TMI Blog2021 (1) TMI 1111X X X X Extracts X X X X X X X X Extracts X X X X ..... ttlement agreement. When a settlement has been arrived between the parties, it is duty bound by the Corporate Debtor to make good the payments proposed in that settlement. They cannot go back making various allegations including maintainability of the IBA after making default in the payment agreed to between the parties. The contention regarding the application is not maintainable as the order stipulates for filing a fresh application cannot be accepted because merely on technicalities the Corporate Debtor cannot wash away their hands from complying with the conditions stipulated in the final order passed by this Tribunal - Application allowed. - IA No. 02/KOB/2021 in IBA/13/KOB/2020 - - - Dated:- 28-1-2021 - Hon ble Mr. Ashok Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the NCLT Rules to recall the order passed by this Tribunal on 25.8.2020 in IBA/13/KOB/2020 and permit them to settle the matter. Along with the application Form FA for withdrawal of Corporate Insolvency Resolution Process has been filed, duly signed by the applicant in IBA No.13/KOB/2020 M/s Sri Ramani Resorts and Hotels Pvt. Ltd. stating that on 26.8.2020 settlement has been arrived for a total sum of ₹ 2,25,00,000/- (Rupees two crores twenty-five lakhs only) as full and final settlement of the entire claim between the Corporate Debtor M/s Sree Bhadra Parks and Resorts Limited on the following terms: (a) M/s Sree Bhadra Parks and Resorts Limited have paid a sum of ₹ 1,00,000/ on 26.8.2020. (b) Cheque dated 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t due to be paid to him. 8. In view of the settlement arrived between the parties by filing Form FA before this Tribunal and that the IRP stated that he has received his fees, the IBA/13/KOB/2020 stands disposed of. However, the applicant is at liberty to file fresh application, if the Corporate Debtor has not complied with the conditions stipulated in the settlement as mentioned in Form FA. 3. However, the applicant submits that the Corporate Debtor did not come forward to make the payment towards settlement which was due as on 30th November, 2020 and sought time several times. The Corporate Debtor sought time to make payment, but in the meantime they were trying to sell the assets of the Corporate Debtor, which is a clear ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irector Palani Shanmugham (PR Shanmugham) verified and signed the applications and affidavits stating that he is director of the company. However, both the Directors have been disqualified under Section 164(2) of the Companies Act, 2013 w.e.f. 1.11.2016 to 31.10.2020. It is further stated that by fraud the applicant/financial creditor obtained an order from this Tribunal, as the application has been filed by an incompetent person. It is also stated that this Tribunal by order dated 24.9.2020 granted liberty to the applicant to file fresh application, if the Corporate Debtor did not comply with the conditions stipulated in the settlement. Hence, if the applicant is aggrieved, he has to file a fresh application. They have also made so many al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of DIN, the DIN of the respective directors shall be reactivated within 30 days of the date of receipt of a copy of this order. Nonetheless, we make it clear that it is open to the ROC concerned to initiate action with regard to the disqualification subject to an enquiry to decide the question of attribution of default to specific directors by taking into account the observations and conclusions herein. No costs. Consequently connected miscellaneous petitions are closed. 5. In view of the above decision, the contention regarding the disqualification of the directors will not stand. The question is only the date of removal of disqualification, which have no much relevance in this matter, as the question here is only whether the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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