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Judgment
20.01.2025: I.A. No. 333 of 2025: This is an application for withdrawal of the Company Appeal (AT) (Ins.) No. 1035 of 2024.
I.A. No. 393 of 2025: This is an application for withdrawal of the Company Appeal (AT) (Ins.) No. 1036 of 2024.
I.A. No. 396 of 2025: This is an application for withdrawal of the Company Appeal (AT) (Ins.) No. 1037 of 2024.
These applications are for the withdrawal of the aforesaid appeals. Admittedly on 15.05.2024 admission order was passed against the Corporate Debtor under Section 7 of the IBC, 2016. However, the three aforesaid appeals were filed by the Appellants wherein on 28.05.2024 the following order was passed:
“In the meantime, the impugned order dated 15.05.2024 shall remain stayed. As submitted by the appellant, appellant shall submit a better offer to the bank within two weeks which shall be considered in accordance with the policy of the Bank.”
It is the submission of the Learned Counsel for the Appellant that now they are not interested in pursuing this appeal, as admittedly the Appellants in Company Appeal (AT) (Ins.) No. 1036 of 2024 and 1037 of 2024, hold 98% of voting rights in the CoC, if constituted.
It is the submission of the appellants in Company Appeal (AT) (Ins.) No.1036 of 2024 as well as Company Appeal (AT) (Ins.) No.1037 of 2024 that the appeal has been adjourned only because of asking of Respondent No.1 that settlement talks are going on. However, the Corporate Debtor owes to Respondent No.1 a principal debt of a sum of Rs.67.21 crores but whereas the debt owed by the Corporate Debtor to the appellant is more than 9500 crores. Thus by adopting the delay tactics, the Respondent No.1 has frustrated the appellant’s effort to balance the interest of all stakeholders of the Corporate Debtor and that owing to the pendency of these appeals the CoC of the CD has not been formulated and thus there is operational stagnation, mismanagement and lack of resources to adequately maintain the CD’s assets and that the infrastructure, machinery and other resources of the Corporate Debtor are at the risk of devaluation or becoming obsolete and thus the appellant did not intend to pursue these appeals.
Admittedly two assets of the Corporate Debtor have since been sold and the money is lying in separate bank accounts viz. A/C Nos (i) 0579105000108065 (ii) 0004105000317238 with IDBI Bank, Nariman Point Branch, Mumbai, and the Appellants assure the said amount shall be at disbursal of CoC, once the CIRP is initiated. Accordingly the appeals are allowed to be withdrawn. Pending application(s) are also disposed of.