M.K. Shrawat, Member - (1.) C.P. No. 1236/I&BC/NCLT/MB/MAH/2Q17 The Learned Representatives of both the sides are present.
(2.) Consent Terms is taken on record. Hence the Petitioner is seeking permission to Withdraw the Petition on the agreed terms.
(3.) The Petition is disposed of as Withdrawn. To be Consigned to the Records. The Applicant/Operational Creditor and the Corporate Debtor (hereinafter collectively referred to as the 'Parties') have, subsequent to the hearing held on 18th October, 2017 in the captioned matter, arrived at a mutually agreeable settlement in respect of all disputes and claims between them including those relating to and/or arising from the present Application/Company Petition on the following terms and conditions:- 1. AGREED AND ORDERED that the Respondent shall pay a sum of Rs. 50,00,000/- (Rupees Fifty Lakhs only) in full and final settlement of all dues payable by the Respondent Corporate Debtor to the Applicant in respect of goods supplied. 2. AGREED And ORDERED that on Payment of Rs. 50,00 000/- (Rupees Fifty Lakhs only) on or before the scheduled dates of payment/8 mentioned herein, the entire claim of the Applicant amounting to Rs. 1,22,76,096.80/- (Rupees One Crore Twenty . Two Lakhs Seventy Six Thousand Ninety Six Rupees and 3. AGREED AND ORDERED that the sum of Rs. 50,00,000/-(Rupees Fifty Lakhs only) shall be payable to the Application in 4 (Four) equal monthly installments of Rs. 12,50,0000/- (Rupees Twelve Lakh Fifty Thousand only) in four months. It shall be paid by way of 4 post dated cheques drawn in favour of the Applicant as follows: A copy of said Cheques is hereto annexed and marked as "Annexure A". If for any reason, the Corporate Debtor is unable to honour the above mentioned cheques on or before the above mentioned respective dates, the said cheque shall be exchanged for either Pay Order or Demand Draft on or before the respective dates as mentioned herein above. 4. The Parties AGREE and DECLARE that the provisions, declarations and undertakings of these Consent Terms shall be binding upon the successors, permitted assigns, heirs, executors and .administrators of the Parties. 5. The Parties AGREE and DECLARE that the Hon'ble NCLT shall be requested to dispose of the Insolvency Application CP No. 1236 of 2017; with the liberty to the Petitioner to approach the Hon'ble NCLT once again for revival of the said application or filing a fresh application under the provisions of IBC, 2016, .or as may be directed by the Hon'ble NCLT in the event of dishonor c any of the said post-dated cheques at any time for any re as on "whatsoever upon presentation. Further, without prejudice to the right of the applicant to initiate action under the provisions of Negotiable Instruments Act and / or any other relevant law including under IBC, 2016, either the 1,22,76,096.80 shall become payable forthwith to the applicant, along with applicable interest. 6. The Parties AGREE and DECLARE that their consent has not been obtained by Coercion, undue influence, fraud or thismisrepresentation and that the Parties have filed the Consent Terms voluntarily upon mutual agreement. 7. Undertakings of the Parties are accepted by this Hon'ble Tribunal. 8. The Insolvency Application CP No 1236 of 2017 stands disposed off in terms of these Consent Terms. 9. No order as to Costs.;