TMI Blog2020 (2) TMI 1328X X X X Extracts X X X X X X X X Extracts X X X X ..... e National Company Law Appellate Tribunal Rules, 2016 accept the settlement reached between the parties and allow Mr. Rajeev Shetty to withdraw the application under Section 9. The Appellant is directed to comply with the Terms of Settlement dated 5th February, 2020, as recorded in the Indian Non-Judicial paper on 5th February, 2020. The Appellant will ensure that the cheques are encashed. On failure, this Appellate Tribunal may initiate Contempt Proceeding against Mr. Dhiraj Prabhu and may also direct to re-initiate the 'Corporate Insolvency Resolution Process'. This order is passed in the presence of Mr. Dhiraj Prabhu, who is present in person. It will also be open to the Appellant to prepone the payment by way of Draft and may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On 19th December, 2019, when the matter was taken up, learned counsel for the Appellant submitted that 'Leave Travel Allowance' or 'Leave Encashment' or 'Bonus' cannot be claimed as a matter of right by an employee. Therefore, the Respondent- Mr. Rajeev Shetty does not come within the definition of 'Operational Creditor' as defined under Section 5(20) (21) of the 'I B Code'. It was further informed that the Application under Section 9 with regard to the claim of 'Leave Travel Allowance' or 'Leave Encashment' or 'Bonus' was barred by limitation. Notice was issued on the Respondents and as no 'Committee of Creditors' was constituted, this Appellate Tribunal stayed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor' is an Infrastructure Housing Company on which a large number of allottees are dependant and if the 'Corporate Debtor' goes on 'Corporate Insolvency Resolution Process', then it may delay the completion, we in exercise of powers conferred under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016 accept the settlement reached between the parties and allow Mr. Rajeev Shetty to withdraw the application under Section 9. The Appellant is directed to comply with the Terms of Settlement dated 5th February, 2020, as recorded in the Indian Non-Judicial paper on 5th February, 2020. The Appellant will ensure that the cheques are encashed. On failure, this Appellate Tribunal may initiate Contempt Proceeding aga ..... X X X X Extracts X X X X X X X X Extracts X X X X
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