Hardeep Singh vs State Bank of India And Anr

Heard learned counsel for the parties. This Appeal has been field against order dated 12.07.2022 by which order the Adjudicating Authority has initiated insolvency resolution proceedings against the Appellant on an application filed under Section 7 by the State Bank of India. It was noted in the order that an OTS proposal was submitted by the Corporate Debtor dated 06.05.2019 which was approved by the Bank on 27.08.2019 but was declared failed on 19.09.2020.

It is submitted by learned counsel for the Respondent that another OTS proposal was submitted in February, 2022, after passing of the order, which is not acceptable to the Bank since the amount offered is less than the amount offered in the earlier OTS proposal which was accepted.

Learned counsel for the Appellant submits that Appellant is ready to revise his offer.

From the facts as have noticed by the Adjudicating Authority and the findings recorded, we are of the view that no error has been committed by the Adjudicating Authority in admitting Section 7 application there being debt and default proved. Insofar as revision of offer is concerned, it is always open for the Appellant to submit its proposal to the Bank, who may consider the same and in event of acceptance of any such proposal, it is always open for the parties to file application under Section 12A, which may be considered and decided by the Adjudicating Authority. Subject to above observations, the Appeal is dismissed.

Learned counsel for the Appellant submits that he shall be submitting the OTS proposal within a period of one month.  Submission is recorded.