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Judgment
ORDER
16.01.2023: The instant Comp App (AT) (CH) (Ins) No.03/2023 is ‘Heard’ at the ‘Admission stage’, itself.
To avoid an ‘Avoidable Appeal’, ‘Notice’ to the ‘Respondent’, is ‘dispensed with’, by this ‘Tribunal’.
After ‘Hearing’ the arguments of the Learned Counsel for the ‘Appellant’ / ‘Financial Creditor’, Mr. Anant Merathia, for quite some time, he fairly submits that costs of Rs.10,00,000/- (Rupees Ten Lakh Only) is to be paid to the ‘PAO, Chennai’, through the ‘Non-Tax Receipt Portal’ (‘Bharat Kosh’), and the same to be paid within ‘15 days’ of the receipt of the ‘Order’ dated 11.10.2022 in CP (IB) No.29/7/HDB/2022, passed by the ‘Adjudicating Authority’, (National Company Law Tribunal, Hyderabad Bench-I, Hyderabad), by the ‘Appellant’ / ‘Financial Creditor’ is, slightly, on the higher side’.
However, on going through the ‘impugned order’, passed by the ‘Adjudicating Authority’, (National Company Law Tribunal, Hyderabad Bench-I, Hyderabad), in CP (IB) No.29/7/HDB/2022 dated 11.10.2022, this ‘Tribunal’, by exercising its ‘discretion’, according to the ‘Rules of Justice’, reduces the Costs from Rs.10,00,000/- (Rupees Ten Lakh Only) to Rs.5,00,000/- (Rupees Five Lakh Only), being an ‘equitable and fair one’, and directs the ‘Appellant’ / ‘Financial Creditor’ to pay a sum of Rs.5,00,000/- (Rupees Five Lakh Only), as the ‘Costs’ to the ‘PAO, Chennai’, through the ‘Non-Tax Receipt Portal’ (‘Bharat Kosh’), to be paid within ‘Three Weeks’ from ‘Today’, and to produce the ‘Receipt’, before the ‘Deputy Registrar’ of this ‘Appellate Tribunal’, Chennai, within ‘One Week’, thereafter, to keep the same in the file of the instant Comp App (AT) (CH) (Ins) No.03/2023, among ‘Material Papers’ / ‘Records’.
With the aforesaid ‘observations and directions’, the instant Comp App (AT) (CH) (Ins) No.03/2023 stands ‘disposed of’. No Costs.