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Judgment
O R D E R
The instant Company Appeal puts a challenge to the Impugned Order of 10.01.2024 as passed in CP(IB) No.214/9/HDB/2021, by virtue of which the learned Adjudicating Authority had proceeded to admit the proceedings under Section 9 of IBC against the Corporate Debtor M/s Navayuga Infra Projects Pvt Ltd. Initially, when the matter was taken up before this Tribunal at the admission stage, there was an Interim Stay granted which has continued to operate till date. During the intervening period, the parties to the appeal have jointly filed a memo being IA No.1236/2024 outlining the terms and conditions on the basis of which they intend to settle their dispute. The substantive part of terms of settlement of 30.11.2024 which forms part of the IA No. 1236/2024 is contained in clause 3, 4 & 5 which reads as under.
“3.Obligations of the Company on behalf of the Corporate Debtor:
a. The Company shall pay total Amount of Rs. 13,95,19,188/- (Rupees Thirteen Crore Ninety-Five Lakhs Nineteen Thousand One Hundred Eighty-Eight Only) as full and final settlement to the Operational Creditor in the following manner:
i.Rs. 5,00,00,000/- on 30.11.2024. paid Vide UTR No. SBINR52024113066364971.
ii.Rs. 2,00,00,000/- on or before 31.12.2024.
iii.Rs. 2,00,00,000/- on or before 31.01.2025.
iv.Rs. 2,00,00,000/- on or before 28.02.2025.
V. Rs. 2,00,00,000/- on or before 31.03.2025.
vi.Rs. 95,19,188/- on or before 30.04.2025.
4.The Operational Creditor confirms that on performance of the above Obligations by the Company on behalf of the Corporate Debtor, the Operational Creditor accepts full and final settlement of the subject matter of claim of the Operational Creditor under CP (IB) No. 214/9/HDB/2021 before NCLT Hyderabad Bench and under Company Appeal (At) (Insolvency) No. 15 Of 2024 before NCLAT, Chennai Bench and that it will not have any claim of whatsoever nature against the Corporate Debtor and that the Corporate Debtor is fully discharged from all liabilities of whatsoever nature.
5.That on execution of this Settlement Agreement, Parties to this Settlement Agreement and/or the Corporate Debtor shall take all appropriate steps immediately to file the same before NCLT, Hyderabad Bench and NCLAT, Chennai bench and shall also Company Appeal (AT)(CH)(Ins) No.15/2024 Page 2 of 3 immediately take all steps including filing of Form FA under Section 12A of the IB Code, 2016 to withdraw the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor at the earliest.”
The parties have agreed before this Tribunal that the Impugned Order may be set aside and based on the terms of settlement as stated above, the matter may be remitted back to the learned NCLT in order to enable the parties to the Appeal to proceed further under Section 12A of I & B Code for withdrawal of section 9 application and consequent closure of the CIRP Proceedings against the CD.
Owing to the consensus arrived at between the parties the appeal would stand closed in terms of para 4 & 5 of the settlement which will constitute as to be the part of today’s order.