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Judgment
O R D E R
This appeal is directed against the order dated 23.02.2022 by which an application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (in short ‘Code’) by Respondent Nos. 1 to 6 has been admitted.
Counsel for the Appellant has submitted that there was a likelihood of settlement between the parties, therefore on 14.09.2022 this court had passed the following order :-
“Learned counsel for the Appellant submits that the Appellant is ready to deposit Rs.1.60 Crore which is towards the Principal Amount of the Financial Creditors and further he shall resolve with the Financial Creditors the issue regarding rate of interest in addition to the aforesaid amount, which shall also be paid in the due course.
Appellant may deposit an amount of Rs.70 Lakhs by 20.09.2020 by way of Demand Draft drawn in the favour of ‘The Pay and Accounts Officer, Ministry of Corporate Affairs, New Delhi’ and further amount of Rs.90 Lakhs be deposited within three weeks from today. The Appellant may also interact with the Financial Creditors regarding finalizing the rate of interest so that further amount be deposited.
Learned counsel for the Resolution Professional submits that Form G has already been issued.
Let the Resolution Professional consider the Resolution Plans received and deliberate, however, no plan should be put to vote without leave of the Court.
List this Appeal on 20.10.2022.”
It is further submitted that on 20.10.2022 the following order was passed :-
“Learned Counsel for the Appellant submits that in pursuance of the order passed by this Tribunal, an amount of Rs. 1.60 Crore has already been deposited.
List this Appeal ‘For Hearing’ on 06th December, 2022.”
It is submitted that the Appellant had deposited of Rs. 1.60 crores by way of two Demand Drafts of Rs. 70 lakhs and Rs. 90 lakhs in favour of “The Pay and Accounts Officer, Ministry of Corporate Affairs, New Delhi”. It is argued that since the dispute was regarding the rate of interest which could not be resolved, therefore, the Appellant does not want to proceed with this appeal on merits and prays that he may be allowed to withdraw the same.
Counsel for the Respondent has not raised any objection regarding withdrawal of the appeal and the amount deposited by the Appellant.
The present appeal is hereby dismissed as withdrawn.
“The Pay and Accounts Officer, Ministry of Corporate Affairs, New Delhi” with whom sum of Rs. 1.60 crores have been deposited is directed.
To return the aforesaid amount of Rs. 1.60 crores to the Appellant (Kushal Maitra) within a period of 15 days from the date of receipt of certified copy of this order and after due verification of the Appellant (Kushal Maitra).