2024 (9) TMI 1914

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....V Shah, for R-2/ IRP ORDER [Per : Justice Rakesh Kumar Jain (Oral)] This appeal is directed against the order dated 24.11.2023 passed by the National Company Law Tribunal, Ahmedabad, Division Bench, Court - I ('Tribunal') by which CP (IB) No. 363 of 2023 and IA No. 276 of 2022 filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 ('Code') by the State Bank of India against the Hubtown Bus Terminal (Vadodra) Pvt. Ltd. ('Corporate Debtor') was admitted. 2. The Appeal has been filed by the Suspended Director of the Corporate Debtor. At the time of preliminary hearing on 13.12.2023, this court passed the Interim Order i.e. "In the meantime, CoC be not constituted in pursuance of the impugned order." The Interim Order is st....

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....he borrower company outside the CIRP procedure. To safeguard our company from dragging into the CIRP and IBC proceedings, we hereby undertake that we will extend our full co-operation to OARPL to sell/dispose of security under the SARFAESI Act. We acknowledge the legality of the SARFAESI Action taken till date qua the secured assets and we further waive all our rights to dispute the same on any ground whatsoever. We further gives our undertaking and assurance to provide our full cooperation to you to recover the dues by enforcing the security interest. In view of above, we request to please cooperate with us for closing/dropping the CIRP process and safe guard the company from the stringent steps of IBC. Thanking you ....

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....porate Debtor to the Omkara Assets Reconstruction Pvt. Ltd. vide Assignment Agreement dated 30.03.2024, the appellant approached the Omkara Assets Reconstruction Pvt. Ltd. for reaching an understanding/settlement, and after several discussions, the appellant issued Letter/Undertaking dated 01.07.2024 to the respondent No. 1-Omkara Assets Reconstruction Pvt. Ltd., the operative part of which reads, as under: - "...In reference to the above and amid the various hardship and challenges faced by us and the Company in the duration of Assigned Debt with the Assignor Bank, i.e. SBI. We wish to amicably resolve the debt assigned to OARPL keeping the borrower company outside the CIRP procedure. To safeguard our company from dragging into th....

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....nsel for the Respondent has submitted that in this Affidavit, the Respondent has sought liberty of this Tribunal for revival of the CIRP proceeding in case the Appellant violates the undertaking dated 01.07.2024. 6. Counsel for the Appellant has submitted that the Appellant shall abide by the undertaking and has no objection for revival of the CIRP proceeding in case of any breach of the undertaking given by the Appellant on 01.07.2024. 7. During the course of hearing today, we have enquired from the Counsel for the Respondent about the compliance of the guidelines of the Reserve Bank of India ('RBI'), which is the regulatory authority of the Respondent. He has submitted that in the past there was an income tax raid on the Respondent ....