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Judgment
12.02.2025 This appeal is against the order of admission passed under Section 9 of the Code.
On 09.11.2023 the following order was passed by this Court :-
“Learned Senior Counsel for the Appellant submits that the Adjudicating Authority has admitted Section 9 Application on the ground that there was breach of Master Lease Agreement. It is submitted that with regard to the 2nd part of the Settlement regarding 120 vehicles, No-Objection Certificate has not been issued, hence, the said settlement itself was breached. It is submitted that the Appellant without prejudice to his rights and contentions is ready to deposit an amount of Rs.1,49,89,587/- which was rental towards unpaid lease rental in the Court.
Learned Counsel appearing for the Respondents has refuted the submissions made by Learned Counsel for the Appellant and submits that the amount which should be deposited is an amount of Rs. 2,28,49,880/- as was noticed in Paragraph 16 of the impugned order. He submits that with regard to sale of vehicles, there is no issue between the parties. It is submitted that vehicles are still in the custody of the Corporate Debtor which statement is denied by the Counsel for the Appellant. Submissions advanced by both the parties need scrutiny.
Issue Notice. Learned Counsel accepts notice on behalf of Respondents. Let a Reply be filed within three weeks. The Appellant may deposit an amount of Rs.1,49,89,587/- by way of Fixed Deposit in favour of ‘Registrar, National Company Law Appellate Tribunal, New Delhi’ within three weeks from today.
Learned Counsel for the Appellant submits that the Appellant shall still make endeavor to settle the matter with the Operational Creditor. He may do so.
List this Appeal on 14.12.2023.
In the meantime, no further steps shall be taken in pursuance of the order dated 16.10.2023.”
The last order in this sequence was passed on 27.01.2025 is reads as under ;-
“Counsel for the Parties have jointly submitted that the dispute between them has now been settled but a formal settlement deed has not yet been executed. They have requested that they may be allowed to place the said settlement deed on record. Let the settlement deed be placed on record on or before the next date of hearing on 12.02.2025. Interim Order to continue.”
Counsel for the Appellant today has produced the settlement deed dated 11.02.2025 which is taken on record. As per the settlement deed executed between the parties, the Appellant shall pay a total sum of Rs. 2 Crores in all but the amount of Rs.1,49,89,587/- which was deposited by the Appellant in terms of the order dated 09.11.2023 has to be released to the Respondent along with interest accrued on it.
Needless to say that in view of decision of the Hon’ble Supreme Court in the case of GLASS Trust Company LLC vs. BYJU Raveendran & Ors. reported in 2024 INSC 811 the parties have to follow the procedure set down in Section 12A r/w Regulation 30 of the CIRP Regulations by filling an application through the RP on the printed Performa (Form FA) before the NCLT for obtaining an order on the settlement.
Once the settlement deed is accepted by the Tribunal, the amount deposited by the Appellant before this court, in view of the order dated 09.11.2023. shall be released to the Respondent with whatever interest has been accrued upon it from the date of deposit till the date of payment.
With these observations, the present appeal is disposed off as infructuous