TMI Blog2021 (6) TMI 702X X X X Extracts X X X X X X X X Extracts X X X X ..... . Hence, if terms of compromise are not honoured, there the IBA shall be reverted to its original position and the Adjudicating Authority shall take up the same for Adjudication. The Hon'ble Supreme Court also in the matter of Ess Investments vs. Lokhandwala Infrastructure [ 2020 (6) TMI 597 - SUPREME COURT ] held that the National Company Law Tribunal can restore a 'Petition' which was dismissed as an 'infructuous one'. Application allowed. - IA/555/IB/2020 in IBA/1352/2019 - - - Dated:- 10-6-2021 - Sucharitha R., Member (J) And Anil Kumar B., Member (T) For the Appellant : Jayesh Dolia, Advocate for Aiyar Dolia For the Respondents : K.S. Ravichandran, PCS ORDER Sucharitha R., Member (J) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of default as claimed by the Respondent i.e. 15.05.2020 is not correct. 3. In the written submission filed on 19.02.2021 by the Corporate Debtor, it is contended that (i) The Corporate Debtor had already paid the first instalment of ₹ 9,27,500/- on 11.03.2020 and second instalment of ₹ 15.04.2020 as per the schedule of payment provided in the Joint Compromise Memo and the subsequent default has occurred only with respect to amounts payable from 15.03.2020 aggregating to an amount of ₹ 37,09,580/-. Thus, in the present case, the date of initiation of Section 9 application bearing IBA/1352/2019 which was filed on 11.11.2019 cannot be a date of default. (ii) The Respondent cited the order of the Hon'ble NCLT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rused the records placed on file. In the present case, the prayer of the operational creditor becomes pertinent in light of the fact that the minimum threshold of default under section 4 of IBC 2016 has been raised from Rupees One Lakh to Rupees One Crore vide Notification F. No. 30/09/2020 dated 24th March, 2020 issued by the Ministry of Corporate Affairs. Further, if we did not revive the IBA, it will give further room to the Corporate Debtor to violate settlement arrived before 24.03.2020, they defeat the very spirit of IBC. Hence, if terms of compromise are not honoured, there the IBA shall be reverted to its original position and the Adjudicating Authority shall take up the same for Adjudication. 5. The Hon'ble NCLAT in the matt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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