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Judgment
13.05.2025: This order shall dispose of two appeals bearing CA (AT) (Ins) No. 1118 of 2024 ‘Basant Sharma vs. Asset Reconstruction Company (India) Ltd. & Ors.’ (first appeal) and CA (AT) (Ins) No. 1120 of 2024 ‘Shreesh Asthana vs. Asset Reconstruction Company (India) Ltd. & Ors.’ (Second appeal).
In so far as the first appeal is concerned, Application under Section 7 of IBC, 2016 was filed by Indiabulls Housing Finance Ltd. against Primcomm Media distribution Ventures Pvt. Ltd. (Corporate Debtor/Respondent) for default in repayment of Rs. 2,60,98,26,700/-. The said application was admitted on 25.04.2024.
The first appeal has been filed by the Suspended Director of the Corporate Debtor.
The second appeal has arisen from the order dated 25.04.2024 by which an application filed by Indiabulls Housing Finance Ltd., under Section 7 of the Code, against Essel Home Pvt. Ltd. (CD) for the Resolution of an amount of Rs. 2,60,98,26,700/- was admitted and the Suspended Director of the Corporate Debtor (Essel Home Pvt. Ltd.) has filed the second appeal.
Both the appeals were taken up together on 25.07.2024 and the following order was passed:
“Learned Sr. Counsel for the Appellant prays that the appeal may be listed on 2nd September, 2024. Liberty is granted to the learned Sr. Counsel for the Appellant to file an Interlocutory Application for bringing settlement on record. Learned Sr. Counsel for the Appellant submits that settlement has already been entered and first instalment has already been paid. It is submitted that sole CoC member having entered into settlement. Direction may be issue not to publish Form-G. In view of the above, we list the matter on 2nd September, 2024. Till the next date Form-G may not be issued”.
Since, the appellant in both the appeals had projected that there is a likelihood of settlement between the parties, therefore, the case was adjourned from time to time for the parties to make a statement of the settlement.
Today, both the Counsels for the parties have made a joint statement that since the accounts have been reconciled therefore no amount is due to be paid by the CD to the Respondent.
It is submitted by the appellant that now the CD has to pay a sum of Rs. 31.17 Crore in toto by way of demand draft towards the full and final payment and the Respondent has to give to the appellant no due certificate along with the original sale deed which are kept by the Respondent towards mortgage.
Counsel for the appellant has submitted that in terms of the order passed by the Hon’ble Supreme Court in the case of ‘‘Glas Trust Company LLC vs. Byju Raveendran & Ors.’ (2025) 3 SCC 625, the parties have to approach under Section 12A read with Regulation 30 of the CIRP Regulations the Tribunal for an order of settlement, therefore, the present appeal has become infructuous.
In terms of the aforesaid submissions the parties to the lis, may file an appropriate application in terms of the Provisions of the Code and the Regulations before the Tribunal for obtaining an order of settlement.
Till the said order is passed, the interim order passed in these appeals shall continue.
However, both these appeals are hereby disposed off as having become infructuous and the pending IA’s, if any, stands closed.