AI Structured Summary
Not yet generated for this judgment
Judgment
O R D E R
I.A. No. 2249 of 2023: Heard learned counsel for the Appellant as well as Shri Debal Kumar Banerji, learned senior counsel appearing for the Bank. This is an application filed by the applicant praying for extension of further period of 12 weeks to enable the parties to negotiate and settle, during which time the constitution of CoC is stayed.
This Appeal has been finally disposed of by our judgment and order dated 26.04.2023. In Para 37 of the judgment following was directed:
“37.In the present Appeal, we had passed an interim order staying the constitution of Committee of Creditors which order is still continuing. The Appellant before us as well as the Adjudicating Authority has made a statement that Appellant is ready to pay amount of Rs.25 Crores to the Financial Creditor which amount was received and utilised by the Corporate Debtor. In the facts of the present case, we are of the view that an opportunity be given to the Appellant to negotiate with the Financial Creditor to come to a settlement, if any, before the Committee of Creditors is constituted. We for the above purpose allow one month time to the Appellant to make efforts for settlement. The Committee of Creditors be not constituted for period of one month to enable the Appellant to take steps. In event, no settlement takes place within the period of one month from today, it shall be open for the IRP to constitute Committee of Creditors and proceed further in accordance with law. Subject to as directed above, the Appeal is dismissed.”
The application has been filed by the Applicant where it is submitted that after order of this Tribunal, the Appellant has proposed an OTS and deposited an amount of Rs.10 Crore on 17.05.2023. Learned counsel for the Appellant has submitted that a revised proposal has been submitted yesterday.
In view of the fact that the Appellant has taken steps after final judgment of this Tribunal, we are of the view that time as granted by the judgement dated 26.04.2023 is further extended for a period of 30 days. The 30 days’ period, as prayed, is allowed to the Applicant to enable the parties to negotiate and settle. Application is disposed of accordingly. We make it clear that no further application shall be entertained for extension of time.