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TMI Blog2025 (2) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... aria, Ms. Jeta Shree, Ms. Palak Arora, Advocates for R-1. Mr. Prakash Shinde, Mr. Nishit Dhruva, Ms. Ruchita Jain, Advocates for Canara Bank (Intervener). Mr. Balajee, Sumant Chemote, Advocates for IRP. ORDER ( Hybrid Mode ) IA No.922 of 2025 - This application has been filed by the Appellant challenging order of National Company Law Tribunal, Mumbai Bench dated 14.02.204, by which order Section 7 Application filed by the ICICI Bank Ltd. was admitted. 2. In the Appeal, an interim order was passed on 21.02.2024 recording the statement of the Appellant that Appellant has submitted a proposal to the Financial Creditor for consideration. Interim order was passed on 21.02.2024 was to the following effect: "21.02.2024: Learned Counsel fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0. In view of the aforesaid, we see no reason to keep the Appeal pending. The Appeal is disposed of giving the aforesaid liberty, for a period of two weeks. The Interim Protection granted shall continue. 11. After two weeks the proceeding shall be as per the Orders passed by the Adjudicating Authority. In event, the Application under 12A is submitted before the Adjudicating Authority within two weeks, further steps shall be taken after disposal of the Application under Section 12A. Appeal is disposed of accordingly." 4. Subsequent to the final disposal of the Appeal on 22.11.2024, the Appellant filed an IA No.8485 of 2024 praying for extension of time granted by order on 22.11.2024. The period was extended for four weeks from 06.12.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in accordance with law. No further Application for extension shall be entertained." Subsequent to the order dated 29.01.2025, another IA being IA No.922 of 2025 has been filed by the Appellant/ Applicant, in which application, the Applicant has prayed for following directions: "i. Allow the present Application; ii. Pass directions for extension of the time period granted by the Order dated 22.11.2024 passed in Company Appeal (A T)(INS) No. 342 of 2024 read with Order dated 04.12.2024 passed in I.A. No. 8485 of2024 and Order dated 07.01.2025 passed in I.A. No. 24 of 2025 and Order dated 29.01.2025 in I.A. No. 615 of 2025 in Company Appeal (AT)(INS) No. 342 of2024 to place the Application under Section 12A of the IBC by a further perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Amount shall be released from the Fund Escrow Account to the collection account of ICICI Bank specified by the ICICI Bank r1c1c1 Collection Account "). e. On or before the Due Date, the entire Settlement Amount shall be released from the Fund Escrow Account to the collection account of ICICI Bank specified by the ICICI Bank ("ICICI Collection Account")." 7. The Appellant's case is that the Appellant has agreed to all Terms of Contract put forth by the ICICI Bank and the Investors of the Appellant have also agreed to the terms and Investors also ready to deposit the amount the amount in the Escrow Account. 8. The application filed by the Appellant has been opposed by the ICICI Bank and a limited affidavit in reply has been filed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould be filed by the ICICI Bank under Section 12A. 9. We have heard Shri Abhijeet Sinha, learned Senior Counsel for the Appellant and Shri Niranjan Reddy, learned Senior Counsel for ICICI Bank. 10. Learned Counsel for the Appellant submitted that the Appellant is ready to deposit the entire balance amount in this Tribunal. He further submits that ICICI Bank condition in the settlement that after depositing all the amount in the Escrow Account by the Appellant, the said amount shall be transferred in the Collection Account, indicate that even before decision is taken on 12A application, ICICI Bank shall appropriate the amount deposited. It is submitted that the amount, which is being brought by Investors, cannot be permitted to be appropri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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