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TMI Blog2025 (1) TMI 993X X X X Extracts X X X X X X X X Extracts X X X X ..... me Court in GLAS Trust Company [2024 (10) TMI 1185 - SUPREME COURT (LB)] the appropriate recourse to be taken by the Appellant in the present matter is to permit the Financial Creditors to file 12A Application through the IRP in accordance with Section 12A read with Regulation 30A of CIRP Regulation, 2016. >It is open for the Financial Creditor while filing the application under Section 12A to take into consideration the CIRP cost by giving a Form 'FA' to the IRP for filing the Application. The other Financial Creditors including Union Bank of India, Bank of Baroda or any other Financial Creditors are free to file their objections, in the event their dues are not settled or taken care of. >Conclusion - The appropriate recourse to be t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... >2. This Appeal has been filed against the order dated on 21.06.2024 by which order Adjudicating Authority admitted Section 7 Application filed by the Indian Bank. Application was initiated for Rs.43,23,26,516/- when the appeal was taken for consideration. Learned Counsel for the Appellant had submitted that proposal to the Indian Bank has been submitted for OTS on 04.07.2024, the following order was passed: >"04.07.2024: Learned Counsel for the Appellant submits that the Appellant has already submitted a proposal to the Bank for consideration. investor has already shown his interest that is communicated to the Bank and Bank is considering the proposal. >2. Shri Gautam, Learned Counsel appearing for the Respondent submits that he s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 30A of CIRP Regulation, 2016. >7. Learned Counsel for the IRP pointed out that CIRP cost has been incurred. It is open for the Financial Creditor while filing the application under Section 12A to take into consideration the CIRP cost by giving a Form 'FA' to the IRP for filing the Application. The other Financial Creditors including Union Bank of India, Bank of Baroda or any other Financial Creditors are free to file their objections, in the event their dues are not settled or taken care of. >8. In view of the aforesaid, we see no reason to keep the appeal pending. The Appeal is disposed of with giving liberty to the Financial Creditor - Indian Bank to file an application under 12A through IRP in accordance with 12A Regulation 30A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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