Nilesh Rasiklal Shah vs Resolution Professional And Anr

Nilesh Rasiklal Shah ....Appellant Director Rasiklal Sankalchand Jewellwers Pvt. Ltd. Vs.

The Resolution Professional ...Respondents Rasiklal Sankalchand Pvt. Ltd. & Anr.

For Appellant: Ms. Neha Sharma, Advocate. For Respondents: Ms. Ekta Bhasin, Mr. Nikhil Singh, Advocates for R2.

ORDER

(Through Virtual Mode)

20.09.2022: Heard Learned Counsel for the Appellant and Learned

Counsel appearing for the Respondents.

2. This Appeal has been filed against the order dated 07.06.2022 by which

order the Adjudicating Authority (National Company Law Tribunal), Mumbai

Bench-IV has admitted Section 7 Application filed by the 'ICICI Bank Limited'

(Financial Creditor).

3. Learned Counsel for the Appellant submits that there was a default of

only Rs. 1.7 Crores and due to non-payment of the said default, the entire loan

of Rs. 49 Crores was recalled and proceedings have been initiated.

4. When the Appeal was taken, this Tribunal passed following order on

16.08.2022:-

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"16.08.2022:- Learned Counsel for the Appellant after having obtained instructions submits that Appellant is ready to offer amount of Rs. 24 Crores for OTS and is ready to deposit 10% within 21 days with the Bank.

2. Learned Counsel for the Respondent informs that Committee of Creditors has already been constituted and claims have been received.

3. List this Appeal on 20th September, 2022. It shall be open for the Appellant to approach the Bank with their offer and also take steps with regard to other financial creditors."

5. Learned Counsel for the Appellant submits that although efforts were

made by the Appellant but the Financial Creditor has not accepted the

proposal.

6. Learned Counsel for the Respondents submits that apart from the claim

of the ICICI Bank Limited, other Financial Creditors' claim is there and they

have also filed their claims and Committee of Creditors is now proceeding.

7. We have considered the submissions of the Learned Counsel for the

parties and perused the record.

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

which cannot be faulted in any manner. The default is not even denied. The

efforts made by the Appellant to settle the matter with Financial Creditor also

did not result in any fruit. In view of the fact that the CoC is already

proceeding, in event the Appellant is able to convince the Financial Creditor

Comp. App. (AT) (Ins.) No. 760 of 2022 3

and submit a proposal, it is always open to adopt route under Section 12A and

make an appropriate application before the Adjudicating Authority for

considering such Application in event any settlement is made out.

9. With the above observations, we dismiss the Appeal.

[Justice Ashok Bhushan] Chairperson

[Justice M. Satyanarayana Murthy] Member (Judicial)

[Barun Mitra] Member (Technical) Anjali/nn

Comp. App. (AT) (Ins.) No. 760 of 2022