T C MOOSA Vs. KARISHMAA FOUNDATIONS PVT LTD

JUDGEMENT

(1.) Counsels for both the parties are present. The Operational Creditor Mr. T.C. Moosa in person present. The matter was taken up on 07.02.2018 wherein both the parties have submitted the final arguments. Today, the matter was posted for pronouncement of the order. However, at this juncture, the Counsel for the Corporate Debtor submitted an affidavit mentioning therein that he has brought three DDs dated 08.02.2018 which are 2 in numbers, the total amount is Rs.16 lakhs. The 3rd DD is dated 09.02.2018 for an amount of Rs.86,759/- and stated that the principal amount of Rs. 16,86,759/- is being paid through the said DDs to the Operational Creditor. The three DDs are handed over to the Operational Creditor.

(2.) The Counsel for the Corporate Debtor did agree for the payment of the interest to the extent of Rs.4 lakhs on the amount claimed by the Operational Creditor. As agreed, the interest amount of Rs.4 lakhs shall be paid on 01.06.2018 by way of DD. The condition in relation to the payment of interest has been settled during the hearing of the case and the Counsel for the Corporate Debtor has incorporated the condition in the affidavit by his own hand. The same is placed on record.

(3.) In the light of the compromise arrived at between the parties, the application stands disposed of. However, the Applicant is given liberty to revive the petition, in the event, the default is committed by the Corporate Debtor in making the payment of Rs.4 lakhs.