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Judgment
29.01.2025: I.A. No. 615/2025
This is an Application praying for extension of time as allowed by our Order dated 22.11.2024 for filing an Application under Section 12A.
By our Order dated 22.11.2024, we have disposed of the Appeal granting the Appellant two weeks time to file 12A Application. There have been two extensions also on 04.12.2024 as well as on 07.01.2025.
Learned Counsel for the Applicant submits that after the Order was passed on 22.11.2024 there has been letters from the ICICI Bank and some of the terms of Settlement has now been changed. Therefore, Appellant now require some more time to persuade the investors as well as ICICI Bank to accept. It is submitted that one of the conditions which has now been added is that entire amount which shall be given to the ICICI Bank shall be retained even if the Settlement failed.
Learned Sr. Counsel Mr. Niranjan Reddy appearing on behalf of the ICICI Bank submits that in event the amount is received from the Appellant the Settlement shall be over as far as the ICICI Bank and the said was condition which was always indicated.
Learned Counsel for the Canara Bank submits that the Applicant are in discussion with the Canara Bank and if the Court is inclined only last opportunity till 07.02.2025 as prayed by the Applicant in his submissions be granted.
Considering the facts of the present case and submissions made by Parties, we are of the view that this Application needs to be disposed of by extending the time till 07.02.2025. We make it clear that in event, no Application is filed by 12A, CIRP Process against the Corporate Debtor shall commence and proceed in accordance with law. No further Application for extension shall be entertained. Application is disposed of