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TMI Blog2023 (12) TMI 752X X X X Extracts X X X X X X X X Extracts X X X X ..... rted assignment deed dated 03.02.2023. C. Direct the Defendant No. 1 to produce books of accounts of 'Chandigarh Overseas Pvt. Ltd.' depicting the amount due as per the terms of settlement agreement dated 27.09.2021. D. Award damages to the tune of Rs. 1,40,000/- to be awarded in favour of the plaintiff and against the Defendants. E. Pass a decree of awarding cost and litigation expenses of the present litigation. D. Pass any other orders that this Hon'ble Court may deem fit and proper." 3. The subject matter of the present suit is an assignment deed dated 03.02.2023, which is stated to have been executed between the defendant No. 1 and defendant No. 2, whereby the defendant No. 1 has assigned the debt owed to it by COPL, to defendant No. 2 i.e., Mr. Sanjeev Chadha. 4. The plaintiff, by means of the present suit has sought that the said assignment deed dated 03.02.2023 be declared as invalid and non-est in law and thus not binding upon the plaintiff. The plaintiff has also prayed that defendant No. 1 be directed to produce books of accounts with respect to COPL, depicting the amount due as per the terms of a settlement agreement dated 27.09.2021 stated to have been e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an amount of Rs. 15,00,000/-. 10. It was also agreed in the aforesaid settlement agreement dated 27.09.2021 that in case the cheques offered by COPL to defendant No. 1 were dishonored on their first presentation, the defendant No. 1 shall be entitled to continue with the existing Section 9 proceedings before the NCLT Chandigarh and shall be entitled to claim the entire amount of Rs. 92,70,000/- (after adjusting the amount received). It was also agreed between the parties that after final payment was received by defendant No. 1, COPL and defendant No. 1 would make a joint request before the NCLT to dispose of the pending Section 9 petition filed by defendant No. 1. 11. Thereafter, two cheques for Rs. 20,00,000/- and Rs. 15,00,000/- issued by COPL as aforesaid, were dishonored and as a result, the settlement agreement dated 27.09.2021 stood breached by COPL. The NCLT vide order dated 27.02.2023 passed in the Section 9 petition inter alia observed that due to the non-adherence of the settlement agreement dated 27.09.2021 by COPL, the total operational debt which was due and payable by COPL to defendant No. 1 was now Rs. 92,70,000/- and resultantly, the Section 9 petition preferred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is subject to Delhi Jurisdiction. ii. The existence of the assignment deed dated 03.02.2023 came to the knowledge of the plaintiff when the impleadment application bearing I.A. No. 1122/2023 came to be filed by defendant No. 2 on 13.03.2023 before the NCLAT, New Delhi Bench. It is submitted that since the plaintiff learnt about the existence of the assignment deed dated 03.02.2023 when it was filed in NCLAT, New Delhi, the cause of action has arisen in New Delhi. 18. Per contra, the learned counsel for the defendant No. 2 opposes the present suit on the ground that this court lacks the jurisdiction to adjudicate the present suit and therefore, the present suit is not maintainable before this court. It is averred by the learned counsel for the defendant No. 2 that this court lacks the jurisdiction to adjudicate the present suit on two counts: i. Territorial jurisdiction - No part of cause of action has arisen within the territorial jurisdiction of this court; and ii. Subject matter jurisdiction - The suit is barred in view of Section 231 of the Insolvency and Bankruptcy Code, 2016. 19. It is submitted on behalf of defendant No. 2 that the settlement agreement dated 27.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor has not been able to clear the dues of the Operational Creditor in last 8 years and the cheques given by the Corporate Debtor were dishonoured and Settlement Agreement dated 27.09.2021 was breached. The facts clearly indicate that the Corporate Debtor needed resolution of its insolvency. The fact that after the Appeal was dismissed by this Tribunal admitting CIRP process and after the order of Hon'ble Supreme Court dated 14.07.2023, Corporate Debtor for the first time in an application I.A. No. 1571 of 2023 has come forward with case that he shall make payment as per the Settlement Agreement of the dues, does not absolve the Corporate Debtor from its breaches and failure, which has been noted above. ii) Secondly, the Homebuyers who have been impleaded by the Adjudicating Authority by order dated 25.07.2023 in I.A. No. 1571 of 2023 are now respondent in this Appeal and they have stated that Section 7 application has been filed by the Homebuyers against the Corporate Debtor in the year 2020 which proceedings have been going against the Corporate Debtor from 2020. The Homebuyers have filed the Section 7 proceeding for an amount of more than Rs. 121 Crores. Learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... having perused the record, this court finds merit in the submissions made on behalf of defendant No. 2. 26. It is evident from the aforementioned judgment dated 23.08.2023 and order dated 06.09.2023 that the settlement efforts made by the plaintiff have all come to a nought and the same has been pronounced upon in the proceedings before NCLT/ NCLAT. Vide order dated 04.07.2023 passed by the NCLAT, which was subsequently upheld by the Supreme Court, it has been held that since the cheques given by the plaintiff in terms of the settlement agreement dated 27.09.2021 were dishonored, the settlement agreement was breached, and that therefore "The Settlement Agreement having breached, the Appellant cannot insist to accept the Settlement Agreement at this stage.". 27. The reliance placed by the counsel for the plaintiff on the settlement agreement dated 27.09.2021 to invoke jurisdiction of this court is entirely misplaced not only for the reason that the same has been pronounced upon by the NCLAT at the behest of the plaintiff itself, but also because ex-facie, the same has no nexus with the assignment deed dated 03.02.2023, with regard to which prayers have been sought in the present ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt or tribunal shall stand transferred to the Adjudicating Authority dealing with insolvency resolution process or liquidation proceeding of such corporate debtor. (4) The National Company Law Tribunal shall be vested with all the powers of the Debt Recovery Tribunal as contemplated under Part III of this Code for the purpose of sub-section (2). (5) Notwithstanding anything to the contrary contained in any other law for the time being in force, the National Company Law Tribunal shall have jurisdiction to entertain or dispose of- (a) any application or proceeding by or against the corporate debtor or corporate person; (b) any claim made by or against the corporate debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and (c) any question of priorities or any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under this Code. (6) Notwithstanding anything contained in the Limitation Act, 1963 or in any other law for the time being in force, in computing the period of limitation specified for any suit or application b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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