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TMI Blog2019 (12) TMI 1531X X X X Extracts X X X X X X X X Extracts X X X X ..... or indicating as to what steps they took to settle the claim - on due consideration of all facts and circumstances of the case and considering the directions of the Hon ble NCLAT, four week s time is granted from the date of receipt of this order to the Corporate Debtor to convene the meeting of creditors as per the relevant provisions of the Companies Act, 2013 and get the approval of the scheme of arrangement. The matter be listed for hearing on 16.01.2020. Interim order to continue till then - application disposed off. - CA(IB) No.1273/KB/2019 Connected with CP (IB) No.1214/KB/2018 CA(CAA) No.1683/KB/2019 - - - Dated:- 18-12-2019 - Madan B Gosavi And Virendra Kumar Gupta, JJ. For the Financial Creditor :Mr. Joy Saha, Sr.Advoc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce, opportunity to settle had not been availed efficiently. Therefore, no further opportunity was to be given. 3. The Ld. Counsel for the Corporate Debtor, on the other hand, submitted that Financial Creditor SBI issued notice under section 13(4) of SARFAESI Act on 4% December, 2019 which clearly indicated that Financial Creditor was not seeking any resolution rather it had filed the application for recovery/realisation. Therefore, petition filed under section 7 of IBC,2016 was not maintainable. It was also submitted that scheme of arrangement had been proposed, hence, an opportunity be granted to the Corporate Debtor to settle the matter in terms of the directions of the Hon ble NCLAT in the order dated 20 September, 2019. 4. The L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... put under CIRP. We find that Hon ble Appellate Tribunal while disposing the appeal directed this Adjudicating Authority to admit the application under section 7 of IBC, 2016 but with some caveat.The portion of the order is reproduced hereunder. For the reasons aforesaid,we set aside the impugned order dated 28.06.2019 and remit the case to the Adjudicating Authority NCLT , Kolkata Bench, Kolkata with direction to admit the application under section 7 of IBC, 2016 after the notice to the Corporate Debtor, so as to enable the Corporate Debtor to settle the matter if it so chooses to before admission . The above order is self explanatory. This Authority has to admit Corporate Debtor in CIRP but before that Corporate Debtor must be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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