In the matter of Nalin Virji Shah Vs. Satish Sadashiv Rane & Anr. Company Appeal (AT) (Ins) No. 558 of 2021

Heard Mr. Krishnendu Datta, Ld. Sr. Counsel for the Appellant / ‘Corporate Debtor’. He submits that there was a settlement between the Appellant and Respondent No. 1 which is on record.

It is submitted that certain terms of the settlement have not been complied with, therefore, Respondent No. 1 has filed an application before the Ld. Adjudicating Authority u/s 7 of the IBC, 2016 and that is admitted by the impugned order.

Ld. Counsel appearing for R1 submits that the parties are exploring the possibility of settlement, therefore, he submits that some time may be granted.

Ld. Counsel for R2 representing IRP submits that till date ‘Committee of Creditors’ (CoC) has not been constituted.

We have considered the submissions of Ld. Counsels for the parties. It is directed that ‘Committee of Creditors’ (CoC) may be put on hold till the next date of hearing.

Parties may put all endeavour for settlement before the next date of hearing.

Let the matter be fixed for ‘Admission (Fresh Case)’ on 21st September, 2021.

[Justice Jarat Kumar Jain]

Member (Judicial)

[Dr. Ashok Kumar Mishra]

Member (Technical)