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Judgment
O R D E R
18.12.2024: This appeal is directed against the order dated 05.04.2024 by which an application filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 has been admitted.
On 09.04.2024, while issuing notice in this appeal, filed by the suspended Director of the Corporate Debtor, this court has passed the following order:
“In the meantime, the order dated 06.04.2024 shall remain stayed.”
However, the said order was corrected by an application filed by the appellant bearing I.A. No. 3016 of 2024 vide order dated 06.05.2024, as 05.04.2024.
The notice was issued in this appeal and the stay was granted on the ground that the parties are in the process of settlement. The case was thereafter adjourned to await the settlement agreement to be placed on record. The appellant has e-filed the settlement agreement executed between the parties on 14.12.2024 at Kolkata and the hard copy is handed over in court today.
Counsel for the appellant has submitted that in view of the latest decision of Hon’ble Supreme Court in the case of “Glas Trust Company LLC vs. Byju Raveendran & Ors. [2024 SCC Online SC 3032 in Civil Appeal No. 9986 of 2024]”, the parties to this appeal have to file an appropriate application in terms of provisions of the code and regulations.
Counsel for the appellant has submitted that while disposing of this appeal, the order dated 09.04.2024 of stay which was corrected on 06.05.2024 may be allowed to continue, till the application of settlement is disposed of.
In view of thereof, we dispose of this appeal, relegating the appellant to its remedy in accordance with law for obtaining an order of settlement in terms of the provisions of the code and the regulations by filing an appropriate application.
Till the application is decided by the Ld. Tribunal in one way or the other, order dated 09.04.2024 by which the interim order was passed and corrected on 06.05.2024 in this appeal shall continue to operate.