Feedback Infra Private Limited vs Sbm Bank India Limited And Anr
- CitationCompany Appeal (AT) (Insolvency) No.24 of 2023
Ratio decidendi
The rule this decision rests on
The Tribunal takes the one-time settlement of the debt on record, which the operational creditor has accepted, and on that basis sets aside the admission order and disposes of the appeal, reserving to the creditor liberty to revive the appeal upon any non-compliance with the settlement. The Tribunal also directs the appellant to pay the IRP's fee and expenses within the stated period, as a condition of the disposal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Feedback Infra Pvt. Ltd. ...Appellant Versus SBM Bank (India) Ltd. & Anr. ...Respondents
Present: For Appellant: Mr. Abhijeet Sinha and Mr. Karan Grover, Advocates.
For Respondents: Ms. Shilpa Thakur, Mr. Vijay Dutt, Advocates for R-1.
Mr. Vishesh Kalra alongwith Mr. Kunal Kanungo, Advocates for RP
ORDER
13.01.2023: This appeal has been against the order dated 21.12.2022
by which order, application filed by SBM Bank Ltd. (Respondent No. 1 herein)
u/s Section 7 application was admitted, CIRP was commenced.
In the appeal, the following order was passed on 06.01.2023:-
"Learned counsel for the Appellant submits that
the proposal has already been sent for One Time
Settlement which is pending consideration. Learned
counsel appearing for the Respondent No.1 - SBM
Bank (India) Ltd. & Anr. seeks time to obtain
instruction.
List this Appeal on 10.01.2023.
Company Appeal (AT) (Insolvency) No.24 of 2023 1 Looking to the fact that Appellant has already
submitted OTS proposal whose outcome is awaited, till
the next date, CoC in pursuance of the impugned order
shall not be constituted".
2. IA 167/2023 has been filed, bringing on record, the order and the letter
dated 11.01.2023 issued by SBM Bank accepting the One Time Settlement
of the debt obligations.
3. Learned Counsel for Appellant submits that One Time Settlement has
been accepted by the Bank, this appeal be disposed of terminating the CIRP
proceeding.
4. Considering the fact, that One Time Settlement has been entered
which has been communicated to the Appellant by the Respondent Bank,
Learned Counsel for the Respondent Bank also submit that One Time
Settlement has already been accepted.
5. In view of the aforesaid, we take the One Time Settlement (OTS) on
record and dispose of this appeal by setting aside the impugned order dated
21.12.2022. We further grant liberty to the Respondent to revive the appeal
in the event there is any non-compliance of the settlement.
6. It is submitted that Adjudicating Authority has directed that payment
of Rs. two lakhs towards fee of Interim Resolution Professional, Appellant Company Appeal (AT) (Insolvency) No.24 of 2023 2 shall also make payment of Rs. two lakhs along with expenses as to be
communicated by the IRP to the Appellant within a period of two weeks.
The appeal is disposed of accordingly.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
ss/nn
Company Appeal (AT) (Insolvency) No.24 of 2023 3
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