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Judgment
This appeal has been filed against an order passed by the Adjudicating Authority on 02.11.2023 by which Company Petition filed by the Axis Bank Limited has been admitted. On 23.11.2023 we passed following order:
“23.11.2023: Learned counsel for the Appellant as well as learned counsel for the Bank submits that OTS has been entered on 22.11.2023. Let the OTS be brought on the record by the parties within a week.
List this Appeal on 04.12.2023.
In the meantime, in pursuance of the impugned order dated 02.11.2023 CoC may not be constituted.”
An affidavit on behalf of the Respondent No. 1 have been filed bringing on record the settlement of dues dated 22.11.2023 issued by the Axis Bank Limited.
In view of the aforesaid settlement of due and letter issued by the Axis Bank Limited, we are of the view that no purpose shall be served in continuing with this appeal and insolvency proceedings further. Both the parties agreed that payments have to be made as per schedule and Rs.50 lakhs advance have been paid. Taking the settlement on the record, we close the insolvency proceeding and Impugned order is set aside.
The Appeal is disposed of. Parties are at liberty to make an application, if, any such occasion arises.