Vikram Bhawanishankar Sharma vs Icici Bank Limited

IN THE MATTER OF: Vikram Bhawanishankar Sharma ...Appellant Versus ICICI Bank Ltd. & Anr. ...Respondents

Present: For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr. Abhirup Dasgupta and Ms. Jayshree Shukla Dasgupta, Advocates.

For Respondents : Mr. Niranjan Reddy, Sr. Advocate with Ms. Nishi Bhankharia and Ms. Jeta Shree, Advocates for R- 1.

Mr. Prakash Shinde, Ms. Nishit Dhruva and Ms. Ruchita Jain, Advocates in I.A. 7261/2024.

ORDER

(Hybrid Mode)

22.11.2024 : Heard Learned Sr. Counsel Mr. Abhjjeet Sinha appearing

for the Appellant, Learned Sr. Counsel Mr. Niranjan Reddy appearing for the

ICICI Bank and Learned Counsel appearing for the Canara Bank.

2. This Appeal has been filed against an Order dated 14.02.2024, passed

by the Learned Adjudicating Authority (National Company Law Tribunal,

Mumbai Bench - VI), in an Application under Section 7 filed by the ICICI Bank

claiming an amount of Rs.268,39,09,810/-. The Adjudicating Authority

heard the Parties and after returning the finding of debt and default admitted

the Section 7 Application.

3. When this Appeal was taken for consideration, following Interim Order

was passed on 21.02.2024:

"21.02.2024: Learned Counsel for the Appellant submits that Appellant has submitted a proposal to the Financial Creditor for consideration. Learned Counsel for the Financial Creditor also prays that Respondent shall require some time to consider the proposal and the Appeal may be listed after three weeks.

2. In view of the aforesaid, we direct the Appeal to be listed on 20th March, 2024. Interim Order already granted shall continue. IRP shall not take any further step in the CIRP."

4. There have been several proceedings in this Appeal on which date,

Interim Orders were continued giving opportunity to the Appellant.

5. Learned Counsel for the Appellant submits that ICICI Bank has also

made a statement that Parties are negotiating with the Settlement. Learned

Sr. Counsel Mr. Reddy however submits that no Settlement has yet been

arrived with the Appellants.

6. Learned Counsel for the Canara Bank submits that Canara Bank has

also its dues on the Corporate Debtor and the Interim Order be vacated.

7. We have considered the submissions of Counsel for the Parties and

perused the record.

8. Learned Counsel for the Appellant disputes that there was any

Guarantee document, he however submits that the Appellant is endeavouring

to settle the dues of all the Financial Creditors.

9. In view of the statement made by the Counsel for the Appellant that

they are endeavouring to settle the dues of the Financial Creditors, we are of

the view that course open for the Appellant to take route of 12A of the IBC

through the IRP, in event of Settlement, the Application be filed through the

Comp. App. (AT) (Ins.) No. 342 of 2024 & I.A. No. 7261 of 2024 2 of 3 IRP by the Financial Creditor which need to be considered in accordance with

Section 12A read with Regulation 30A of the CIRP Regulations, 2016.

10. In view of the aforesaid, we see no reason to keep the Appeal pending.

The Appeal is disposed of giving the aforesaid liberty, for a period of two weeks.

The Interim Protection granted shall continue.

11. After two weeks the proceeding shall be as per the Orders passed by the

Adjudicating Authority. In event, the Application under 12A is submitted

before the Adjudicating Authority within two weeks, further steps shall be

taken after disposal of the Application under Section 12A.

Appeal is disposed of accordingly.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) himanshu/nn

Comp. App. (AT) (Ins.) No. 342 of 2024 & I.A. No. 7261 of 2024 3 of 3