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Judgment
O R D E R
28.07.2022: (as corrected vide order dated 25.08.2022) Heard Learned Counsel for the parties.
This Appeal has been filed against the order dated 19.04.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Bench-IV, New Delhi, by which Section 7 Application filed by the Appellant was rejected.
In this Appeal by an order dated 20.07.2022, this Tribunal in I.A 2136 of 2022 has issued direction for disbursement of the amount which was deposited in the separate account for sale of the assets by the Yes Bank with whom the assets are mortgaged.
Now, an I.A 2387 of 2022 has been jointly filed by the Financial Creditor as well as the Corporate Debtor where it is stated that both the parties have now settled their issues and in lieu of payment of Rs. 30 Crores to the Financial Creditor, a decision has been taken to issue No-Dues Certificate/ Discharge Letter to Corporate Debtor by the Financial Creditor. The said fact has been specifically stated in paragraph 7(vi) and terms has already been recorded in paragraph 7 (vi) which reads as under:-
“(vi)Consequently, in view of (i) acknowledgement of the Financial Debt by Respondent No.1/Applicant No.2 and its obligations to repay the same to the Appellant/ Applicant No.1; (ii) the Respondent No.1 / Applicant No.2 withdrawing its contentions against to the nature of the transaction of the Financial Debt due to the categorization of the transaction under Section 66 of the Code as contended in its reply to Section 7 Application filed by the Appellant / Applicant No.1 in the Hon’ble NCLT; and (iii) an amount of Rs.30,00,00,000/- (Rupees Thirty Crores only) being paid over to the Appellant / Applicant No.1 from the total sale proceeds of the Gurgaon Property, the Applicants by consent agree that the Impugned Order dated April 19, 2022 be quashed and set-aside and that the Impugned Order dated April 19, 2022 shall not be treated as a precedent.”
In view of the above fact, we see no reason to continue this Appeal any further. The Appeal has become infructuous. The Appeal is disposed of.