9911796707
TMI Blog2019 (12) TMI 1525X X X X Extracts X X X X X X X X Extracts X X X X ..... pening of the proceedings is not necessary. The terms of the sanction letter dated 27.12.2018 were not complied with by the applicant/respondent in CP(IB) No. 250/Chd/Pb/2018 and therefore, the sanction letter dated 27.12.2018 granting OTS was automatically cancelled. The novation of contract, if any, does not therefore arise in the present case where the OTS proposal is not complied with and automatically cancelled. The prayer for granting another opportunity to the applicant/respondent to put forth its stand on admission of the application moved under Section 7 of the Code effectively is denied - application dismissed. - CA No. 1169/2019 in CP (IB) No. 250/Chd/Pb/2018 - - - Dated:- 17-12-2019 - AJAY KUMAR VATSAVAYI, MEMBER (J) A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plea so raised and bring it home by putting forth the oral submissions. Additionally, it is submitted that in the part (iv) (2) (2) of the main application, the date of default was mentioned as 03.11.2015 and as on that date, the due amount was less than ₹ 3,16,00,000 and the said amount could be paid by the respondent to the main applicant by March, 2019 and thus there is no default. It is further submitted that since the OTS had been offered and due amount itself had not materialised, there could be no question of the due amount or date of default, and thus the main application is not maintainable. It has been prayed that the Tribunal may be pleased to grant an opportunity to the applicant/respondent in CP(IB) No. 250/Chd/Pb/2018 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 24 to compromise proposal sanctioned by the Bank on 27.12.2018 for payment of ₹ 28.70 crores in three months i.e. up to 20.03.2019; the applicant/respondent in CP(IB) No. 250/Chd/Pb/2018 depositing only ₹ 3,04,97,000 and since the terms of the sanction letter dated 27.12.2018 were not complied with by the applicant/respondent in CP(IB) No. 250/Chd/Pb/2018, the sanction letter dated 27.12.2018 granting OTS has been automatically cancelled. Reference was also made to the attempts made by the applicant/respondent in CP(IB) No. 250/Chd/Pb/2018 to settle its accounts with the Bank. 7. The contention in the application is that there is need to espouse the pleas so raised and bring it home by putting forth oral submissions. We have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Bank Ors. (2010) 12 Supreme Court Cases 458 (SC) and has pleaded that there was a novation of contract when the OTS proposal was sanctioned on 27.12.2018. We have already discussed above that the terms of the sanction letter dated 27.12.2018 were not complied with by the applicant/respondent in CP(IB) No. 250/Chd/Pb/2018 and therefore, the sanction letter dated 27.12.2018 granting OTS was automatically cancelled. The novation of contract, if any, does not therefore arise in the present case where the OTS proposal is not complied with and automatically cancelled. 10. In view of the above discussion, the prayer for granting another opportunity to the applicant/respondent in CP(IB) No. 250/Chd/Pb/2018 to put forth its stand on admission ..... X X X X Extracts X X X X X X X X Extracts X X X X
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