TaxTMI 
TaxTMI 
2024 (3) TMI 1238
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....r ( Technical ) For the Appellant : Mr. Krishnendu Datta, Sr. Advocate with Mr. Mahesh Agarwal, Ms. Geetika Sharma, Shivam Shukla, Mr. Akash Gupta, Advocates. For the Respondents : Mr. Karan Bhide, Ms. Smriti Shahani, Mr. Sumit Kumar Vats, Advocates for R-1. ORDER ( Hybrid Mode ) These all appeals arise out of CIRP initiated against the Corporate Debtor, Personal Guarantor and the Corporate Guarantors. Section 7 application has been admitted by order dated 04.07.2023 against the Corporate Debtor and the Corporate Guarantor. 2. An application has been filed in all these Company Appeals bringing the Settlement Agreement on record. Approval of OTS by the Bank of India dated 21.03.204 has also been brought on the record which ....
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....on 29.06.2023 in the Court. It is submitted that the matter was taken on 28.06.2023 by the Adjudicating Authority and on that date, Adjudicating Authority had directed that the matter would be taken upon 04.07.2023. It is submitted that in view of the OTS proposal having been given and pending for consideration before the Bank and Bank in their Written Submission has expressed 'no objection' for deferment of the pronouncement of the order, there was no occasion for the Adjudicating Authority to admit Section 7 Application. 3. Learned Counsel for the Bank submits that there has been several OTS proposals by the Appellant during the pendency of Section 7 Application, which were all rejected and the proposal which was lastly submitted....
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....or deferral/postponement of pronouncement of any final order/judgment in the Company Petition (CP 1163/2021) and to keep the matter in abeyance until the Financial Creditor is in a position to consider the OTS proposal submitted by the Corporate Debtor. 3. In response to the prayer clause of the said Interlocutory Application, the financial Creditor submits its current factual position as under: a. The Corporate Debtor submitted an OTS proposal, to the Financial Creditor for the settlement of its dues, which is under consideration with the Financial Creditor. b. In furtherance of the same, the Corporate Debtor deposit INR 10 Crores with the Financial creditor as a token amount in No Lien Account with the Financial....
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.... Mr. Rohatgi, learned Sr. Counsel for the Appellant further submits that apart from the aforesaid, there are submissions on the merits of the case including submission that the Application was barred under Section 10-A of IBC. It is submitted that Application was also filed for dismissal of the Application under Section 10-A of IBC which fact has also been noticed in the impugned order itself. 10. Learned Counsel for the bank submits that the contention of Section 10-A of IBC was also considered but did not find favour. 11. Mr. Rohatgi, learned Sr. Counsel for the Appellant further submits that the observation of the Adjudicating Authority that the Application is not barred under Section 10-A is erroneous and first notice ....
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....or the Bank of India, however, submits that the payments have not yet been made as per OTS and liberty be granted to the Bank to revive proceedings in accordance with Clause 9 of the Settlement Agreement, if any such occasion arises. 6. We take the settlement agreement on record and close the CIRP proceedings against the Corporate Debtor, Corporate Guarantors as well as proceedings under Section 95 against the Personal Guarantors. The orders impugned in these appeals dated 04.07.2023, 08.12.2023 and 06.12.2023 are set aside. CIRP is closed and Corporate Debtor, Corporate Guarantors and Personal Guarantors are freed from CIRP. Liberty is reserved to the Bank to make an application. 7. Learned counsel for the Bank submits that with rega....