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Judgment
Per: Justice Rakesh Kumar Jain (Oral)
This order shall disposed of two appeals bearing Company Appeal (AT) (Ins.) No. 707 of 2022 titled as STG Softek Pvt. Ltd. Vs. Assets Care and Reconstruction Enterprises Ltd. & Anr. (hereinafter referred to as the first appeal) and Company Appeal (AT) (Ins.) No. 725 of 2024 titled as Assets Care & Reconstruction Enterprise Ltd. vs. ATS Infrastructure Ltd. (hereinafter referred to as the second appeal).
The first appeal arises from the order dated 20.06.2022 by which Company Petition No. (IB)- 556 (ND)/2021, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short ‘Code) by the Financial Creditor against the Corporate Guarantor of the Corporate Debtor, namely, ATS Infrastructure Ltd. has been admitted and Mr. Abhilash Lal was appointed as the IRP. The order dated 20.06.2022 was challenged by way of first appeal in which an interim order was granted by this Court on 29.06.2022 which read as under:
“Till the next date of hearing, the implementation of the Impugned Order dated 20/06/2022 passed by the ‘Adjudicating Authority’ in C.P. (IB) No. 556/ND/2021 on the file of (National Company Law Tribunal, New Delhi Bench, Court-IV) shall remain stayed.”
The second appeal arises from the order dated 22.03.2024 by which an application filed under Section 7 of the Code by the Financial Creditor bearing Company Petition (IB) No. 297/ND/2021 against the Corporate Debtor has been dismissed. The Financial Creditor has thus filed the second appeal against the order of dismissal.
During the pendency of this appeal, the parties to the lis had informed this Court that there is a likelihood of a settlement between the parties. The case was, therefore, adjourned from time to time for that purpose. It was lastly adjourned on 04.02.2025, a period of 15 days was granted while adjourning the matter by imposing cost of Rs. 50,000/- in each case. However, due to typographical mistake the amount of cost is recorded as Rs. 15,000/-. The counsel for the appellant has submitted that cost of Rs. 50,000/- in both the appeals has been deposited, as directed, in the Prime Minister Relief Fund.
Counsel for the parties have also produced in Court the settlement agreement dated 13.02.2025 which has been entered amongst the following:-
ATS Infrastructure Ltd. (CD)
Mr. Getamber Anand (Personal Guarantor)
STG Softek Private Limited (Corporate Guarantor)
ATS Homes Private Limited (Security Provider)
Assets Care & Reconstruction Enterprises Ltd. (Financial Creditor)
Counsel appearing on behalf of parties have submitted that the amount in question was approximately Rs. 94 crores but the settlement has been arrived at Rs. 65 crores.
Counsel for the parties have thus prayed that the settlement agreement dated 13.02.2025, produced today in court may be taken on record and both the appeals may be disposed of accordingly because parties to the lis have to file an appropriate application through IRP before the National Company Law Tribunal in terms of the order passed by the Hon’ble Supreme Court in the case of “Glas Trust Company LLC vs. Byju Raveendran & Ors. [2024 SCC Online SC 3032 in Civil Appeal No. 9986 of 2024]” for the purpose of obtaining an order of disposal of application filed under Section 7 in both the cases.
In view of the aforesaid facts and circumstances, both the appeals are hereby disposed of in terms of settlement deed dated 13.02.2025 relegating the parties to their remedy of filing an appropriate application in terms of Section 12A read with Regulation 30 of the CIRP Regulations before the Ld. Tribunal.
In the meantime, stay granted on 29.06.2022 in the first appeal shall continue till the application is filed before the Tribunal.