Rishabh Singhvi Suspended Director ... vs Canara Bank

NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Comp. App. (AT) (Ins) No. 1234 of 2024 & I.A. No. 7163, 7366 of 2024 IN THE MATTER OF: Rishabh Singhvi ...Appellants Suspended Board of Directors of International Print- O - Pac Ltd.

Versus --- ...Respondents

Present: For Appellant : Mr. Swapnil Gupta, Mr. Vaibhav Mendiratta and Mr. Abhinav Mishra, Advocates.

For Respondents : Mr. Abhishek Naik, Ms. Gulafsha Kureshi, Mr. Raunaq Kalra, Advocates for R1. Mr. Rachit Mittal, Mr. Adarsh Srivastav, Advocates for IRP.

ORDER

(Hybrid Mode)

07.11.2024: This appeal has been filed against the order dated

11.06.2024 passed by National Company Law Tribunal, New Delhi Bench-III

admitting the Section 7 application filed by the Canara Bank.

2. Ld. Counsel for the appellant submits that in the appeal one of the

ground taken for challenging the impugned order was that OTS proposal with

the Canara Bank was already under consideration and hence Adjudicating

Authority ought not to have admitted. An I.A. No. 7366 of 2024 has been filed

by the appellant bringing on record the OTS issued by the Canara Bank. It is

submitted that there are only three Financial Creditors namely Canara Bank, HDFC Bank and State Bank of India and there are no other Financial

Creditors.

3. Ld. Counsel for the IRP also submits that in so far as financial creditors

are concerned no other claims have been received except the claim by

operational creditor. Ld. Counsel for the appellant submits that 100%

Financial Creditors have accepted and issued the OTS and amount in

pursuance of the OTS has also been partially paid and rest of the amount shall

be paid upto by 07.01.2025 to all the financial creditors. It is submitted that

post-dated cheques has been handed over to the lead bank through demand

draft amounting to Rs. 8 Crores and cheques of Rs.69,66,00,000/-.

4. Ld. Counsel for the parties are at ad-item that in view of all the three

financial creditors having accepted the OTS no useful purpose be served in

proceeding with the insolvency against the corporate debtor which was initiated

by the Canara Bank who has now accepted the OTS.

5. Considering the aforesaid, we are of the view that 100% members of

Committee of Creditors have approved the OTS, and the counsel for the parties

submits CIRP may not be allowed to continue, we close the CIRP and allow the

application I.A. No. 7366 of 2024. Ld. Counsel for the Appellant submits that

appellant shall pay fee and expenses incurred by the IRP which has already

been communicated to him.

Comp. App. (AT) (Ins) No. 1234 of 2024 & I.A. No. 7163, 7366 of 2024 2 of 3

6. Appeal is disposed of accordingly.

7. We, however, grant liberty to the parties to revive the appeal, if any, such

circumstances arises.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) harleen/NN

Comp. App. (AT) (Ins) No. 1234 of 2024 & I.A. No. 7163, 7366 of 2024 3 of 3