TaxTMI 
TaxTMI 
2026 (10) TMI 1872
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....interim application under Rule 11 of the NCLAT Rules, 2016 for grant of following prayers: - "In the premises aforesaid, it is most respectfully prayed that this Hon'ble Appellate Tribunal may graciously be pleased to: (a) permit the appellant to place on record the documents at Annexures 1 to 13; (b) permit the Appellant to deposit, by FDR or DD in favour of the Registrar of this Hon'ble Tribunal Rs. 75,00,00,000/-immediately which is kept in the form of FDR with IndusInd bank from last more than 9 months and the balance of Rs. 14,94,95,437/- of the admitted claim within 15 days thereafter, as set out in Part V; direct that the sums be kept in an interest-bearing deposit and not be released save under orders of this Hon'ble Tribunal; and clarify that the deposit is by way of security, without prejudice to the contentions of all parties, and does not constitute a discharge or settlement; (c) take on record the Appellant's undertaking of cooperation under Section 19 of the Code at Part V(d) and Annexure 15; (d) subject to the deposit under prayer (b), direct that status quo be maintained or until the Ld. Adjudicating Authority decides the....
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....ion and Rs. 89,94,95,437/- as on 24.02.2023 and Respondent Omkara now asserts that the dues as on 31 July 2026 are more than 128 Crores, without any computation. 6. It is further submitted that the CD was admitted in CIRP on 24.02.2023.The appeal against admission order was dismissed on 26.04.2023, however some period was granted for settlement, which was further extended by order dated 25.05.2023. In the meantime, respondent Omkara took the assignment of the loan from the bank and is the sole financial creditor with an admitted claim of Rs. 89,94,95,437/- and 100% of the voting share. 7. It is submitted that it is known that in pursuance of the form G, expression of interests has been submitted and final list of PRAs has also been published and on 06.06.2026 a Settlement Proposal with payment of Rs. 89.94 crore was sent by email dated 10.06.2026, however Omkara replied that such proposal at this juncture is not permissible under applicable laws being barred under Section 12A (2) of the Code and thereafter some more correspondence has taken place between parties. 8. It is further submitted that appellant makes fresh offer in supersession of earlier proposal and willing to ....
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....which is barred by section 12A of the code. 13. It is further submitted that Indian Bank, formerly known as Allahabad Bank, sanctioned a term loan of rupees 62 crores to the principal borrower on 23.03.2011, and the corporate debtor stood as corporate guarantor for the said loan and the Indian bank filed a petition under Section 7 of the Code which was admitted by the Learned Adjudicating Authority by order dated 24.02.2023 and the CIRP process against the corporate debtor was initiated. 14. It is further submitted that the aforesaid admission order was challenged by filing a company appeal number 301 of 2023 which was dismissed by the Appellant Tribunal on 26th April 2023, however, an opportunity was granted to the appellant to negotiate with the financial creditor to come to a settlement, if any, before the COC is constituted, and for that purpose, a months' time was granted to the appellant for the purpose of making efforts for settlement. However, a writ petition number 3766 of 2023 was filed by another suspended director of the CD before the Hon'ble Bombay High Court, which was also dismissed on 17.10.2025. In the meantime, the Indian bank assigned its debt to the re....
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....ther submitted that the Appellant, by moving the instant application, seeks leave to deposit Rs. 89,94,95,437/- in instalments and a direction to the respondent to state on affidavit whether it will accept that amount. It also seeks a direction that the resolution professional shall not issue the request for a resolution plan until the adjudicating authority decides the interim prayers in IA No. 2962 of 2026. However, the reliefs sought by the Appellant are beyond the scope of the appeal and cannot be granted as such. 20. It is further submitted that the interim relief could only be granted in aid of the main relief. In the instant case, the subject matter of appeal is only the orders dated 3/9/2026 and 7/9/2026, whereby the Appellant has been set ex parte and certain directions have been issued under Section 19(2) of the Code with regard to non-cooperation of the Appellant and even if the appeal would succeed, the Appellant may not get the relief which he is seeking by moving this interim application, that too, in aid of an application which has been filed by another person and is pending before another forum i.e. the adjudicating authority. Reliance in this regard has been lai....
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....the lender adjudicating authority to cooperate with the resolution professional was not honoured. Two days thereafter, on 08/06/2026, the Appellant published a caution notice in a newspaper, claiming that the land parcels of the corporate debtor belonged to a partnership firm. Thereafter, the Appellant denied the resolution professional access to the assets of the CD on 09/06/2026 and 11/06/2026 and the conduct of the Appellant is such that he is not entitled to any discretionary relief. Therefore, the application moved by the Appellant is liable to be dismissed with costs. 24. Having heard Ld. counsel for the parties and having perused the record, it is reflected that the CIRP against the CD was initiated by the adjudicating authority vide order dated 24.02.2023 on an application filed by the Indian bank under Section 7 of the Code. This order was challenged by the suspended director of the CD by filing an appeal before this Appellate Tribunal, and on 26/04/2023, the said appeal was dismissed. However, a month's time was given to the suspended director of the CD to negotiate with the financial creditor to arrive at a settlement. For this purpose, it was directed that the CO....
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....025 however, the Appellant and other directors of the CD did not furnish any information in compliance of the same. 29. We also notice that the RP has issued multiple communications to the Appellant and other directors of the CD for the purpose of taking control and custody of the assets of the CD. However, the RP has been denied access to the assets of the CD by the erstwhile directors, and they refuse to provide documentary evidence, title documents, and revenue records, as well as access to the site. The RP, based on financial statements of the CD, has traced title of the CD to certain properties situated at Nagpur, however possession of the same has also not been given to the RP. 30. We also notice that a mechanism has been provided in the Code with regard to the withdrawal of the application by the financial or operational creditor under Section 12A of the Code and Regulation 30A of the CIRP Regulation, 2016, as elaborated by the Hon'ble Supreme Court in the GLAS Trust case. In our considered opinion, a financial creditor cannot be compelled to enter into a settlement against its willingness in order to close the CIRP. If there is a settlement, the parties are bound to a....