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2023 (7) TMI 922 - SCH - Insolvency and BankruptcyInitiation of CIRP - appellant ready and willing to pay the debt - Operational Creditors - HELD THAT - It is pointed out that the flat buyers have filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, which proceedings are pending before the National Company Law Tribunal (NCLT), Chandigarh Bench, Chandigarh. Appeal dismissed - it is left open to the appellant Tejinder Pal Setia to move an appropriate application before the NCLT, expressing his desire to liquidate and pay off the debt due to operational creditor/respondent no. 1 - M/s. Kone Elevator India Pvt. Ltd., which stands assigned to the respondent no. 3 - Sanjeev Chadha.
Issues involved: Agreement with NCLAT findings on debt due by Corporate Debtor, readiness of the appellant to pay the debt, pending insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Agreement with NCLAT findings: The Supreme Court agreed with the findings of the National Company Law Appellate Tribunal (NCLAT) regarding the debt due and payable by the Corporate Debtor, Chandigarh Overseas Private Limited (COPL), the respondent no. 2. Appellant's readiness to pay the debt: The learned Senior Advocate for the appellant, Tejinder Pal Setia, stated that the appellant is prepared to pay the debt due to the operational creditor, M/s. Kone Elevator India Pvt. Ltd., which has been assigned to respondent no. 3, Sanjeev Chadha. This statement was made to end the litigation, without accepting the assignment to Sanjeev Chadha. Pending insolvency proceedings: The Supreme Court noted that flat buyers have filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, which is pending before the National Company Law Tribunal (NCLT), Chandigarh Bench. As a result, the present appeal was dismissed, allowing Tejinder Pal Setia to move an application before the NCLT to express the desire to pay off the debt due to the operational creditor, M/s. Kone Elevator India Pvt. Ltd., assigned to Sanjeev Chadha. Additional orders: The Interim Resolution Professional (IRP) agreed not to constitute the Committee of Creditors for one week. Any pending applications, including those for impleadment/intervention, were disposed of during the proceedings.
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