2026 (7) TMI 1855

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nts : Mr. Varun Srinivasan, Advocate for R1 ORDER [ORAL JUDGMENT: Justice Sharad Kumar Sharma, Member (Judicial)]. Company Appeal (AT) (CH) (Ins) No.175/2024 The Appellant / Personal Guarantor, has filed this instant appeal under Section 61 of the I & B Code, 2016, being aggrieved against the impugned order dated 04.04.2024 passed by Ld. NCLT Kochi Bench in IA(IBC)/176/KoB/2023 in CP(IBC)/55/KOB/2022, by virtue of which the application filed by the Financial Creditor/Respondent No. 2 herein under Section 95 of the I & B Code, was allowed and Mr. Kizhakkekara Kuriakose Jose the Resolution Professional for the Personal Guarantor Appellant herein was directed to take further steps in PIRP as per the provisions of the I & B Code.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2024, 13.05.2024, 01.06.2024, 08.07.2024, 05.08.2024 and 05.09.2024 which have been was acknowledged by the Union Bank of India. 5. Subsequently, the Appellant and the Corporate Guarantor approached the 1st Respondent Bank offering a One-Time Settlement (OTS) proposal dated 04.02.2025 offering to settle the case for Rs. 21.75 Crores, which was inclusive of Rs. 18.70 Crores already deposited pursuant to the order of the Hon'ble Apex Court and to establish his bona fide, he remitted a sum of Rs. 61,00,000/-, being 20% of the differential amount as proposed under the settlement. However, the said proposal was rejected by the Union Bank of India, on 18.06.2025. Thereafter, a fresh OTS proposal was submitted on 18.09.2025 enhancing the se....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Owing to the settlement that has been referred to in the memorandum filed by the Ld. Counsel for the Appellant on 10.07.2026 and the settlement certificate as issued on 09.07.2026, by the Respondent Bank, the Appellant has stated that the Respondent Bank has proposed withdrawal of the Personal Insolvency Resolution Process as communicated vide its correspondence of 04.07.2026, which has been accepted by the Ld. Counsel for the Respondent Bank before this Appellate Tribunal. Further since, full and final payment of the amount as per the terms of the OTS has already been made on 03.07.2026 and a settlement certificate has been issued on 09.07.2026, nothing remains to be done in the PIRP proceedings initiated against the Appellant under Secti....