JUDGMENT

R.RAGHUNANDAN RAO, J. - 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 :-

a) The 3rd respondent agreed to withdraw the application filed before the NCLT immediately.

b) On withdrawal of the application, the petitioner was to pay an amount of Rs.5,00,00,000.00 to the 3rd respondent as full and final settlement.

c) This amount of Rs.5,00,00,000.00 was to be paid in installments of Rs.20,00,000.00 each in 25 installments, within 45 days from the date of withdrawal of the application.

d) The mode of payment was to be online banking through RTGS to the account of the 3rd respondent.

3. The Memorandum of Understanding also contained a term that the above compromise was