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Judgment
07.01.2026: I.A. No. 59 of 2026
This is an application praying for substitution of M/s Rare Asset Reconstruction Pvt. Ltd as Respondent no.1 in place of Assets Care & Reconstruction Enterprise (ACRE) Ltd. Application is allowed. Let the substitution be made, amended memo (Annexure A-3) filed along with application is taken on record. The memo of appeal be amended accordingly.
CA (AT) (Ins) No. 1951 of 2025
This appeal has been filed against the order dated 25.11.2025 passed by National Company Law Tribunal, New Delhi Bench, Court-III admitting Section 7 application filed by M/s Assets Care Reconstruction Enterprise Pvt. Ltd. Adjudicating Authority by the impugned order admitted Section 7 application and initiated CIRP. When the appeal was heard on 10.12.2025 following order was passed:-
“O R D E R (Hybrid Mode)
10.12.2025: Learned counsel for the Appellant submits that before even order was passed by the Adjudicating Authority admitting Section 7 application, the Corporate Debtor has approached the Financial Creditor and submitted proposal which proposal is being considered by the Financial Creditor. Learned counsel for the Financial Creditor also submits that proposal has been received and is under consideration.
In view of the aforesaid, let this appeal be taken for consideration on 07.01.2026.
Parties are at liberty to bring any settlement, if any, on record. In pursuance of the impugned order, IRP shall collate the claims, however, shall not take any further steps. Learned counsel for the Appellant seeks liberty to file an application for bringing on record Assignee of the debt, which may be done within a week.”
Today when the appeal is taken for consideration counsel for the appellant submits that appellant has entered into settlement with the Financial Creditors on 01.01.2026 and the parties having entered into settlement the application need to be filed under Section 12A for withdrawal of the CIRP in accordance with law.
Counsel for the Financial Creditor (RARE) is present and accepts the settlement between the parties and he submits that appropriate application be filed under 12A r/w 30A of the CIRP Regulation after giving Form-FA.
Let the Form-FA be given and IRP to file the application within two weeks from today. IRP shall proceed with the application which needs to be decided and further steps be taken only after decision of the application under Section 12A. Appeal is disposed of. The application under Section 12A needs to be decided in accordance with law laid down by the Hon’ble Supreme Court in Glass Trust Company LLC v Byju Raveendran.