TaxTMI 
TaxTMI 
2025 (3) TMI 1144
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....iwal, Mr. Vishesh Kalra, Mr. Jaiveer Kant and Ms. Anoushka Deo, Advocates for R-1 For the Intervenor : Mr. Arijit Prasad, Sr. Advocate with Ms. Nishtha Kaura, Advocates ORDER ASHOK BHUSHAN, J. This appeal by a suspended director of the corporate debtor has been filed challenging the order dated 23.09.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Principal Bench) admitting a Section 7 application filed by the State Bank of India (SBI) against the Corporate Debtor, Bareilly Highways Project Ltd. 2. Brief facts necessary to be noticed for deciding the appeal are: i. The corporate debtor was constituted a Special Purpose Vehicle (SPV) for carrying out National Highway Project to con....
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....ing Writ Petition (Civil) No.11150/2024, 'Bareilly Highways Project Ltd.' Vs. 'Reserve Bank of India & Ors.', where liberty was granted to the corporate debtor to submit OTS with the lead bank. xi. Adjudicating Authority after hearing the parties returned a finding that debt and default is proved, Adjudicating Authority directed for admission of Section 7 application by order dated 23.09.2024. xii. Appellant, the suspended director of the corporate debtor, challenging the order dated 23.09.2024 filed this appeal. xiii. When the appeal came for consideration, it was submitted by the appellant that appellant has submitted the proposal on 08.10.2024 of Rs.550 Crore. Noticing the said submissions, interim order was pa....
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....ebtors. It is submitted that appellant is ready to settle with all the banks including NARCL, if it is assigned. Counsel for the State Bank of India submits that no assignment has yet been made by the State Bank of India. 2. We are of the view that in event any settlement takes place with all banks the route open to the appellant is to file application under Section 12A of IBC. The Counsel for the appellant submits that the appeal be taken in the first week of January to inform the court about the settlement so that appropriate directions be issued for proceeding under Section 12A. 3. List this appeal on 13.01.2025. 4. We make it clear that this will be the last opportunity for the appellant to inform court about ....
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....t that appellant has taken several opportunities from this Tribunal to settle the dues of the financial creditors in which he failed, clearly proves the debt and default on the part of the appellant. In Section 7 proceeding, the Adjudicating Authority has to consider the debt and default and debt and default being proved, no error can be said to have been committed by the Adjudicating Authority in admitting Section 7 application. The appellant has taken various opportunities and has prolonged the hearing of the appeal after obtaining an interim order due to which the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor could not proceed any further. Learned counsel for the respondent has also referred to the judgment ....
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....NHAI may result in their favour and upon the same all the debts of the FC could be extinguished. The first OTS proposal was given on 03.08.2024 that was rejected by the consortium of banks. CD upon rejection of proposal filed a Writ Petition No. WP (Civil) No. 11150/2024 titled as Bareilly Highways Project Ltd. vs RBI & Ors. The Hon'ble High Court of Delhi passed first order on 12.08.2024 & 13.08.2024 more particularly para 12 & 13 which read as under:- "12. In view of peculiar facts and circumstances of the matter, the petitioner company is granted liberty to submit another 'OTS' with the lead banker i.e. respondent No. 2/SBI within a week and the matter may be considered thereafter by the Settlement Advisory Committee within two ....