Mr. Vishwajeet Jhavar vs Catalyst Trusteeship Ltd & Anr
- CitationComp. App. (AT) (Ins) No. 1797 of 2024
Ratio decidendi
The rule this decision rests on
The appeal was disposed of on the parties' settlement terms, and the tribunal gave the financial creditor liberty to file a Section 12A withdrawal application through the Interim Resolution Professional in the manner contemplated by the Supreme Court in Glas Trust Company LLC v. Byju Raveendran, with any intervener or claimant free to file objections when that application is heard before the Adjudicating Authority, and with no further steps to be taken pending its disposal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Vishwajeet Jhavar ...Appellants Versus Catalyst Trusteeship Ltd & Anr. ...Respondents
Present: For Appellant : Mr. Abhijeet Sinha Sr. Advocate with Mr. Amir Arsiwala, Ms. Heena Kochar, Ms. Neha Arya, Advocates. For Respondents : Mr. Aayushh Aggarwala and Mr. yash Dhruva, Advocates for R1. Mr. Kunal Kanungo, IRP/ R2. Mr. Zeeshan Khan and Mr. Kanav Aggarwal, Counsel for Applicant in IA- 8872 & 8875 of 2024.
ORDER
(Hybrid Mode)
23.12.2024: This is an appeal filed against the order dated 06.09.2024 in
CP (IB) No. 254 of 2023 filed by Catalyst Trusteeship Ltd. by which Section 7
application has been admitted. The appellant has filed this appeal in which
following interim order was passed on 18.09.2024.
"O R D E R (Hybrid Mode)
"18.09.2024: Ld. Counsel for the Appellant submits that appellant has given a proposal for settlement. Counsel appearing for Respondent No. 1 submits that they have received the proposal last night only and they require four weeks' time for settlement of the proposal.
List this appeal on 17.10.2024.
In the meantime, Committee of Creditors in pursuance of the impugned order shall not be constituted."
The Ld. Counsel for the appellant as well as the financial creditor
submits that terms of settlement have been entered between the parties.
2. Ld. Counsel for the appellant submits that in view the judgment of
Hon'ble Supreme Court in Glas Trust Company LLC vs Byju Raveendran, Civil
Appeal No. 9986 of 2024; the course open for the Financial Creditor is to file an
application under 12A through the IRP by giving FORM- FA. An IA has been
filed bearing no. 8875/ 2024 and 8872 of 2024 by two home buyers their
apprehension is that amount of the project Orial which is to come to the
corporate debtor may be utilised for the purpose of settlement. The Ld. Counsel
for the appellant as well as Financial Creditor have submitted that no amount
from corporate debtor is being utilised for settlement purpose.
3. In view of the facts, we are of the view that no purpose shall be served in
keeping the appeal pending. Financial Creditor is given liberty to file an
application under Section 12A through IRP as per the judgment of Supreme
Court in Glass Trust which may be considered and it shall be open for
intervener or any other claimant to file appropriate objections before the
Adjudicating Authority at the time of hearing of Section 12A application.
4. Let the Financial Creditor file the application within two weeks from
today. Till the application under Section 12A is disposed of no further steps be
Comp. App. (AT) (Ins) No. 1797 of 2024 & I.A. No. 8872, 8875 of 2024 2 of 3 taken and further steps shall be taken as per the order of the Adjudicating
Authority. The appeal is disposed of accordingly.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical) harleen/NN
Comp. App. (AT) (Ins) No. 1797 of 2024 & I.A. No. 8872, 8875 of 2024 3 of 3
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