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Judgment
[Per : Justice Rakesh Kumar Jain (Oral)]
23.05.2025 This appeal is directed against the order dated 08.04.2025 by which an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (‘Code’) by Respondent/ Samruddhi Health Care against the Corporate Debtor, namely, Surabhi Hospital Pvt. Ltd. for the resolution of sum of Rs. 1,70,19,439/- has been admitted and Ajay Amrutlal Mutha was appointed as the IRP.
This appeal came up for preliminary hearing on 16.04.2025. On the said date this court passed the following order :-
“Learned counsel for the Appellant submits that Section 9 application was filed for debt of Rs.1,70,19,439/- along with interest upto date. Learned counsel for the Appellant submits that the Appellant is ready to pay the entire amount, which payment shall be made to the Respondent by way of Bank Draft within two weeks from today. Issue notice. Learned counsel for the IRP is present and accepts notice. Learned counsel for Respondent No.1 is also present. It shall be open for the Respondent to communicate the interest as on date to the Appellant within three days from today, for paying the amount. List this appeal on 09.05.2025. In the meantime, in pursuance of the impugned order no further steps shall be taken till next date of hearing.”
This appeal has been filed by the Suspended Director of the Corporate Debtor. Counsel on behalf of the Appellant has submitted that pursuant to an out of the court settlement the amount has been paid by the Appellant herein as Rs. 2,54,92,340/- towards the principal and Rs. 1,70,19,439/- towards interest to the Operational Creditor.
Counsel for the Respondent has accepted the statement made by the Appellant.
At this stage, Respondent No. 2/ IRP has submitted that after the admission of the application on 08.04.2025 and appointment of Ajay Amrutlal Mutha as IRP, he had made the publication on 11.04.2025, pursuant to which he received 21 claims of approximately Rs. 11 Crores. However, she has submitted that the CoC has not yet been constituted.
Counsel for the Appellant has submitted that the present appeal may be disposed of as having become infructuous with liberty to the Appellant to file an appropriate application under Section 12A of the Code r/w Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), Regulations, 2016 through the IRP before the Learned Tribunal for the purpose of obtaining an order of settlement much less the order of disposal of the application filed under Section 9 of the Code, resulting in to withdrawal of the CIRP proceedings.
He has also submitted that till the Tribunal decides the issue of settlement between the parties, the stay granted by this Court vide order dated 16.04.2025 may be continued.
Counsel for the Respondent has not raised any objection in this regard as well.
Consequently, the present appeal is hereby disposed of as having become infructuous. However, in view of the settlement between the parties, the parties are relegated to their remedy provided in Section 12A of the Code r/w Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), Regulations, 2016 by forwarding an appropriate application by the Operational Creditor through the IRP before the Learned Tribunal following the decision of the Hon’ble Supreme Court in the case of Glas Trust Company LLC vs. Byju Raveendran & Ors. [(2025) 3 SCC 625].
It is further ordered that till the application for the settlement is decided by the Learned Tribunal, the interim order passed by this Court on 16.04.2025 shall continue.