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Judgment
This Appeal has been filed by the HDFC Bank Ltd. challenging the order dated 24.01.2023 by which order Section 7 application filed by the Appellant was rejected.
In this Appeal, when appeal was heard following order was passed on 20.04.2023 and 29.05.2023:
ORDER
20.04.2023: Learned Counsel for the Respondent submits that restructuring by the Axis Bank has been done on 23rd March, 2023. It is submitted that restructuring by ICICI Bank is underway and is likely to be completed within two weeks.
Learned Counsel for the Appellant submits that even if the Respondent Corporate Debtor enter into restructuring with other banks with regard to the dues of the Appellant, the Corporate Debtor should also come with some reasonable proposals.
Learned Counsel for the Respondent submits that he will obtain instructions by the next date. Learned Counsel for the Respondent are permitted to bring subsequent developments by means of an affidavit.
List this Appeal on 29th May, 2023.
ORDER
29.05.2023: Learned counsel appearing for the Respondent submits that settlement/restructuring with regard to Axis Bank has been done and with regard to ICICI Bank proposal has in principle approved and letter is yet to be received. It is submitted that with regard to the Appellant revised offer has been given, which is under consideration. It is submitted that Appeal be adjourned to enable the Respondent to bring all subsequent development on record by means of an affidavit.
List this Appeal on 11.07.2023.
Subsequent proceeding clearly indicate that the Respondents have made all due payments to the Appellant. Learned counsel for the Appellant also submits today that the Bank has received the OTS amount along with interest for delay period.
In view of the aforesaid statement that entire payment has been made to the Appellant nothing survives to be decided in this appeal. Appeal is closed. Entire payment having been made, the Bank shall also issue necessary NOC to the Respondent. With these observations, we dispose of this Appeal.