TaxTMI 
TaxTMI 
2026 (8) TMI 242
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....ash Agarwalla, Mr. Aman, Ms. Tanya Gupta, Advocates. CA IP Sanjay J. Shah, for R-2/IRP. Gautam Singh. ORDER Reply filed by the Respondent. No. 2/ Interim Resolution Professional of the CD is taken on record. 2. Heard Shri Arun Kathpalia, Ld. Sr. Counsel appearing for the Appellant, Ms. Honey Satpal, Ld. Counsel appearing for the Respondent No.1/Operational Creditor, and Mr. Sanjay Shah appearing for the IRP - Respondent No. 2. 3. Instant Appeal has been preferred by the appellant, who is the suspended director and promoter of Monte Carlo Limited (CD) challenging the judgment and order dated 06/07/2026, passed by the National Company Law Tribunal, Ahmedabad, Bench (Court-II) passed in CP (IB) No. 246 of 2025, whereby the petit....
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....proximately 763 km as per the odometer readings and Google Maps. However, this prior dispute has not been considered in right perspective by the Ld. Adjudicating Authority. 7. We recall that when this appeal was first presented before us, it was argued by Ld. Senior Counsel for the appellant that though the appellant has a very strong case on merits, to show its bona fide the appellant is ready to deposit the amount of Rs. 1,47,83,503/- with this appellate tribunal and for that purpose, a demand draft of Rs. 1.50 crore has also been prepared. 8. By passing an order dated 10th July 2026, we communicated our view to Ld. Senior Counsel, appearing for the appellant, that since the appellant is a financially sound company and the dispute i....
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....rder, shall not be taken adverse to the interest of the Appellant in allotment of any contract etc". 10. Ld. Senior Counsel, appearing for the appellant, has drawn our attention towards a clause in the settlement agreement dated July 25, 2026. In this clause it is stated that the operational creditor has raised certain claims against the corporate debtor towards transportation charges stated to be outstanding under the work orders, together with interest and GST thereon up to the date of filing of the petition, aggregating to approximately Rs. 1.47 crore and these claims were disputed by the corporate debtor in their entirety. Clause 4.1 of the settlement agreement is also highlighted, wherein it is stated that the operational creditor i....
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....yees Provident Fund Organization intimating that the EPFO has received the claimed amount from the establishment through demand draft. A copy of this email has been taken on record. Thus it is submitted by the IRP that the only claim he received was of EPFO and the same has been settled and as of now there is no claim filed by any creditor. 14. Ld. Senior Counsel, appearing for the Appellant, has also placed on record a communication dated 29th July 2026 sent by the Bank of Baroda, indicating therein that as on date the account of the CD is running standard and regular and there is no overdue reported in the account. On the basis of this communication it is submitted that the CD is not in default of any amount. The said communication pla....
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....of all these facts it is submitted by Ld. Counsel for Appellant that it is a case where the prior dispute was existing between the parties, even prior to the issuance of notice under Section 8 of the Code and this issue has not been properly addressed by Ld. Adjudicating Authority. 17. Ld. Senior Counsel appearing for the appellant has placed before us an order dated 10th July 2026 passed by this appellate tribunal in CA (AT) (Ins) No. 850 of 2026. The relevant portion of the same is reproduce as under: 3. In 'Rajeev Goyal' Vs. 'Sankalp Siddhi Developers Pvt. Ltd. & Anr.', (Comp. App. (AT) (Ins.) No. 846/2025), in similar circumstances, the CIRP was directed be closed. The relevant paragraphs of the judgment, are as below: ....
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....rcumstances stated above. Thus, the CIRP of M/s. Prime Focus Ltd. stands closed. 5. It is submitted by the learned Sr. counsel for the appellant in view of the above, the lien of the bank on the FDR of Rs.3,53,79,74,505/- needs to be removed and the parties shall receive the payments strictly in terms of the Discharge Agreements dated 01.07.2026. In these circumstances, the lien stands withdrawn and the money be disbursed to the parties in terms of the Discharge Agreement dated 01.07.2026. 6. The appeal is thus disposed of. Impugned order stands set aside. Pending applications are also disposed of". 18. Keeping in view all the facts and circumstances of this case we are of the view that parties in their settlement agree....