Omkara Assets Reconstruction Pvt. Ltd. vs Satysankalp Buildcon LLP

“4.

That during the pendency of the captioned Appeal, the Respondent Satyasankalp Buildcon LLP approached the Applicant i.e. Phoenix for restructuring its Assigned Debt Dues and after due consideration the Applicant - Phoenix approved the restructuring. The Respondent borrower, other obligors and the Applicant have executed a letter of approval dated 22nd November 2024 having reference no. PHOENIX/LPMG/4765A/2024-25 (“Letter of Approval”) whereby the Applicant Phoenix ARC Pvt. Ltd. has agreed to restructure the Assigned Debt Dues owed by the Respondent to the Applicant. Under the Letter of Approval and more particularly under Clause 6 of the said Letter of Approval, the Respondent has irrevocably and unconditionally admitted, acknowledged, declared, confirmed, reaffirmed and agreed inter alia that the Respondent owes the Assigned Debt Dues to the Applicant i.e. Phoenix and further confirmed that the said Assigned Debt Dues have been validly assigned and transferred by the Appellant Omkara to Phoenix. The Respondent has further agreed that on occurrence of an event of default in terms of the said Letter of Approval, the Applicant herein shall be at liberty to inter alia initiate all proceedings as per law including proceedings under IBC against the Respondent. A copy of the restructuring Agreement dated 22.11.2024 is annexed herewith and marked as ANNEXURE – A.

5.

It is submitted that in view of the Letter of Approval having been entered into, the present application is being filed jointly on behalf of the Applicant and the Respondent. The parties by way of the present application are seeking a direction that the Letter of Approval be taken on record in the present appeal and the Appeal be disposed-off with liberty to the Applicant to inter alia initiate all proceedings as per law including proceedings under IBC in the event that the Respondent fails to honour its obligations and commits any default as per the terms and conditions agreed upon under the Letter of Approval. The Applicant is further seeking that in the event a proceeding is filed by the Applicant, under the IBC against the Respondent or any other obligor with respect to the Assigned Debt Dues, the same may be decided in accordance with law without drawing from and/or relying on any observations made by the Ld. NCLT in its order dated 13.03.2024 passed in CP (IB) No. 92 of 2023.”