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Judgment
Heard Learned Counsel for the parties.
This Appeal has been filed against the order dated 04.10.2023 passed by the Adjudicating Authority (National Company Law Tribunal) Kolkata Bench, Kolkata by which order the right to file reply by the Corporate Debtor has been closed and matter has been fixed for 07.11.2023.
Learned Counsel for the Appellant submits that the Appellant has already submitted an OTS proposal to the Bank and part payment in pursuance of that OTS has also been made and Bank is actively considering the OTS proposal.
Learned Counsel for the Bank also does not dispute that OTS proposal is under consideration.
Learned Counsel for the Appellant submitted that in view of the above, the Appellant has not filed the Reply to await the outcome of the OTS.
In view of the aforesaid, we are of the view that the OTS proposal which is pending with the Bank may be finalized at an early date preferably within a period of three weeks. If the Bank accept the OTS proposal then the Court may be communicated of the said on the date fixed and in event, the OTS is not finalized, we are of the view that the Appellant may be granted two weeks’ time to file a reply and thereafter the Adjudicating Authority may proceed further in the matter.
With these observations, we dispose of the Appeal.