K. Premsagar Rao vs Dr. K V Srinivas

The Appellant had invoked the Appellate provisions contained under Section 61(1) of I & B Code, 2016, for the purpose of putting the challenge to the Impugned Judgment of 08.07.2022, as passed by the NCLT Hyderabad bench in IA. No 71/IB/2022, as preferred in CP (IB) No.651/7/HDB/2018. As a consequence of the impugned order which is under challenge, the Corporate Debtor, M/s. Sainath Estates Private Limited was put to liquidation process under terms and conditions contained under Para 32 of the impugned judgement. The Company Appeal has been accompanied with a condone delay application seeing condonation of delay in refiling of the Appeal, being IA No. 890/2024 where he has sought a condonation of 225 days of delay. Apart from the reasons which has been given in the condone delay application, coupled with the fact that, since the aspect of delay condonation in refiling the Appeal is an aspect between the Appellant and the Tribunal a detailed analysis is not required. Hence the delay condonation application in refiling the Appeal would stand allowed and consequently the delay of 225 days which has chanced ,would hereby stand condoned.

The Appellant has submitted a memo of settlement condoning thereof that parties have arrived to a conclusion in league with the terms given in the Memorandum of Understanding, which has been placed before this tribunal.

The Respondents who have concurred to the terms and condition of the memo, are represented by the learned counsel Mr. Abhijeet Sinha, Senior Advocate. He supports the terms of settlement and he submits that, if the Impugned Order 8/07/2022, is modified to the extent of the terms of the settlement he may not have any grievances as such.

The counsel for the appellant submits that, in terms of the settlement which has been arrived at, which the Counsel for the Appellant has produced before this Learned Tribunal, a Demand Draft bearing Number 378025 dated 19.08.2024, as executed in favor of Sainath Estates Private Limited by the Appellants herein, for a total amount of Rs. 10 crores. The xerox copy of the said demand draft which has been taken under the endorsement of the learned counsel and which has been placed on record and would form to be a part of the todays order. The Appellant assures to hand over the said Demand Draft thus issued in favor of the Respondent, to him (Respondent), within one week from today. If the same is not done within the aforesaid period, this order will have no effect and the appeal would automatically stand revived back. In view of what has been observed above, the Impugned Judgement of 08.07.2022, of NCLAT, Hyderabad will stand modified to the extent of the terms of settlement as detailed in the memo, which has been placed on record today. Order accordingly. The appeal will stand closed subject to above directions, and would be treated to be disposed off.