TULASI SEEDS PRIVATE LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) The 3rd respondent had initiated a Corporate Insolvency Resolution Process against the petitioner herein, before the National Company Law Tribunal Amaravati Bench (for short 'NCLT'), by way of CP(IB)No.28/9/AMR/2020, under Sec. 9 of the Insolvency and Bankruptcy Code, 2016. This application was filed on the ground that the petitioner had defaulted an operational debt of Rs.8,98,12,678.00.

(2.) While the matter was pending before the NCLT, the petitioner and the 3rd respondent executed a Memorandum of Understanding, dtd. 20/7/2020, under which it was recorded that :-

(3.) The Memorandum of Understanding also contained a term that the above compromise was towards full and final settlement of all the claims of the parties against each other and no further claims would remain.