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Judgment
ORDER
This instant Company Appeal arises out of the Impugned Order dated 16.04.2024, as it was passed in IA(IBC)/1802(CHE)/2023, which was rendered in IA/60(CHE)/2021, in CP/938(IB)/2018. By virtue of the Impugned Order, the proceedings in IA/60(CHE)/2021, which was drawn under Section 31(1) of I & B Code, 2016, by to be read with Regulation 39(4), of IBBI (Insolvency Resolution Process of the Corporate Debtor), Regulations 2016, was disposed of the Tribunal by approving the resolution plan for the Corporate Debtor and the application IA(IBC)/1802(CHE)/2023 preferred by the Appellant was dismissed based on the reasons assigned in the conclusion drawn by the Tribunal in the Impugned Order.
When this matter was taken up as fresh before this Appellate Tribunal on 02.07.2024, an Interim Order was granted by this Tribunal directing the Resolution Professional to keep an amount of Rs. 4.64 Crores being the additional amount of claim in a nationalised bank in an Interest-bearing deposit till further orders. The relevant extract of the order dated 02.07.2024, is extracted herein: -
“When the matter of difference in views expressed in the 2 Judgments referred as above was taken up before the Hon'ble Apex Court, the Hon'ble Apex Court thought it appropriate that since there happens to be a difference in the implications of the two Judgments the matter needs to posed before a larger bench. Accordingly, the Hon'ble Apex Court has formulated a question to the following effect and had referred it to a larger bench:-
“Whether Section 30(2)(b)(ii) of the Insolvency and Bankruptcy Code, 2016, as amended in 2019, entitles the dissenting financial creditor to be paid the minimum value of its security interest?" This question is yet to be answered by the Hon'ble Apex Court. Meanwhile, the Respondents are directed to file the Counter Affidavit within the period of three weeks from today. By way of an Interim measure, it is hereby directed that the additional amount of claim which has been sought by the Appellant alleged to be to the tune of Rs.4.64 crores, may be kept separately in a Nationalize Bank in an interest-bearing deposit, by the Resolution Professional till further orders. It is further classified that the amount thus deposited in pursuance to today's order will not create any impediment as such in the implementation of the Resolution Plan.”
Today, when the matter was taken up, the parties to the Appeal have unanimously presented a join memorandum of Terms of compromise under their signature, submitting thereof that the Appellant to R3 have agreed to share the amount that has been directed to be deposited by the order of 02.07.2024 passed by this Tribunal along with interest accrued thereon on 50:50 ratio between them and that on receipt of the orders of this Tribunal taking on record the said consent terms as above, they will intimate R1 who will then release the amount of Rs.4.64 Crores being held in deposit along with interest accrued thereon in the manner as recorded in Para-9 of the Joint Memorandum, further elaborated in Annexure-A to the memorandum. Since the parties are in unanimity for closing the Company Appeal, based upon the aforesaid memorandum and the consent terms therein contained as Annexure-A and particularly based on the terms as contained in Para-9 of the memorandum and in Para-19 & 20 of the said consent Terms, this Company Appeal would stand closed and the amount thus deposited by the order dated 02.07.2024, will be distributed by Respondent No.1(RP), among the parties as per the ratio which is contained in Para-19 of the said memorandum.
Owing to the above, since the parties have entered into a settlement, the Company Appeal would stand closed in terms of the Joint Memorandum of Terms of compromise and the consent Terms contained therein.