9911796707
TMI Blog2024 (3) TMI 864X X X X Extracts X X X X X X X X Extracts X X X X ..... tion is still pending before the Adjudicating Authority. From the facts which have been brought on the record, it is clear that the deposit could not be made by the Appellant as per our order dated 29.02.2024 by 10.03.2024 since letter dated 29.02.2024 could not be responded before the 10.03.2024. Since Section 7 application is pending before the Adjudicating Authority, it is for the Adjudicating Authority to take a call on the submissions and offer made by the Appellant. The Appellant and the investors as submitted before the Court may deposit the amount of Rs.167 Crores along with 12% interest and Rs.87 Crores plus 12% interest before the NCLT within 10 days as prayed by way of FDR in favour of Registrar, NCLT. If the said deposit is made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore 19.03.2024. 4. Appellant has come up in these Appeals submitting that an Affidavit was filed before the Adjudicating Authority that Appellant has now as investor who is ready to pay the entire amount which was earlier arrived as per OTS dated 19.11.2023 for ICICI Bank of Rs.167 Crore and Rs.86 Crores as per OTS of Axis Bank dated 30.09.2023. Learned Counsel for the Appellant submits that the Appellant has earlier also filed an Appeal in this Tribunal on 05.02.2024 being Company Appeal (AT) (Insolvency) Nos.340 of 2024 and 339 of 2024 with respect to ICICI Bank and Axis Bank respectively where this Tribunal on 29.02.2024 passed following order:- .Having heard the aforesaid submissions and looking to the impugned order which has been im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by the Appellant is not acceptable to the Banks. 7. Shri Krishnendu Datta, Learned Senior Counsel appearing for the investors submits that the investor is ready to deposit the amount of Rs.167 Crores and Rs.86 Crores within a week. 8. Shri Navin Pahwa, Learned Senior Counsel submits that the Appellant is ready to deposit the up-to-date interest @12% on the said principal amount. 9. We have considered the submissions of the Counsel for the parties and perused the record. 10. Admittedly, Section 7 application is still pending before the Adjudicating Authority. From the facts which have been brought on the record, it is clear that the deposit could not be made by the Appellant as per our order dated 29.02.2024 by 10.03.2024 since letter date ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
