Malavika Hegde, Suspended Director of Coffee Day Global Limited vs. IndusInd Bank Ltd. & Anr.
Company Appeal (AT) (CH) (Ins) No.235/2023
Facts:
1.Vide order dated 20.07.2023, an Application filed by the Indusind Bank Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, (for short The Code’) for Resolution of the sum of Rs.94,01,79,117.26/- has been admitted only qua sum of Rs.50,78,54,032/- of the Loan Account No.603014030038 about which the date of default’ has been mentioned by the Applicant Bank as 28.02.2020.
2.Against the above order appeal has been filed.
Issue: Whether appeal can be allowed?
Appellant Arguments:
1.Counsel submitted that a ‘Joint Memo’ dated 07.09.2023 is filed before the Office of the Registry, and the 1st Respondent being the ‘Assignor’, had assigned that ‘Debt’ in favour of ‘ASREC (India Ltd.)’, the CIRP’, between the Appellant and the 1st Respondent / Bank be terminated, because of the ‘Settlement’, arrived at between the Parties’.
2.Counsel submitted that ‘Memo’, to the factum of ‘settlement’, having been arrived at between the `Parties’, may be taken on Record’ and the ‘CIRP’, against the ‘Corporate Debtor’, be terminated, culminating in the Impugned Order dated 20.07.2023 being set aside.
Decision: NCLAT allowed the appeal and held that the ‘settlement’ was arrived at between the Appellant’ and the ‘1st Respondent/Bank’, which is not disputed by the Ld. Counsel for the 1st Respondent/Bank, this Tribunal, takes on Record the ‘memo’ dated 07.09.2023 filed before the ‘Office of Registry of NCLAT’, Chennai and pursuant to the ‘settlement’ being arrived at, this ‘Tribunal’ allows the instant Appeal, by setting aside the impugned order dated 20.07.2023.
Order Copy:
