TaxTMI 
TaxTMI 
2026 (8) TMI 1529
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....RP ORDER [Per: Justice Mohd. Faiz Alam Khan, Member (Judicial)] The instant appeal has been filed by the appellant challenging the order dated 20th July 2026 (impugned order) passed by Learned National Company Law Tribunal, Kolkata Bench (Adjudicating Authority) passed in CP (IB)No. 138 of 2025 whereby the application filed by Respondent No. 1,2 and 3 under section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) has been admitted against the Corporate Debtor (CD). 2. Brief facts necessary for the disposal of this appeal are that an application under Section 7 of the Code was filed by the Respondent No. 1, 2 and 3 against the corporate debtor for initiation of CIRP against CD Raja Udyog Private Limited with the contention th....
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....e application by passing the impugned order and Mr. Abhijit Jain was appointed as the Interim Resolution Professional (IRP). Aggrieved by this impugned order instant Appeal has been preferred by the appellant, who is the director of the suspended management of the CD. 6. It is also evident that when this appeal was presented before us on 28th July 2026, it was informed to us that parties are in the process of entering into the settlement and it is further submitted by the Ld. Counsel for the Appellant that Rs 2.25 Crores has already been given to the Respondent No.1, 2 and 3 and they have prepared the demand draft of Rs. 93,88,310/- in favour of Respondent No. 1, 2, 3 and the settlement terms would be reduced in writing within few days a....
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....ore the Learned Adjudicating Authority an undertaking was filed on behalf of the corporate debtor by its director Mr. Om Prakash Gupta on 20th May 2026 wherein the corporate debtor admitted its liability and undertook to pay/settle the amount claimed by the Respondents/ financial creditors aggregating to Rupees 3,18,88,305/- and the undertaking had specified that this payment would be made within a period of 30 days from the date of recording of the undertaking, however, the appellant could not pay the amount within the stipulated thirty days and the Ld. Adjudicating Authority in a haste passed the order without granting adequate time to the appellant to discharge its liability. 10. It is further submitted that when there were elements o....
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.... that before the Adjudicating Authority the parties were in the process of settling their disputes amicably and in this regard an undertaking was filed on behalf of the corporate debtor by its director Mr. Om Prakash Gupta on 20th May 2026, before the Ld. Adjudicating Authority, wherein the corporate debtor admitted its liability and undertook to pay/settle the amount claimed by the respondents/ financial creditors aggregating to Rupees 3,18,88,305/- and the undertaking had specified that this payment would be made within a period of 30 days from the date of recording of the undertaking, however, the appellant could not pay the amount within the stipulated thirty days. 15. It is further reflected that the parties in their joint affidavit....