TaxTMI 
TaxTMI 
2026 (10) TMI 130
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....toration application no. 21/2026, has been moved by the applicant Arun Singh, Restoration application no. 22/2026 has been moved by the applicant Rohit Singh, while Restoration application no. 23/2026 has been moved by the applicant Ms. Brijesh Kumari with the prayer to revive and restore the CA (AT) (Ins) Nos. 1258 of 2024, 1260 of 2024 and 1261 of 2024. 3. Ld. Counsel for the applicants submits that vide order dated 16.10.2025 the aforesaid appeals were dismissed as has become infructuous in view of the settlement taken place between the parties in the form of acceptance of OTS Proposal of the applicants by Respondent Bank however the liberty was granted to the applicant/appellants to get the appeals revived in case of failure of the settlement. 4. It is further submitted that the aforesaid appeals were filed by the appellant challenging the orders whereby the personal insolvency resolution process was initiated against them however during the pendency of the appeals, settlement arrived between the Principal Borrower M/s RGV Infra Project Ltd. and Respondent No. 1 Bank on 08.10.2025 and as per the settlement the Principal Borrower was required to pay a total sum of Rs. 4.60....
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....the condition of revival if the settlement fails. 11. It is further submitted that the appeals were dismissed by this Appellate Tribunal on the basis of submissions made by the appellant recorded in para no. 2 of the order dated 16.10.2025 that the settlement has taken place between the parties and OTS proposal given by the appellants have been accepted by the Bank and the appeals have become infructuous however the dismissal was with the liberty that if settlement arrived between the parties fails, the appellant may revive the appeals. 12. It is further submitted that the liberty granted by this Appellate Tribunal to the appellant by order dated 16.10.2025 was in the event of failure of settlement offer made by the appellant which was accepted by the Bank and the said liberty could not be interpreted in a manner so as to permit the applicants to take advantage of their own wrong by abusing the process of law. 13. It is vehemently submitted that the liberty granted by this Appellate Tribunal could only be exercised by the appellant only in case the Respondent Bank after having accepted the OTS had gone back from its commitment and not otherwise. 14. Ld. Counsel for the ....
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....s appear to have become infructuous. 5. Thus, keeping in view the submissions made by Learned Counsel for the Appellant, the instant appeals are hereby dismissed as infructuous, I.A.'s, if any, are closed. Liberty is however, given to the Appellant to revive the appeals, in case the settlement fails". 21. The perusal of the settlement/OTS sanction letter issued by the Respondent Bank on 08.10.2025 would reveal that OTS of the Principal Borrower was sanctioned by the Respondent Bank for Rs. 4.60 Crore and terms and conditions was payment of Rs. 46 lakhs immediately on communication of OTS sanction and the balance amount of Rs. 4.14 Crore to be paid within 120 days of sanction of OTS in the manner that Rs. 1.30 Crore to be paid within 60 days from 08.10.2025 and remaining Rs. 2.84 crore to be paid within 120 days from the sanction of OTS i.e. 08.10.2025. The other important condition was that an undertaking from the borrower, guarantors and mortgagers was to be submitted immediately to the effect that the personal guarantors will withdraw their appeal under PIRP pending before NCLAT immediately after sanction of OTS and in case of failure of OTS at any stage the guara....
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....failure of the OTS to extend full cooperation in sale of EM Properties under SARFAESI. 27. The appellants/applicants are trying to take the benefit of the condition laid by this Appellate Tribunal for revival of this appeal i.e. in case the settlement fails. The natural meaning of the phrase used by this Appellate tribunal is crystal clear that in case the OTS or settlement arrived at between the parties fails due to any default on the part of the bank then in that case the applicants/appellants were having liberty to revive the appeals and the liberty given by this Appellate Tribunal was never meant that even if the principal borrower and guarantors are at fault they may get the appeals revived/restored. Certainly the appellants or principal borrower who appears to be at fault by not honoring the OTS may not take the advantage of their own wrong. 28. In view of the aforesaid facts and circumstances, we are of the considered view that the applications moved by the applicants/appellant for revival of their appeals are not having any substance and are dismissed as such. ============= Document 1 इंडियन बैंक Indian Ban....