In 1998, SICOM Ltd (Appellant) and Kitply Industries Ltd (Corporate Debtor/Respondent) entered into an agreement for the sale of a property (Igatpuri Unit) for Rs.2,25,00,000. Kitply paid an initial amount of Rs.10,00,000 as earnest money and Rs.56,25,000. The possession of the Igatpuri Unit was given to Kitply. The remaining amount was to be paid in installments. Kitply also availed a financial assistance of Rs.8.90 Crores from SICOM in the form of Inter Corporate Deposit (ICD). Due to financial difficulties, Kitply could not pay some installments. Later, Kitply proposed a one-time settlement (OTS) for the dues under the ICD and the balance outstanding under the DPF, which SICOM accepted. Kitply paid Rs.200,00,000 in cash and issued Non-Convertible Debentures (NCDs)

In 1998, SICOM Ltd (Appellant) and Kitply Industries Ltd (Corporate Debtor/Respondent) entered into an agreement for the sale of a property (Igatpuri Unit) for Rs.2,25,00,000. Kitply paid an initial amount of Rs.10,00,000 as earnest money and Rs.56,25,000. The possession of the Igatpuri Unit was given to Kitply. The remaining amount was to be paid in installments. Kitply also availed a financial assistance of Rs.8.90 Crores from SICOM in the form of Inter Corporate Deposit (ICD). Due to financial difficulties, Kitply could not pay some installments. Later, Kitply proposed a one-time settlement (OTS) for the dues under the ICD and the balance outstanding under the DPF, which SICOM accepted. Kitply paid Rs.200,00,000 in cash and issued Non-Convertible Debentures (NCDs)