2023 (8) TMI 550

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....odha, AOR Ms. Sanjana Saddy, Adv. Ms. Hima Bhardwaj, Adv. For the Respondent : Mr. Arun Aggarwal, AOR Ms. Anshika Agrawal, Adv. Mr. Shivam Saini, Adv. Ms. Greeshma Beebireddy, Adv. Mr. Vaibhav Joshi, AOR ORDER Our attention has been drawn to the letter dated 21.07.2020 issued by the respondent - Bank of Baroda to the appellant - Pitampur Poly Products Limited, granting sanction of the One....

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....Process for Corporate Persons) Regulations, 2016 in advance at the time of accepting sanction of compromise settlement." As per the terms of the clause, all expenses from the date of appointment of the Resolution Professional For short, "RP" on 03.01.2020 till the date of OTS Sanction/sanction advice, that is 21.07.2020, have to be met by the respondent - Bank of Baroda. Post the OTS sanction/s....

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....g the CRIP period. During the course of hearing, learned Senior Advocate appearing for the appellant - Pitampur Poly Products Limited, on instructions, has stated that the appellant is ready and willing to bear 50% of the total expenses incurred by the RP. This statement it is stated is being made to bring the litigation to an end and give a quietus to the matter, as the respondent - Bank of Ba....

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....ing for the respondent - Bank of Baroda states that the Bank has retained the original title deed/document in view of the dispute/issue pertaining to the payment of RP fees and expenses. In case the payment is made to the RP, the original title deed/document will be returned to the appellant - Pitampur Poly Products Limited. The RP on being questioned has stated, that the market value of the pr....