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Tribunals and CommissionsFull Bench(2022) 08 NCLAT CK 0028

Glorious Agro Exim Pvt. Ltd vs Punjab National Bank

National Company Law Appellate Tribunal · Decided on 5 August 2022

HON’BLE JUDGES
Ashok Bhushan, Chairperson · M. Satyanarayana Murthy, Member (J) · Barun Mitra, Member (T)
RESULT
Disposed Of
CASE NUMBER
Company Appeal (AT) (Ins.) No. 928 Of 2022

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Judgment

7 paragraphs · 386 words
1.

Heard Learned Counsel for the Appellant as well as Learned Counsel appearing for the Bank.

2.

This Appeal has been filed against the order dated 14.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, by which order the Adjudicating Authority has allowed the I.A filed by the Bank for revival of the CP (IB) No.1092/KB/2018. The Petition under Section 7 was filed by the Bank on which Adjudicating Authority passed an order on 24.09.2019 to the following effect:-

“None for the Financial Creditor appears, Ld. Sr. Counsel appears for the Corporate Debtor. He produced on record a letter issued by the financial creditor dated 7th June, 2019. It appears that OTS proposal is under consideration of the bank. Matter may likely to be settled. In view of this, we dispose of this application with liberty to the financial creditor to revive the proceedings. In case the OTS proposal fails.”

3.

It appears that there was no settlement between the parties and on 24.09.2019 the Bank has informed that the OTS proposal submitted by the Corporate Debtor is not acceptable. Thereafter, the Application was filed for revival which by the impugned order the Section 7 Application has been revived. We do not find any infirmity in the order passed by the Adjudicating Authority reviving Section 7 Application as the order dated 24.09.2019 has clearly noticed that matter was likely to be settled, it was not settled by that time and liberty was granted to revive in case OTS proposal fails. When no settlement has yet been arrived, there is no error in the order of the Adjudicating Authority in reviving Section 7 Application.

4.

Shri Abhijeet Sinha, Learned Counsel for the Appellant submits that the Appellant has been making endeavors to settle the matter and is ready to deposit the OTS amount in the reasonable time. He also submits that he is ready to pay interest to the Bank.

5.

For the aforesaid, it is open for the Appellant to approach the Bank with the concrete proposal regarding payment of OTS amount along with interest which may be considered by the Bank and appropriate decision be communicated to the Appellant within four weeks from today. The Adjudicating Authority shall proceed further in the matter after four weeks.

The Appeal is disposed of.