2024 (1) TMI 899

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.... 2023) Company Appeal (AT) (CH) (Ins.). No. 391/2023 (IA No. 1194/ 2023 &IA No. 8/2024) - -<br>Insolvency & Bankruptcy<br>(Justice Rakesh Kumar Jain) Member (Judicial) And (Shreesha Merla) Member (Technical) For the Appellant : Mr. Varun Srinivasan, Advocate For the Respondent : Mr. PH. Arvindh Pandian, Senior Advocate For Mr. Avinash Krishnan Ravi and Mr. Jerin Asher Sojan, Advocates for R1 Mr. R. Praveen, Advocate, For R2 Mr. Chetan Sagar, Advocate For Mr. V.V. Sivakumar, Advocate, For R3 ORDER ( Hybrid Mode ) [ Per: Shreesha Merla, Member (Technical) ] 1. Company Appeal (AT) (CH) (INS) No. 84 / 2023 is preferred by Union Bank of India, challenging the Impugned Order dated 04.01.2023 in IA / 1538 / 2022 in CP(IB)/97/7/HDB/2018, by w....

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....dication before the Hon'ble Apex Court, and therefore, seeks modification of the Impugned Order dated 04.01.2023. 4. Heard both Parties at length. During the pendency of the Appeal, the Resolution Applicant / Appellant in Company Appeal (AT) (CH) (INS) No. 391 / 2023, filed an Affidavit dated 18.01.2024 with a Proposal, which is reproduced as hereunder: "2. .........., the Resolution Applicant herein proposes to pay the remaining monies due under the resolution plan on the following terms: a. All monies due to the Union Bank of India, shall be paid in full, on or before 31.03.2024. b. Rs. 10 crores shall be paid on or before 19.04.2024 to JM Financial Asset Reconstruction Company Ltd. c. The remaining money due under the resolution....

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.... paid in full on or before 31.03.2024, the said Proposal was acceptable to the Appellant herein / the Union Bank of India. Having regard to the consent given by the Appellant / Union Bank of India, both these Appeals are being disposed of with the following directions: (a) The entire amount due to the Appellant / Union Bank of India, in Comp. App (AT)(CH)(INS) No. 84 / 2023, shall be paid in full, on or before 31.03.2024. (b) Rs. 10 crores shall be paid on or before 19.04.2024 to JM Financial Asset Reconstruction Company Ltd. (c) The remaining money due under the Resolution Plan shall be paid in three equal quarterly instalments, in three Tranches, the First Tranche to be completed on or before 19.07.2024; the Second Tranche on or bef....