9911796707
TMI Blog2024 (2) TMI 1442X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy and Bankruptcy Code, 2016, (for short the Code) read with Rule 11 of the National Company Law Tribunal Rules, 2016, (for short the Rules) for revival of C.P.(IB) No. 1013 (PB)/2020 has been dismissed. 2. Shorn of unnecessary details, the Appellant filed an application under Section 9 of the Code for the Resolution of debt of 598,548 USD. During the pendency of the application, a settlement was arrived at between the parties on 09.11.2021, which was reduced into writing. In terms of the settlement, the Corporate Debtor had to pay 578,148 USD in place of 598,548 USD. The relevant Clauses of the Agreement are reproduced as under: "1. The Parties hereto agree that the Second Party shall pay to the First Party USD 578,148 (USD five hundre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant to pursue the matter anymore and she want to withdraw the Petition. In view of the statement made by the Learned Counsel for the Petitioner, the main matter stands dismissed as withdrawn. Affidavit to that affect be filed within three days. In view of the same, all these applications have now become infructuous." 4. In pursuance of the aforesaid order, the appellant also filed an affidavit on 12.12.2021, which read as under: "I, Amla Mazumdar, Daughter of Late Mr. Shailendra, aged about 68 years, residing at Meadows 5, Villa 47, Street 3, Dubai, UAE, do hereby solemnly state and affirm as follows: 1. I am the power of attorney holder of the abovenamed Operational Creditor/Applicant in the above matter and am therefore competent s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice Ltd.' Vs. `Nirmal Lifestyle Limited' in Comp. App. (AT) (Ins.) No.117/2023, decided on 15.05.2023, `Vinay Gupta' Vs. `Ashika Credit Capital Limited & Anr.' [Comp. App. (AT) Ins. No.92/2023], `Priyal Kantilal Patel' Vs. `IREP Credit Capital Private Limited & Anr.' [Comp. App. (AT) Ins. No.1423/2022] and `Ahluwalia Contracts (India) Ltd.' Vs. `Jasmine Buildmart Pvt. Ltd.', [2023 SCC OnLine NCLAT 579]. 7. On the other hand, Counsel for the Respondent has submitted that about 200,000 USD have already been paid in two payments made in terms of the settlement. It is also submitted that in the case of `SRLK Enterprises LLP' Vs. `Jalan Transolutions (India) Limited' [Comp. App. (AT) Ins. 294/2021], this Court has held that if the withdrawal ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting the revival application 3196 of 2022 when the consent term itself contemplates a clause for revival in event of default and default having been committed by the Corporate Debtor, rejection of revival is to deny the Financial Creditor rightful remedy. Non-mention of specific liberty in the Order is inconsequential in view of the clear terms in the settlement which was the basis of withdrawal of Company Petition." 10. Moreover, in case of `Ahluwalia Contracts (India) Ltd.' (supra), which was a case under Section 9 itself, the same observations have been made by this Court for the purposes of revival of the application filed under Section 9 on the ground that there was a provision made in the Settlement Agreement that in case of default, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
