AI Structured Summary
Not yet generated for this judgment
Judgment
O R D E R
Ld. Counsel for the parties present.
The Settlement Agreement dated 14.02.2020 has been filed in the Court, which is taken on record. In terms of the settlement agreement, the Corporate Debtor has agreed to pay a sum of Rs.11,64,842/- in full and final settlement of the claim of the Operational Creditor, which has been accepted. Post-dated Cheques (PDCs) for this like sum have also been handed over to the Counsel for the Operational Creditor. C.P.(IB)-2966(MB)/2019 is dismissed as withdrawn in accordance with the settlement agreement. Liberty is, however, granted to the Operational Creditor to approach this Tribunal again in case of any default. File be consigned to records.
Corporate Debtor will ensure that on due dates the cheques are honoured without fail and in case of any lapse, the Bench will view it seriously with penal consequences.