TMI Blog2022 (7) TMI 1409X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed in terms of the consent terms, Clause 8 itself shall be treated to be part of the order which shall entitle the Financial Creditor to revive the petition in the event of any default. Judgment of this Tribunal which has been relied by the Respondent in Krishna Garg and Anr. vs. Pioneer Fabricators Pvt. Ltd. [ 2021 (2) TMI 1344 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] was a case where neither settlement terms were filed nor the same were brought on the record - The facts in the present case are distinguishable from the above case as Consent Terms were filed and also were taken on record by the Adjudicating Authority. When the Adjudicating Authority allowed the application filed, the Consent Terms were also taken record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atements for the purpose of withdrawal of aforesaid Application in terms of present consent terms. The Financial Creditors will file an Application seeking withdrawal of the said Petition i.e. IB-2340(ND)/2019 before the Hon ble National Company Law Tribunal, New Delhi Bench IV. The Corporate Debtor/ Party of Second Part shall make submission before the National Company Law Tribunal, New Delhi Bench IV acknowledging the execution of the present Consent Terms. The Financial Creditor shall be entitled to revive the said Petition IB-2340(ND)/2019 in the event of any default of the terms of the present Consent Terms on the part of the Corporate Debtor. 3. In pursuance of the Consent Terms, the Adjudicating Authority passed following ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Anr. vs. Pioneer Fabricators Pvt. Ltd. which has also been relied by the Adjudicating Authority in Para 7 of the impugned order. 6. We have considered submissions of learned counsel for the parties and perused the record. 7. The Consent Terms in Clause 8 as has been extracted above clearly entitle the Financial Creditor to revive the Section 7 petition in event any default of the terms of the Consent Terms. Further, the order dated 05.02.2020 cannot be read as an order by which Consent Terms has not been taken on record when by the said order application filed alongwith the consent terms under Rule 11 of NCLT rules, 2016 was taken on record and was allowed. When the application was allowed in terms of the consent terms, Clause 8 itse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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