JUDGMENT :

(Sabyasachi Bhattacharyya, J.) :

1. The present application under Section 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as, “the 1996 Act”) arises out of the disputes between the parties in connection with an Agreement for Settlement dated May 12, 2013. The petitioners/creditors, pursuant to purchase orders of iron-ore and fines placed by the respondent/debtor, had sold such materials to the respondent. Subsequently, an amount became due by way of sale price. The parties decided to resolve the issues by adjustment of the debts and agreed to a repayment schedule by the Agreement-in-question for realization of dues of the petitioner to the tune of Rs. 1,90,36,023/-.

2. Clause 9 of the Agreement contains the repayment schedule which has five (05) components.

3. In sub-clause (a), the debtor/respondent was to pay an amount of Rs. 25,00,000/- at the time of signing of the agreement.

4. In sub-clause (b), it was stipulated that post-dated account payee cheques of Rs. 20,00,000/- each would be handed over by the debtor to the creditor.

5. As per Clause (c), five separate purchase orders of one rake each of a particular size of iron-ore would be p