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Judgment
I.A. No. 3803 of 2023 and 3804 of 2023: These Application have been filed for rectification of the judgment and order dated 24.04.2023. The Applicants were Appellant Nos. 1 and 2 in the Company Appeal.
In I.A. No. 3803 of 2023, it is submitted that there is direction for refunding amount of Rs.1 Crore by Applicant No.1 in the order, whereas an entry of Rs.25 lakhs has been missed. Hence, the amount which is to be refunded is only Rs.75 lakhs. With regard to Applicant No.2, it is submitted that there was one entry which has been added on 27.08.2018 which ought to have been excluded in the order directing Applicant No.2 to refund Rs.90 Lakhs.
Learned counsel for the Resolution Professional in response to the application submits that in so far as Applicant No.1 – GVR Consulting Services Pvt. Ltd. is concerned the entry with regard to Rs.25 Lakhs may be accepted and liability of Applicant No.1 shall thus be Rs.75 Lakhs. However, with regard to Applicant No.2 – GVR Electronics Pvt. Ltd. entry on 27.08.2018 cannot be excluded since the look back period is one year preceding the insolvency commencement date and the insolvency commencement date being 27.08.2019, the transaction made on 27.08.2018 is fully covered by look back period. There is no error in the judgment with regard to direction to Applicant No.2.
After considering submissions of learned counsel for the parties, in view of the submission of learned counsel for the Resolution Professional that Resolution Profession agree for payment of Rs.75 Lakhs by Applicant No.1, we allow application I.A. No.3803 of 2023 with regard to Applicant No. 1, clarifying that Applicant No.1/Appellant No.1 shall refund only Rs.75 Lakhs whereas order with regard to Appellant No.2 need no rectification.
In I.A. No. 3804 of 2023, prayer for extension of time for depositing amount has been made. I.A. No. 3804 of 2023 is allowed. Time for payment is extended further for a period of three months from today.
Two Demand Drafts of Rs.10 Lakhs each totalling to Rs.20 Lakhs has been handed over to learned counsel for the Resolution Professional by learned counsel for the Appellant in open Court.
Both the applications are disposed of accordingly.