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of <h1>Tribunal Clarifies Settlement Terms, Directs Banks to Provide Clarifications on Discrepancy</h1> <h3>3A Capital Pvt. Ltd. Versus Prag Bosimi Synthetics Ltd. and Ors.</h3> The Tribunal addressed compliance with an earlier order for affidavit-in-reply and the interpretation of OTS settlement terms. A discrepancy in the ... Settlement of shares - Petitioner submits that the Petitioner has bought the entire shares of 30 (thirty) lacs from the ICICI Bank and even, if the shares are settled with 25% of the total face value of ₹ 30.00 crores, the Petitioner is entitled to get ₹ 7.50 crores plus interest etc. - HELD THAT:- Certain clarifications/papers/documents relating to the sale of shares by ICICI to the Petitioner, decision of CDR/OTS by the Lenders especially relating to these 30.00 lacs shares, claim of Standard Chartered Bank and payment to the Standard Chartered Bank are required to be perused. The ICICI Bank and the Standard Chartered Bank are directed to file their clarifications in the form of an Affidavit enclosing the documents exchanged between the ICICI Bank and the Standard Chartered Bank, Standard Chartered Bank with the Consortium Lenders and the Respondent Company relating to only these 30 (thirty) lacs shares before 23.04.2021 - the Senior Officials of ICICI Bank and Standard Chartered Bank conversant with these 30 (thirty) lacs shares need to be present in next hearing along with their Counsels, if any, to clarify certain points which may be required for disposal of the matter. The Respondent Company is to file in the form of Affidavit all the documents/letters exchanged between itself with the Standard Chartered Bank, CDR, Consortium Lenders, OTS settlement only for these 30 (thirty) lacs shares by 23.04.2021 - List the matter along with all IAs on 03.05.2021 for final hearing. Issues:1. Compliance with earlier order regarding affidavit-in-reply.2. Interpretation of OTS settlement terms.3. Discrepancy in settlement amount claimed by Petitioner and offered by Respondent.4. Necessity of additional documents for proper adjudication.5. Direction for filing of clarifications by ICICI Bank and Standard Chartered Bank.6. Requirement of appearance by senior officials and counsels of banks.7. Timely submission of affidavits by parties and banks.8. Possibility of settlement between the parties.9. Listing for final hearing.Analysis:1. The judgment begins with the Tribunal acknowledging the presence of both parties and hearing their arguments in compliance with an earlier order for filing an affidavit-in-reply. The Respondents have detailed the terms of an OTS settlement involving the waiver of certain shares and payments made to Standard Chartered Bank.2. The Petitioner, on the other hand, has filed an additional affidavit claiming entitlement to a specific amount based on the purchase of shares from ICICI Bank. A discrepancy arises regarding the consideration of 25% of the face value of the shares in the OTS settlement, leading to a disagreement between the parties on the settlement amount.3. Both sides express difficulty in reaching a settlement due to the substantial gap in the claimed and offered amounts. The Tribunal notes the need for additional documents related to the sale of shares, decisions by lenders, and payments to Standard Chartered Bank for a comprehensive review.4. Emphasizing the urgency of resolving the matter after a decade, the Tribunal directs ICICI Bank and Standard Chartered Bank to submit clarifications and relevant documents by a specified date. Senior officials from the banks are required to appear for the next hearing along with their counsels for further clarification.5. The Petitioner and Respondent are instructed to inform the banks about the order for filing affidavits and appearances. The Registry is tasked with issuing notices to the banks promptly. The Respondent Company is directed to submit all relevant documents and letters related to the shares and settlement by a specified deadline.6. Both parties are encouraged to engage in discussions for a possible settlement. Directors or senior officials familiar with the shares are permitted to involve their counsels to provide necessary insights during the proceedings to expedite the resolution of the long-pending matter.7. The Tribunal schedules the final hearing along with all interlocutory applications for a specific date, indicating the intention to conclude the matter promptly.
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