2026 (4) TMI 13

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.... ORDER I.A. No. 1878 of 2026- Heard Ld. Counsel for the applicant i.e. Shresth Builders Pvt. Ltd. as well as Ld. Counsel appearing for the original appellant- Digambar Nandi, Suspended Director of the CD and perused the record. 2. The instant application has been moved by the applicant (financial creditor of the CD) with a prayer that Registry of this appellate tribunal be directed to release the deposited amount of Rs. 1,18,88,924/- by way of NEFT/RTGS, in favour of the applicant as Financial Creditor as per the bank details provided in the application. 3. Ld. Counsel for the applicant submits that aggrieved by initiation of the Insolvency process under Section 7 of the Code an appeal was filed by the Suspended Director of the....

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.... as in view of the order passed by the Ld. Adjudicating Authority of date 13.01.2026 the amount of Rs. 1,18,88,924/- lying/deposited with the Registry of this Appellate Tribunal be released in favour of the appellant and lien of the FDR be also removed. 6. Ld. Counsel for the original appellant i.e. Digambar Nandi Suspended Director of the CD is not having any objection so far as the request of the applicant is concerned. 7. We have heard Ld. Counsel for the parties and perused the record. 8. We notice that an appeal being CA (AT) (Ins) No. 1483 of 2025 was filed by the Suspended Director of the CD and as the parties had arrived at a settlement, an application in this regard was filed before this appellate tribunal which was dispos....

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.... at the earliest". 9. We also notice that in pursuance of the order of this appellate tribunal of date 30.10.2025, Ld. Adjudicating Authority has passed an order of date 13.01.2026 whereby, on the settlement filed by the parties before the Ld. Adjudicating Authority under Section 12A of the Code the petition filed by the applicant was dismissed as withdrawn and specific direction was given to the Registry of this appellate tribunal to release the aforesaid amount in favour of the financial creditor as per the settlement agreement. The relevant portion of the judgment passed by the Ld. Adjudicating Authority is also reproduced as under: "With the application under Section 12(A) the Applicant has filed settlement memo, para 7 (C) ....

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....f 'Registrar, National Company Law Appellate Tribunal, New Delhi vide Diary No. 62291 dated 25.09.2025. The detailed description of FDR is mentioned below: Sl. No. Deposit Account Number Drawn on Principal Amount Date of Deposit Maturity Amount 1. 13770300232348 Federal Bank 1,18,88,924/- 19.09.2025 1,27,45,694/- The aforesaid report is submitted for perusal of the Hon'ble Bench in compliance of the Order dated 18.03.2026". 11. The above mentioned factual matrix would reveal that in pursuance of the order dated 30.10.2025 passed by this Appellate Tribunal, Ld. Adjudicating Authority has passed order dated 13.01.2026, in IA (IB) No. 354/CB/2025 moved under Section 12A of the Code whereby the pe....