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Judgment
O R D E R
CS P.S. Thakre a/w CS Dakshita Garg, Ld. Authorised Representative for the Operational Creditor present. Mr. Ashish P. Agarkar a/w C.S. Chetan Surayvanshi, Ld. Counsel for the Corporate Debtor present.
The Applicant submits that they have filed the Settlement Agreement dated 27.06.2023 under which the Operational Creditor has acknowledged a payment of ₹75,00,000/- from the Corporate Debtor, and the balance of ₹52,49,543/- is agreed to be paid by six (6) post-dated cheques as per clause 2 of the Settlement Agreement. Further in clause 8 of the Settlement Agreement, it is agreed that Operational Creditor shall not insist for admission u/s 9 of the Code. Further, under clause 9 of the Settlement Agreement the Operational Creditor has agreed to withdraw the present petition after receipt of balance amount from the Corporate Debtor.
This bench feels that this Petition may be disposed of as settled in view of the said Settlement Terms. Instead of keeping this Petition alive, it is appropriate that the Petitioner is granted a liberty to approach this Tribunal as permissible under law in case of default.
In view of foregoing, this Petition is dismissed as settled.