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Judgment
(Hybrid Mode)
This Company Appeal was preferred by the Appellant, being aggrieved against the impugned order dated 07.04.2025, that was passed by the Learned NCLT, Bengaluru Bench in CP(IB) No.65/BB/2024, consequent to which, the applications filed under Section 7 of the I & B Code, 2016, against the Corporate Debtor had been directed to be admitted.
When this Company Appeal that was taken up initially, we granted an interim order dated 21.04.2025, and the interim order continued in operation till the parties moved an application under Section 12A before the Learned NCLT, expressing to settle their dispute in terms of the conditions mentioned in the Application preferred under Section 12A of the code.
Since the continuance of the interim order of 21.04.2025 was creating an impediment in proceeding with Section 12A application, as per the submissions of the parties, we clarified the order on 24.03.2026, leaving it open for the Learned NCLT to continue to decide Section 12A of the code, uninfluenced with the continuance of the interim order of 21.04.2025.
When the matter was taken up today, the Learned Counsel for the Appellant has made a statement that Section 12A proceedings have attained finality by virtue of a decision taken by the Learned NCLT on 06.04.2026, and the parties have resolved their dispute in terms thereto. In view of the aforesaid, the Company Appeal would stand disposed of in terms of the settlement arrived at under Section 12A of the code, by the order of Learned NCLT, Bengaluru Bench, passed on 06.04.2026.