9911796707
TMI Blog2025 (2) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... and amended clause, where both the clauses contemplate that on or before the due date, the entire Settlement Amount shall be released from the Fund Escrow Account to the Collection Account of the ICICI Bank. The settlement between the parties can be arrived only when both the parties agrees with all terms and conditions. No direction can be issued to modify or change the Terms of Settlement as proposed by the ICICI Bank. The Appeal was disposed of on 22.11.2024, permitting Financial Creditor to file 12A application within the time allowed, which time was extended from time to time. From the facts brought on record, it is clear that as on date, both the parties have not agreed and signed any Settlement Agreement, so that an application und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Appellant submits that Appellant has submitted a proposal to the Financial Creditor for consideration. Learned Counsel for the Financial Creditor also prays that Respondent shall require some time to consider the proposal and the Appeal may be listed after three weeks. 2. In view of the aforesaid, we direct the Appeal to be listed on 20th March, 2024. Interim Order already granted shall continue. IRP shall not take any further step in the CIRP. 3. The interim order passed in the Appeal was extended from time to time. The Appeal ultimately came for consideration on 22.11.2024, on which date Appellant made a statement that Appellant is endeavouring to settle the due of the Financial Creditor. This Tribunal took the view that course ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 by order dated 04.12.2024. Appellant/ Applicant again filed an IA No.24 of 2025 seeking extension of time and time was extended till 27.01.2025. Another IA No.615 of 2025 was filed by the Appellant/ Applicant praying for extension of time as allowed by order dated 22.11.2024. This Tribunal while disposing of the said application observed following in paragraphs 4, 5 and 6 : "4. Learned Sr. Counsel Mr. Niranjan Reddy appearing on behalf of the ICICI Bank submits that in event the amount is received from the Appellant the Settlement shall be over as far as the ICICI Bank and the said was condition which was always indicated. 5. Learned Counsel for the Canara Bank submits that the Applicant are in discussion with the Canara Bank and if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d till 17.02.2025; iii. Pass orders that the Interim Order dated 21.02.2024 passed in Company Appeal (AT)(INS) No. 342 of 2024 be continued during the extended period till 17.02.2025; iv. Pass any other order as this Hon'ble Appellate Tribunal may deem fit and proper in the present facts and circumstances." 6. The Appellant's case in the application is that the terms of the settlement between the Appellant and the ICICI Bank have been finalized. It is submitted that ICICI Bank has issued Amendatory Settlement letter dated 06.01.2025 and 18.01.2025, where Terms of Settlement proposed by the Appellant were significantly and unilaterally modified. The Appellant submits that settlement amount between the parties have already been fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the affidavit in reply filed on behalf of the ICICI Bank, it has been submitted that in lieu of receiving the settlement amount of Rs.73.84 crores, Respondent No.1 has agreed to release the security and guarantee created by the Corporate Debtor ("CD") in favour of Respondent No.1. It is submitted that as per Settlement Letter dated 18.12.2024, which provided for payment schedule on or before 31.12.2024, the Appellant has never given his consent, agreeing with the Terms and it was due to Appellant's own delay that settlement could not fructify. It is pleaded that out of settlement amount and amount of Rs.3.70 crores, i.e. 5% of the settlement amount was handed over to Respondent No.1 on 07.01.2025. It is pleaded that although the Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated by ICICI Bank before 12A application is decided. 11. We have already noticed the letter dated 18.01.2025, which is a Amendatory Settlement Letter, which was issued by ICICI Bank and the Clause-e, existing clause and amended clause, where both the clauses contemplate that on or before the due date, the entire Settlement Amount shall be released from the Fund Escrow Account to the Collection Account of the ICICI Bank. The settlement between the parties can be arrived only when both the parties agrees with all terms and conditions. We while considering IA No.922 of 2025, cannot issue any direction to modify or change the Terms of Settlement as proposed by the ICICI Bank. We have noted above that Appeal was disposed of on 22.11.2024, perm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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