Ashish Das vs Daimler Financial Services Pvt. Ltd. & ...

Ashish Das .... Appellant

Vs

Daimler Financial Services Pvt. Ltd. & Anr. .... Respondents

Present: For Appellant: Ms. Purti Marwaha Gupta, Advocate.

For Respondents: Mr. Mohd A., Advocate for RP.

ORDER

23.09.2019 By way of last chance, we allow the Appellant to settle the

claim with the 'Committee of Creditors' and to enable the Appellant to take

steps under Section 12A of the Insolvency and Bankruptcy Code, 2016 (for

short the 'I&B Code'). If such settlement is reached within three weeks, the

Appellant will bring it to the notice of the 'Resolution Professional' for placing

the matter before the 'Committee of Creditors', who may consider the

application under Section 12A and may consider the same for the purpose of

its voting. In case, it is voted with more than 90% of voting share, 1st

Respondent will file an application for withdrawal of the application under

Section 7 of the I&B Code and the Adjudicating Authority will consider the

same.

However, the aforesaid order is passed as earlier on 2nd July, 2019, we

observed that no prima facie case is made out in the impugned order, but to

Page 1/2 give an opportunity, we allowed the request of the Counsel for the Appellant.

We make it clear that we have not stayed the proceeding and the 'Resolution

Professional' is to act in accordance with law and to ensure that the company

remains a going concern in terms of order dated 2nd July, 2019. It is for the

parties to decide the terms of settlement and 'Committee of Creditors' is

independent to decide its merit. The Appeal is disposed of with aforesaid

observations. No costs.

[Justice S. J. Mukhopadhaya] Chairperson

[Justice A.I.S. Cheema] Member (Judicial)

[Kanthi Narahari] Member (Technical)

Ash/GC

Company Appeal (AT) (Insolvency) No. 636 of 2019 Page 2/2