TMI Blog2019 (5) TMI 1854X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 to trigger CIRP against the corporate debtor. Further, the unpaid instalment as per the settlement agreement cannot be treated as operational debt as per section 5(21) of the IB Code. The failure or breach of settlement agreement cannot be a ground to trigger CIRP against the corporate debtor under the provision of the IBC, 2016 and remedy may lie elsewhere not necessarily before the Adjudicating Authority. This application under section 9 of the IBC is liable to be rejected - Application dismissed. - Company Petition (IB) No. 343 /ALD/ 2018 - - - Dated:- 14-5-2019 - H. P. CHATURVEDI Judicial Member and MS. SAROJ RAJWARE Technical Member Anshul Kumar Singhal for the applicant/operational creditor. None for the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operational creditor stated that the corporate debtor had placed a purchase order on December 12, 2015 with the operational creditor for supply of 9 KVAR capacitors for 25 KVA transformers and meter boxes for 25 KVA 3 phase/16 KVA 1 phase and stated that goods were sup plied as per purchase order. Purchase order and various invoices are annexed as annexures I and II of the application. (iii) The applicant stated that they addressed the invoice on June 10, 2016 to the corporate debtor, despite which the corporate debtor has failed and neglected to make payment. Hence they served demand notice dated April 11, 2018 for as per rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for which there was no r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anding demand. The applicant send demand notice dated April 6, 2018 and thereafter both the parties agreed to the settlement and in accordance signed settlement agreement dated May 25, 2018 whereby the corporate debtor agreed to pay full payment in two instalment one of ₹ 20,00,000 on or before May 31, 2018 and second of ₹ 22,41,034 on or before June 30, 2018. As per the applicant, corporate debtor paid first instalment but failed to pay the second instalment as per agreement, hence by this insolvency petition they have claimed outstanding debt of second unpaid instalment amount, i. e., ₹ 22,41,034. 9. Hence, question for consideration in this application is that whether unpaid amount in settlement agreement amounts to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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