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Judgment
ORDER
When the proceedings of the Company Appeal (AT) (CH) (Ins) No. 232/2024 was taken up at an initial stage of admission, there was an interim order granted by this Tribunal, i.e., on 07.08.2024 and by virtue of the said order, an interim arrangement was directed to be maintained. The said directions are extracted below:-
In order to balance the equities and particularly in order to meet the objective and owing to the conditions that the implementation of the Acquisition Plan itself is in debate and dispute in these Appeals, the interest of justice would be served, if the amount which the Appellant is likely to receive towards dividend, prior to hearing of this Appeal finally, would be deposited into the Accounts held and operated by the Liquidator and if any such amount is deposited, the Liquidator is casted upon a mandate by this Tribunal, that she would ensure to deposit the said amount in a Fixed Deposit and the same would not be disturbed in any manner except with the prior leave of this Tribunal.
Subsequently the Company Appeal was taken up and on the basis of the settlement dated 03.04.2025, the Company Appeals with consent of the parties was directed to be dismissed as withdrawn, by an order passed on 09.12.2025.
The instant IA No. 151/2026 has been jointly preferred by the parties to the Company Appeals, praying for that the amount, which has been thus kept in fixed deposit in compliance of the interim order, may be directed to be released, and transferred along with the interest accruing on it, to the designated account of the Corporate Debtor.
On account of the fact that, now these Company Appeals have been decided on the basis of the settlement, which has been arrived at between the parties on 03.12.2025, the direction issued for depositing the amount by way of an interim arrangement and the continuance of the said order as of now, is of no relevance at this point of time and as such the direction as prayed for in the IA No. 151/2026 would stand allowed. The liquidator is directed that, the amount which has been thus deposited in pursuance to the order dated 07.08.2024, and which has been kept as a fixed deposit, would be ensured to be remitted in accordance with the memorandum of understanding along with the interest accrued on it. Accordingly, IA No. 151/2026 would stand disposed of.