TaxTMI 
TaxTMI 
2023 (6) TMI 315
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....e Debtor Company' preferred this Appeal. 2. Facts in brief are that the Corporate Insolvency Resolution Process ('CIRP') was initiated by the 'Adjudicating Authority' vide 'Order' dated 05.09.2019 against the 'Corporate Debtor Company' in a Section 7 Application filed by M/s. State Bank of India ('SBI'), subsequent to which, invitation for Expression of Interest ('EOI') was issued on 30.11.2019, which was later extended to 26.12.2019, the last date for submission of the Resolution Plan being 30.01.2020. On the approval of the Committee of Creditors ('CoC'), a second extension was given for EOI on 09.01.2020 the last date for submission of the Resolution Plan being 04.03.2020. Thereafter on request of the Resolution Applicant, the CoC approved for extension of 45 days and the Resolution Plan was finally received on 31.07.2020, but the CoC did not accept the Plan as it was not compliant with the conditions under the RFRP as it was a 'Conditional Plan'. 3. While so, the CoC Members informed the Resolution Professional ('RP') that they have received a One Time Settlement ('OTS') proposal for one of the 'Corporate Guarantors' of the 'Corporate Debtor', which is under consideration....
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.... 86.04 Crs./- a sum of Rs.14.84 Crs./- has already been deposited by the 'Appellant' in no lien account with SBI. It is contended that the letters dated 17.10.2022 and 12.12.2022 corroborate the fact that despite withdrawal of OTS approval, SBI continue to have trust and approve additional 'financial assistance' of Rs.10 Crs./-, vide their 'Term Sheet' dated 01.07.2022. It is submitted that Cantor Fitzgerald, Europe remains agreeable to fund the OTS proposal and if the 'Order of Liquidation' is set aside, the 'Appellant' would be able to complete the legal documentation and made the OTS funding. The Hon'ble Supreme Court in 'K.N. Rajakumar' Vs. 'V. Nagarajan & Ors.' Civil Appeal No. 1792/2021, has observed as follows: "16. It could thus be seen that one of the principal objects of the IBC is providing for revival of the Corporate Debtor and to make it a going concern. Every attempt has to be first made to revive the concern and make it a going concern, liquidation being the last resort." 7. The Hon'ble Supreme Court in 'Kridhan Infrastructure Pvt. Ltd. (Now Appellant(s) Known as Krish Steel & Trading Pvt. Ltd.' Vs. 'Venkatesan Sankaranarayan & Ors.' Civil Appeal No. 329....
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....nder for better understanding of the subsequent events. 12. Apart from the sequence of events submitted by the Learned Counsel, Mr. Y Suryanarayana, it is seen from the record that though the 'Order' in I.A.96 of 2021 was heard and reserved on 05.01.2022, and was listed for pronouncement, it was only on account of the 'Appellant' having been personally present before the Bench and having sought for additional time for settlement of the matter, that the Bench had granted additional time on the following dates; i. On 31.03.2022, the 'Adjudicating Authority' had granted further period of 15 days to make payment to the SBI; ii. On 18.04.2022, the matter was adjourned to 06.06.2022; iii. On 06.06.2022, one opportunity was given, again to the promoter to settle the matter and the case was adjourned to 06.07.2022; iv. On 06.07.2022, SBI sought for Liquidation of the Company as no settlement was arrived at. The matter was adjourned to 16.08.2022 on the ground that the Bench was a Special Bench; v. On 16.08.2022, the matter was adjourned to 01.09.2022, on which date, the Counsel for SBI pressed for Liquidation; vi. On 01.09.2022, the ....
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....ice' is drawn to the Order of the Hon'ble Supreme Court dated 31.05.2023 in the matter of 'Arun Agarwal' Vs. 'Ram Ratan Kanoongo & Arn.' Civil Appeal No(s).3823/2023, whereby and whereunder the Hon'ble Apex Court in paras 4 and 5 have noted as follows: "4. Appearing on behalf of the appellant, Ms. Meenakshi Arora, learned senior counsel presses for an order of status quo till such time the judgment on the appeal is rendered by the NCLAT, Chennai. According to her, the appeal would be rendered infructuous should the Liquidator act adverse to the interest of the appellant. 5 In course of hearing, we have been informed that after summer vacation, the NCLAT, Chennai reopens on 5th June, 2023. In such view of the matter, we grant liberty to the appellant to approach the NCLAT, Chennai on 5th June 2023 and seek such relief as may be available to him in law. It is expected that till 5th June, 2023, the Liquidator shall not take any action adverse to the interest of the appellant." 15. It is stated in the letter that M/s. Cantors Fitzgerald is ready and willing to fund any settlement 'even during the Liquidation Process'. In the event, any such settlement is able to be....