Amulya Kumar Mishra vs Krrish Florence Estate Buyers Welfare ...

IN THE MATTER OF: Amulya Kumar Mishra ...Appellant

Versus

Krrish Florence Estate Buyer's Welfare Association {KFEBWA} & Anr. ...Respondents

Present: For Appellant : Present but appearance not marked. For Respondents : Mr. Sameer Rastogi, Mr. Ravi Shandilkar, Advocates for R-1. Mr. Rakesh Kumar, Ms. Preeti Kashyap, Mr. Ankit Sharma, Mr. Deependra Singh Patel, Advocates for R-2. Mr. Siddharth Bhatli, Ms. Khyati Jain, Ms. Anvesha Jain, Advocate. (I.A. No.1605 of 2025)

ORDER

(Hybrid Mode)

26.03.2025: Heard learned counsel for the Appellant as well as learned

counsel for the Respondent. This appeal has been filed against order dated

19.12.2024 passed by the Adjudicating Authority admitting Section 7

application filed by the Financial Creditor. The Adjudicating Authority in the

impugned order has returned finding of debt and default and admitted Section

7 application.

2. When the appeal was taken for consideration, submission was made by

the Appellant that they proposed to submit a settlement proposal to the

Financial Creditor, which is recorded in order dated 07.02.2025, which order

is as follows:

Cont'd.../ 2

"O R D E R (Hybrid Mode)

07.02.2025: Learned Counsel for the Appellant submits that Appellant proposed to submit a Settlement Proposal to the Financial Creditor, who are the members of the CoC.

2. Learned Counsel for the RP submits that CoC has already been constituted and proceeded.

3. Let the proposal be given to the CoC through AR within one week.

List this Appeal on 24th February, 2025.

Let the proposal be also brought on record by means of Additional Affidavit which may be filed within a week after serving a copy to the other side."

3. Although several opportunities were granted but no settlement has

finalised so far.

4. Learned counsel for the Appellant submits that the Appellant is still

desirous of settling with the Financial Creditor and submit a fresh settlement

proposal.

5. Learned counsel for the Respondent submits that CoC has voted and

rejected the earlier proposal.

6. We have considered the submissions of learned counsel for the parties

and perused the record.

Company Appeal (AT) (Insolvency) No.70 of 2025 3

7. The Adjudicating Authority has returned the finding of debt and default

in Para 5(viii), which is as follows:

"viii.) In light of this, we are of the considered view that, in the presence of a clear debt and default, the present Application is a fit case for admission under the provisions of the Code. Accordingly, we find no grounds to reject the application, and as such, are constrained to admit the present application."

8. We, thus, do not find any error in the order of the Adjudicating

Authority to be interfered with in this appeal. In so far as submission of

learned counsel for the Appellant that Appellant is desirous of submitting

settlement proposal, it is open for the Appellant to approach the Financial

Creditor. In event of any settlement, the Financial Creditor can file

application under Section 12A in accordance with law. Subject to above,

Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No.70 of 2025