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Judgment
Heard Learned Counsel for the Appellant.
This Appeal has been filed against the Order dated 17th August, 2023 passed by the Adjudicating Authority in Restoration Application No. 23 of 2022 being allowed reviving the Corporate Insolvency Resolution Process. In the CIRP, a consent term dated 02nd April, 2022 was entered between the parties in pursuance of which the Adjudicating Authority has permitted withdrawal of the Application. Subsequently, the Operational Creditor filed the Application for restoration on the ground that the default was committed by the Corporate Debtor to the consent term dated 02nd April, 2022 hence the Application has to be revived. The Adjudicating Authority has allowed the Application.
Aggrieved by the said order, the Appellant has come up in this Appeal.
Learned Counsel for the Appellant submits that as per consent term the Respondent Operational Creditor was required to issue notice before filing the application for revival.
There is no dispute that Corporate Debtor has breached consent term and in such event if the application is filed for restoration which has been allowed, we see no reason to interfere with the Impugned Order.
Learned Counsel for the Appellant submits that Appellant has not filed any reply and filed only preliminary reply and he intends to file a detailed reply also. We allow the Corporate Debtor three weeks’ time to file a Reply, if any. The Adjudicating Authority shall proceed to fix a date after three weeks and proceed to hear the application in accordance with law.
The Appeal is disposed of, accordingly.