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Judgment
O R D E R
06.12.2024: These appeals have been filed against the order passed by the Adjudicating Authority (National Company Law Tribunal) New Delhi, Court-2 dated 05.12.2023 by which order Section 7 application filed by the Financial Creditor has been admitted. In the present appeal, an interim order was passed on 18.12.2023, which is as follows:
“In the meantime, in pursuance of the impugned order no further steps shall be taken in the CIRP.”
When the appeal was taken today, learned counsel for the Appellant and learned counsel for the Financial Creditor jointly submit that the parties shall take steps in view of the judgment of Hon’ble Supreme Court dated 23.10.2024 in “GLAS Trust Company LLC vs. BYJU Raveendran & Ors.” to take route of Section 12A r/w Regulation 30A for withdrawal of the CIRP before the Adjudicating Authority.
Interveners who have filed application seeking Intervention, which has already been allowed, seeks liberty to file objections to the Section 12A application, if any such application is filed before the Adjudicating Authority.
The fact that the Appellants have come up with a case that Appellant are intended to settle the dispute, the findings of debt and default returned by the Adjudicating Authority does not warrant any interference. We, thus, do not find any reason to keep the appeals pending. Liberty is granted to the Financial Creditor to file application under Section 12A through the IRP. All Interveners and Impleaders are also granted liberty to file objections to Section 12A application. Further steps shall be taken by the IRP after orders are passed by the Adjudicating Authority on Section 12A Application.
Learned counsel for the Financial Creditor submits that 12A application shall be filed within two weeks. We request the Adjudicating Authority to consider and dispose of the 12A application, if any, expeditiously.