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Judgment
Heard Learned Counsel for the Appellant and Learned Counsel appearing for the Respondents.
This Appeal has been filed against the order dated 07.06.2022 by which order the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-IV has admitted Section 7 Application filed by the ‘ICICI Bank Limited’ (Financial Creditor).
Learned Counsel for the Appellant submits that there was a default of only Rs. 1.7 Crores and due to non-payment of the said default, the entire loan of Rs. 49 Crores was recalled and proceedings have been initiated.
When the Appeal was taken, this Tribunal passed following order on 16.08.2022:-
“16.08.2022:- Learned Counsel for the Appellant after having obtained instructions submits that Appellant is ready to offer amount of Rs. 24 Crores for OTS and is ready to deposit 10% within 21 days with the Bank.
Learned Counsel for the Respondent informs that Committee of Creditors has already been constituted and claims have been received.
List this Appeal on 20th September, 2022. It shall be open for the Appellant to approach the Bank with their offer and also take steps with regard to other financial creditors.”
Learned Counsel for the Appellant submits that although efforts were made by the Appellant but the Financial Creditor has not accepted the proposal.
Learned Counsel for the Respondents submits that apart from the claim of the ICICI Bank Limited, other Financial Creditors’ claim is there and they have also filed their claims and Committee of Creditors is now proceeding.
We have considered the submissions of the Learned Counsel for the parties and perused the record.
The Adjudicating Authority has returned the finding of debt and default which cannot be faulted in any manner. The default is not even denied. The efforts made by the Appellant to settle the matter with Financial Creditor also did not result in any fruit. In view of the fact that the CoC is already proceeding, in event the Appellant is able to convince the Financial Creditor and submit a proposal, it is always open to adopt route under Section 12A and make an appropriate application before the Adjudicating Authority for considering such Application in event any settlement is made out.
With the above observations, we dismiss the Appeal.