Whether settlement agreement for payment of outstanding amount comes under the ambit of Operational Debt? – Suresh Yadav, Proprietor, Govind Shuttering Store Vs. S.P Contracts Pvt. Ltd. – NCLT New Delhi Bench Court-V
The Adjudicating Authority held that as to the second issue, it is pertinent to mention that Mr. Satish Gupta is the Director of the Corporate Debtor company and the Settlement has been made by Mr. Satish Gupta while discharging his duties towards the corporate debtor and in the course of the business between the parties. Therefore, it is observed that the alleged unpaid share of 34.67% failed to be fulfilled. Hence it is to be considered as an unpaid amount as per the settlement agreement. It is relevant to mention that the Hon’ble National Company Law Tribunal (NCLT), Allahabad Bench, vide its decision in Delhi Control Device (P) Ltd. vs. Fedders Electric and Engineering Ltd. (2019) ibclaw.in 451 NCLT has made clear its stand regarding the claiming of debt due on account of settlement agreement between the parties.
