims them arising out of the Work Order dated 7 March 2016, entered into between the Applicant and Respondent abovenamed for the hiring Of a Spud Barge (AF-180) for Marine Geotechnical work for the Mumbai Trans Harbour Link, also known as the Sewri-Nhava Sheva Trans Harbour Link ("Work"), on the following terms and conditions: a. Simultaneous to the signing fo these Consent Terms, the Respondent shall pay the agreed settlement amount to Applicant of (Indian Rupees Thirty Five lakhs) ("Agree Settlement Amount") by way of a Demand Draft drawn on Kotak Mandira Bank, Kalina Branch, Mumbai bearing NO. 23414 dated 18 July 2017 ("Dem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia Construction Pvt Ltd., (Corporate Debtor) Vs. Nisus Finance and Investment Manager (Corporate Creditor) (Civil Appeal No. 9279 of 2017) this question was addressed by invoking the provisions of Article 142 of Indian Constitution and held that the settlement between the parties is to be considered by invoking Article 142 to pass such order as is necessary for doing complete justice. The Hon'ble Court has held that even after a Petition has been filed and admitted in NCLT it is worthy to allow out-of- court bilateral settlement between the Borrower and the Creditor. 6. Respectfully following the above decision of the Hon'ble Court, once a Settlement Deed is on record wherein the Debtor has agreed to make the impugned payment of R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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