Page 1 of 7

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH-1

KOLKATA

I.A. (IB) No. 271/KB/2021

in

C.P. (IB) No. 1039/KB/2019

In the matter of

An application under rule 11 of the National Company Law Tribunal Rules, 2016.

In the matter of:

Pawan Putra Securities Private Limited

[CIN:U51109WB1993PTC060129]

...

Applicant/Financial Creditor

versus

Wearit Global Limited

[CIN: U40107WB1999PLC089994]

…

Respondent/Corporate Debtor

Order reserved on: 08 February, 2022

Order pronounced on: 24 February ,2022

Coram:

Shri Rajasekhar V.K.

Shri Balraj Joshi

:

:

Member (Judicial)

Member (Technical)

Appearances (through video conference):

For the Applicant

: Mr. Rahul Parasrampuria, PCS

For Respondent

: 1. Mr. Joy Saha, Senior Advocate

2. Ms. Urmila Chakraborty, Advocate

3. Mr. Indradeep Basu, Advocate

ORDER

Rajasekhar V.K., Member (Judicial)

1. This Court convened through video conferencing today.

2. The Interlocutory Application i.e. I.A. (IB) No. 271/KB/2021 has been filed

by Pawan Putra Securities Private Limited against Wearit Global Limited

seeking for the following reliefs:

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH-1

Pawan Putra Securities Pvt. Ltd. v. Wearit Global Ltd.

I.A. (IB) No. 271/KB/2021 in C.P. (IB) No. 1039/KB/2019

__________________________________________________________________________________

Page 2 of 7

a. allow the present application and pass an order reviving/restoration of the

Application being CP (IB) No.1039/KB/2019 filed under section 7 of the

Insolvency and Bankruptcy Code, 2016 by the Financial Creditor by

recalling the order dated 31^st January 2020;

b. pass an order directing the Corporate Debtor to comply with the settlement

terms in the interest of justice.

Submissions of the learned Authorised Representative of the Applicant

3. CP (IB) No.1309/KB/2019 was filed by the Applicant/Financial Creditor

under section 7 of the Insolvency and Bankruptcy Code, 2016 (“Code”)

against Wearit Global Limited (“Corporate Debtor”) for initiation of

Corporate Insolvency Resolution Process (“CIRP”).

4. The Financial Creditor and the Corporate Debtor entered into a settlement

agreement on 31.01.2020¹ wherein the Corporate Debtor agreed to pay a sum

of ₹1,25,00,000/- (Rupees one crore twenty-five lakh only) to the Financial

Creditor by way of RTGS fund transfer in regular instalments from time to

time.

5. Pursuant to the settlement agreement, the Company Petition was dismissed on

account of settlement terms agreed between the Financial Creditor and

Corporate Debtor vide order dated 31.01.2020.

6. The Corporate Debtor failed to repay the principal amount of Rs.95,00,0000/-

(Rupees ninety-five lakh only) which is outstanding as on 31.12.2019 along

with interest amounting to Rs.46,90,830/- (Rupees forty-six lakh ninety

thousand eight hundred and thirty only). The Financial Creditor sent a demand

letter to the Corporate Debtor on 31.12.2020 demanding the Corporate Debtor

to make the payment but no payment was received from the Corporate Debtor.

1 Annexure B at Pages 14-16 of the I.A.

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH-1

Pawan Putra Securities Pvt. Ltd. v. Wearit Global Ltd.

I.A. (IB) No. 271/KB/2021 in C.P. (IB) No. 1039/KB/2019

__________________________________________________________________________________

Page 3 of 7

7. In terms of the settlement agreement, the Corporate Debtor had made a

payment of ₹30 lakh out of ₹1.25 Crore. The Corporate Debtor still has a due

of ₹95 lakh to be paid to the Financial Creditor.

8. Clause 6 of the Settlement Agreement states that if the Corporate Debtor fails

to repay the loan amount within the scheduled time frame as given in the

settlement agreement, then the Applicant would be free to initiate legal

proceedings and also claim interest on the loan till the repayment of the full

amount.

9. The Applicant is entitled to revive the Petition whi