TMI Blog2024 (3) TMI 1238X X X X Extracts X X X X X X X X Extracts X X X X ..... - OTS proposal has been accepted by the Bank - HELD THAT:- The settlement agreement is taken on record and the CIRP proceedings against the Corporate Debtor, Corporate Guarantors as well as proceedings under Section 95 against the Personal Guarantors is closed. The orders impugned in these appeals dated 04.07.2023, 08.12.2023 and 06.12.2023 are set aside. CIRP is closed and Corporate Debtor, Corporate Guarantors and Personal Guarantors are freed from CIRP. Liberty is reserved to the Bank to make an application. Learned counsel for the Bank submits that with regard to the Appeals of the Personal Guarantors amount of Rs.2 Lakhs each has been paid to the IRP - In view of the aforesaid amount having been paid, no further amount have to be paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /Bank in appeal Nos. 819, 820 821 of 2023. These three appeals have been filed against the same order dated 4th July, 2023 passed by the Adjudicating Authority (NCLT, Mumbai, Bench-IV) admitting Section 7 Application in which Appeal No. 819 of 2023 has been filed by the Principal Borrower and other two Appeals i.e., No. 820 and 821 of 2023 have been filed by the Guarantor. 2. Mr. Rohatgi, Ld. Sr. Counsel appearing in the Appeals, at the outset submits that the order was reserved in Section 7 Application on 02.05.2023 and after the said date, on 30.05.2023, One Time Settlement (in short OTS) proposal was given for an amount of Rs. 387.44 Crores. It is submitted that RBI Circular was issued on 08.06.2023 requiring Bank/Financial Institutions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsel for the Bank further submitted that on 03.07.2023, DGM of Bank also appeared before the Adjudicating Authority and made oral statements. 5. We have heard the Counsel for the parties and perused the records. There is no dispute between the facts and events that the matter was reserved by the Adjudicating Authority on 02.05.2023. It is the subsequent events that led to the Appellant in filing the deferment Application, especially the OTS Proposal given on 30.05.2023. It is true that under RBI Circular dated 08.06.2023 the Bank could not immediately proceed either to accept or reject the OTS proposal as it was necessary for framing of policy as required by aforesaid circular of RBI. 6. Learned Counsel for the Appellant has referred to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Authority for consideration as per the Financial Creditor s extend guidelines. And therefore, the Financial Creditor has no objection to the matter being kept in abeyance till the Competent Authority of Financial Creditor has taken a decision in the matter. 7. Mr. Rohatgi, learned Sr. Counsel for the Appellant further submits that the Bank having given their no objection to deferring the pronouncement, it could not have done a somersault in the same proceeding. Learned Sr. Counsel also submits that to show the bonafide of the Appellant, the Appellant is ready to deposit the amount that the Appellant offered as OTS proposal in the Court within 90 days from today. 8. Learned Counsel for the Bank submits that he does not have any instruction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur of Pay and Accounts Officer, Ministry of Corporate Affairs within three months. 13. Issue Notice. Requisites along with process fee, if not filed, be filed within five days. If the Appellant provides the e-mail address of Respondent, let notice be also issued through e-mail. Let Reply Affidavit be filed within two weeks. Thereafter two weeks time is allowed to file Rejoinder. List these appeals on 6th September, 2023. In the meantime, the impugned order dated 04.07.2023 shall remain stayed. Appellant is permitted to file additional documents within two weeks. 4. The Appellant has deposited the amount as per the above order with the Registry. Learned counsel for the parties ad idem submit that in terms of OTS dated 21.03.2023 by Bank of I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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