TMI Blog2023 (6) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... sufficient time was granted by the Adjudicating Authority/Tribunal to the Appellant herein to settle the matter. Appeal disposed off. - Comp. App. (AT) (CH) (Ins.) No. 109 of 2023 (I.A. Nos.396 & 397/2023) - - - Dated:- 7-6-2023 - [Justice M. Venugopal] Member (Judicial) And [Ms. Shreesha Merla] Member (Technical) For the Appellant : Mr. P.H. Arvindh Pandian, Sr. Advocate For Mr. Avinash Krishnan Ravi Mr. Jerin Asher Sojan, Advocates For the Respondent No. 1 : Mr. Y. Suryanarayana, for Liquidator JUDGMENT [ Per ; Ms. Shreesha Merla , Member ( Technical ) ] : 1. This Appeal is filed against the Impugned Order dated 18.04.2023, passed in IA(IBC)96/2021 in C.P. (IB) No.166/7/HDB/2019 by the Adjudicatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 12-A of the Insolvency and Bankruptcy Code, 2016, (hereinafter referred to as The Code ). It is averred that during the 18th CoC Meeting, the SBI informed that the OTS proposal was under active consideration and directed the RP to seek another extension of 60 days of the CIRP period. The Adjudicating Authority disposed of the Application as not maintainable as there were no Resolution Plans pending before the RP and the CoC and also on the ground that an OTS proposal was a matter between the Corporate Debtor and SBI. 4. The Adjudicating Authority has observed that as the CIRP period had already expired on 13.01.2021 and there were no Resolution Plans in the offing, the Application seeking liquidation under Section 33(1) was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or on OTS basis for an aggregate sum of Rs.86.04 Crs./-, payable to the three Banks. Out of the said sum of Rs. 86.04 Crs./- a sum of Rs.14.84 Crs./- has already been deposited by the Appellant in no lien account with SBI. It is contended that the letters dated 17.10.2022 and 12.12.2022 corroborate the fact that despite withdrawal of OTS approval, SBI continue to have trust and approve additional financial assistance of Rs.10 Crs./-, vide their Term Sheet dated 01.07.2022. It is submitted that Cantor Fitzgerald, Europe remains agreeable to fund the OTS proposal and if the Order of Liquidation is set aside, the Appellant would be able to complete the legal documentation and made the OTS funding. The Hon ble Supreme Court in K.N. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.5Crs./- was paid and they were trying to settle the matter with SBI. Once again, the Bench had granted another period of 15 days for making payment to SBI. The matter was listed again on 18.04.2022 and was simpliciter adjourned to 06.06.2022. It is submitted that on 06.06.2022 also another opportunity was given by way of a last opportunity to the Appellant herein and Conditional Order was passed by the Adjudicating Authority that if the settlement fails a Liquidation Order would be passed. 9. It is submitted by Mr. Y. Suryanarayana that the Bench had granted additional four weeks time, as the Bench was a Special Bench and the matter stood slated for 16.08.2022. Thereafter, an I.A.688/2022 was filed on 08.07.2022 by the E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r and the case was adjourned to 06.07.2022; iv. On 06.07.2022, SBI sought for Liquidation of the Company as no settlement was arrived at. The matter was adjourned to 16.08.2022 on the ground that the Bench was a Special Bench; v. On 16.08.2022, the matter was adjourned to 01.09.2022, on which date, the Counsel for SBI pressed for Liquidation; vi. On 01.09.2022, the Bench once again granted additional time and the matter was posted on 26.09.22022; vii. On 26.09.2022, the Counsel of SBI submitted that the Appellant herein approached them with a proposal to deposit a sum of Rs.86Crs./- in settlement and undertook the deposit of Rs.10 Crs./- by 15.10.2022. Based on this submission, the Bench again granted time till 18.10.2022; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 023, both the parties were present and it was submitted by the Counsel for the SBI that the OTS has failed, subsequent to which submission, the matter was heard and on 18.04.2023, the IA seeking for liquidation of the Corporate Debtor Company was allowed. 13. At this juncture, Learned Counsel drew our attention to the letter dated 18.04.2023 issued by Cantor Fitzgerald that they are ready and willing to pay the funds of SBI; 14. On behalf of the Appellant, Notice is drawn to the Order of the Hon ble Supreme Court dated 31.05.2023 in the matter of Arun Agarwal Vs. Ram Ratan Kanoongo Arn. Civil Appeal No(s).3823/2023 , whereby and whereunder the Hon ble Apex Court in paras 4 and 5 have noted as follows: 4. Appearing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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