16. The first issue for consideration is whether there is an operational debt and whether the mandatory threshold of Rs.1 Crore to initiate the proceedings under the provisions of the Code is met in the present case. According to the settlement agreement, the total dues of Rs.2,76,29,940/- including all outstanding total amount were settled for Rs.80,12,700/-, out of which Rs.51,12,700/- has been paid by the respondent. Thus, Operational Creditor has already a ccepted part payment of the amount as agreed to in the Settlement Agreement and there is a default in the payment of the remaining amount. The Hon’ble NCLAT in its judgement delivered on 15.09.2022 in the matter of Trafigura India Pvt. ltd. v. TDT Copper Ltd., (Company Appeal (AT)(Insolvency)No. 742 of 2020 ) while dismissing an appeal on similar facts and grounds, has affirmed that default in payment of installments under a Settlement Agreement does not fall within the definition of Operational debt. Therefore, w e are of the considered view that the default in the payment of the remaining installments as s tipulated under the Settlement Agreement cannot be said to fall within the definition of Operational Debt.
