M/s Nevaeh Technology Private Limited vs Kerala State Electronics Development Corporation Limited

ORDER

1.

The Parties hereby, agree and confirm that in full and final settlement of all their payables and receivables, Keltron will initially settle supply and services portion of invoice totalling to Rs.1,27,55,150/- in two instalments (50 % on 24th January and 50% by 5th March 2022). /- and also confirm that a sum of Rs. 2 (two) lacs out of the remaining amount of Rs.20,60,755/- will be paid on 24.01.2022 and the balance will be paid upon receipt from Kolkata Police. Keltron will Keltron will make all-out efforts to recover this amount from Kolkata Police.

2.

Neveah agrees to waive off the interest portion of the claim made by them in the NCLT application.

3.

Keltron has made the payment of Rs.65,77,575/- by mode of online transfer and also handed over a post-dated cheque bearing no. 777748 for Rs.6377575/- dated 05-03-2022 of Punjab National Bank, Trivandrum to the representative of Nevaeh on 25^th January 2022.

4.

Nevaeh accepts that it has received the said amount of Rs.65,77,575/- (Rupees Sixty five Lakhs Seventy Seven Thousand Five Hundred and Seventy Five only) and the cheque mentioned in clause 3.

5.

Keltron also undertakes that the balance amount of Rs.18,60,755/- shall be paid to Nevaeh on receipt of the amount from Kolkata Police.

6.

Nevaeh confirms and accepts that the amount mentioned above is the full and final settlement of all their claims and has categorically agreed not to make any additional claim whatsoever against Keltron, whether towards interest or any other heads. On the receipt of the amount mentioned in the cheque and the balance amount of Rs.18,60,755/- Neveah will not have any more claim on Keltron and all claims against Keltron by Neveah shall stand settled.

7.

In consideration of the above and immediately on execution ofthis Deed of Settlement, Nevaeh hereby agrees and this undertakes:

a. To forthwith take all necessary steps required for and ensure the withdrawal of the application filed by them under Section 9 of the Insolvency and Bankruptcy Code, 2016,before the National Company Law Tribunal, Kochi Bench, numbered as CP (IB) 24/KOB/2021;

b. To ensure that Form FA shall be filed before the Interim Resolution Professional (IRP) and see that further proceedings as envisaged in the process of Resolution procedure mentioned in the Insolvency and Bankruptcy Code, 2016 shall be stalled;

c. Not to file or initiate any fresh legal proceedings (whether before National Company Law Tribunal, Kochi Bench, or any other legal fora) against Keltron in respect of the claims covered by this Deed of Settlement.”