9911796707
TMI Blog2025 (3) TMI 976X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Respondents : Mr. Mrinal Bharat Ram, Mr. Aditya Laroyia and Mr. Ananya Bhardwaj, Advocates for R - 1 JUDGMENT ASHOK BHUSHAN, J. This appeal by the Suspended Director of the Corporate Debtor - "Essar Oil & Gas Exploration & Production Limited" has been filed challenging order dated 06.09.2024 passed by Adjudicating Authority (National Company Law Tribunal), Ahmedabad (Court - II) admitting Section 9 application filed by the Respondent - "Greeka Greens Solution (India) Limited". The appeal was heard by this Tribunal on 10.09.2024 and following interim order was passed on 10.09.2024: "In the meantime, the Impugned Order dated 06.09.2024 is suspended." 2. Although notices were issued on 10.09.2024 but no reply was filed by the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (vi) After giving demand notice, Section 9 application was filed by the Operational Creditor on 23.12.2022. (vii) During course of the pendency of the Section 9 application, the balance payment of USD 125, 833/- was made on 26.06.2024. (viii) The Adjudicating Authority after hearing the parties by the impugned order has admitted Section 9 application, which is challenged in the present Appeal. 3. Learned counsel for the Appellant submits that present was a case where Section 9 application deserve to be rejected. When Demand Notice was given in the year 2018 by the Operational Creditor, parties have entered into settlement under which entire payment was to be made in 21 instalments. 20 instalments were paid and last instalment amounting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 20 instalments were paid and it was only due to some calculation issues last instalment was not paid, however, during the pendency of Section 9 proceeding said instalment was paid. 7. Learned counsel for the Respondent fairly admitted that entire debt has been discharged. In facts of the present case, present is not a case for initiation of Section 9 proceeding against the Corporate Debtor who after receipt of the demand notice has entered into settlement and paid 20 instalments out of 21 instalments and non-payment of 21st instalment was due to calculation issues regarding amount of last instalment. Hence, present was not a case for initiation of any insolvency proceeding against the Corporate Debtor. 8. We by interim order had already ..... X X X X Extracts X X X X X X X X Extracts X X X X
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