TMI Blog2020 (5) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... Company Law Appellate Tribunal Rules, 2016, we accept the terms of settlement and set aside the impugned order dated September 3, 2019 and release the corporate debtor from rigour of corporate insolvency resolution process . The interim resolution professional will handover the assets and records to the corporate debtor / promoter - the order passed by the learned Adjudicating Authority appointing interim resolution professional , declaring moratorium and all other order(s) passed by the Adjudicating Authority pursuant to impugned order and action taken by the resolution professional are set aside. Appeal allowed. - Company Appeal (AT) (Insolvency) No. 967 of 2019. - - - Dated:- 16-10-2019 - Sudhansu Jyoti Mukhopadhaya J. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iberty to operational creditor to accept the same and if they refuse it, they should give it in writing. 3. Today, when the matter has been taken up, it is informed that the settlement has been reached between the parties and a total sum of ₹ 53,40,453 has been paid by demand draft. The copy of the terms of settlement has been placed on record, which is as follows : Settlement agreement This settlement agreement is being made in duplicate sets and executed at Chandigarh on this 11th day of October, 2019 amongst : Between Mr. Vivek Verma, S/o. Late Sh. Nand Kumar Verma, aged about 53 years, R/o. H. No. 485, Sector 8, Panchkula, Haryana-134109, being the shareholder of M/s. Spray Engineering Devices Ltd., hereinafter r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... individual capacity without prejudice to the rights of company which is under CIRP. And whereas the second party filed the case under section 9 claiming as one of the operational creditors of M/s. Spray Engineering Devices Ltd., on the basis of various invoices raised between February 29, 2008 to October 1, 2009. The second party also stated in the petition that the invoices were raised towards consulting engineering services being rendered to M/s. Spray Engineering Devices Ltd., therefore a total amount of debt of ₹ 53,40,453 (including interest) which was due and payable on behalf of M/s. Spray Engineering Devices Ltd., as per the order of the hon'ble National Company Law Tribunal, Chandigarh. And whereas the hon'ble N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs the application under section 9 was filed which has been admitted. The other ground taken by the appellant is that the appellant is ready with the demand draft dated September 11, 2019 to pay the entire dues claimed as were made in the demand notice under section 8(1) and application under section 9 of the 'Insolvency and Bankruptcy Code, 2016'. However, the respondent-'operational creditor' is not accepting the amount therefore, it is submitted that the application under section 9 was filed by the respondents with intent other than the 'resolution' or 'liquidation', as prohibited in terms of section 65 of the 'I and B Code'. Let notice be issued on the respondents by speed post. Requisite a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... witnesseth as under : That both first party and second party have mutually agreed and arrived at an amicable settlement of the subject matter of section 9 petition which was filed by the second party against M/s. Spray Engineering Devices Limited, which subsequently got admitted by the hon'ble National Company Law Tribunal, Chandigarh. It is made clear that first party has agreed and arrived settlement in his individual capacity and not on behalf of M/s. Spray Engineering Devices Limited which is currently under CIRP. Terms of settlement 1. That both the parties have agreed that in terms of the order dated September 19, 2019 passed by the hon'ble National Company Law Appellate Tribunal, New Delhi, the first party has paid a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lhi about the acceptance of the amount and consequent to that withdrawal of petition by the second party. That both the parties mutually agreed to get the appeal disposed of in terms of this agreement and withdrawal of section 9 petition. 6. That it is agreed between the parties to pay the CIRP cost as well as the IRP fee be shared equally. 7. This agreement shall ensure to the benefit of and will be binding upon the respective heirs, executors, administrators, successors and permitted assigns of both the parties hereto. In witness whereof, the parties here unto have set their hands on this 11th day of October, 2019 at Chandigarh. 4. As per the terms of settlement, both the parties agreed to share the cost and fee of the inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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