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Judgment
ORDER
Ld. Counsel for the operational creditor present. Ld. Authorized Representative for the corporate debtor present.
IA No.05/ALD/2022 has been filed by the corporate debtor to take on record the settlement agreement dated 03.02.2022 arrived at with the operational creditor.
This is a matter that was argued fully on various dates. At the end of the hearing, an opportunity was granted to the corporate debtor to try and arrive at the settlement in the matter, in view of the impending admission of the petition. Time was sought and granted from this Court. Thereafter, it appears that negotiations have taken place between the two sides for amicable settlement, which culminated in the settlement agreement dated 03.02.2022.
The settlement agreement is taken on record and shall form a part of this order. IA No.05/2022 is disposed of after taking the settlement agreement on record. CP No.(IB)11/ALD/2020 shall stands disposed of in accordance with the settlement agreement. The mutual obligations by both sides shall be treated as undertakings given to this Court.
Liberty is granted to the operational creditor to file appropriate applications for revival of the company petition, in case there is a default.