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Judgment
I.A. No. 3897 of 2024 :- This IA has been filed praying for following reliefs:-
“1. Take on record the Settlement Agreement dated 20.05.2024 executed between the parties;
Extend the period for release of payment of unpaid operational debt by the Respondent to the Appellant from 31.05.2024 to 10.08.2024;
Grant liberty to the Appellant to approach this Hon’ble Tribunal for revival of CIRP against the Respondent in case the Respondent commits a breach of the Settlement Agreement dated 20.05.2024;
Pass any such order as this Tribunal may deem fit.”
The Appeal was disposed of by our judgment and order dated 01.05.2024. In paragraph 25 of the judgment, following directions were given:-
“25. With the aforesaid discussion, we are of the considered view that the Adjudicating Authority has erroneously rejected the application under Section 9 of IBC. We allow the appeal and set aside the impugned order with the following directions:-
(i) To meet the ends of justice, the Corporate Debtor is given the liberty to release payment of outstanding operational debt as per terms mutually agreed between the two parties.
(ii) The above payment shall be released by the Corporate Debtor by way of Demand Draft in favour of the Operational Creditor within 30 days from the date of uploading of this order failing which the Corporate Debtor would come under the rigours of CIRP on the expiry of said 30 days period.
(iii) The Appeal is disposed of with the above observations. No order as to costs.”
Appellant has filed this IA bringing on record the Settlement between the parties dated 20.05.2024 under which the parties have settled and has given a time schedule for payment till 10.08.2024.
Learned Counsel for the Appellant does not have any objection to the prayers in the application being allowed.
In view of the above, we take the Settlement on record, extend the time for payment as directed in paragraph 25(2) to 10.08.2024. The Application is disposed of accordingly.