AI Structured Summary
Not yet generated for this judgment
Judgment
This is an application praying for extension of time till 31.03.2027 to enable the parties to resolve the issues and to comply with the directions passed by this Tribunal in terms of the order dated 03.07.2026. The order dated 03.07.2026, reads as follows:
“32.In result, the Appeal is allowed in following manner:
(1)The impugned order passed by Adjudicating Authority dated 24.09.2025 is set aside. It is held that the Appellant has successfully proved existence of ‘operational debt’, which debt is more than the threshold limit of Rs.1 crore.
(2)CP(IB) No.329/ND/2024 is revived before the Adjudicating Authority for passing an order admitting Section 9 application within a period of three months from the date of receipt of copy of this order.
(3)Within the aforesaid period of three months, it shall be open for the CD to liquidate the debt of the Operational Creditor and submit proof of liquidation of debt before the Adjudicating Authority and in event the Adjudicating Authority is satisfied that CD has liquidated the debt, in the aforesaid period, Section 9 application may be closed accordingly.”
It is the submission of the learned Sr. counsel for the appellant, on 16.10.2026 they had apprised the Ld. Adjudicating Authority that the MD of the corporate debtor is hospitalised, so they could not avail the opportunity granted to them in order dated 03.07.2026 for settlement but in principle the matter has been amicably settled between the parties yet on 21.10.2026, the admission order was passed and was uploaded on 23.10.2026, under Section 9 of the Insolvency & Bankruptcy Code, 2016.
It is the submission of the learned Sr. counsel for the appellant they are in the process of challenging the order dated 21.10.2026 as there was no need of passing such order as parties have already settled the dispute.
It is also the submission of the learned Sr. counsel for the appellant, they shall be filing an appeal against the order dated 21.10.2026, but during such time the publication of Form-A be kept in abeyance.
Considering the submissions, the matter is amicably settled, the publication of Form-A be kept in abeyance till four weeks from today so as to enable the appellant to file the appeal against the order dated 21.10.2026 in terms of the submissions and the circumstances explained above.
The application is disposed of accordingly.
Dasti Orders.