In the matter of Ujwal Gupta, Director of Greenworld International Pvt. Ltd. & Ors. Vs. Italimpianti Orafi Spa & Ors. CA(AT)(Ins) No. 19 of 2020

In the matter of Ujwal Gupta, Director of Greenworld International Pvt. Ltd. & Ors. Vs. Italimpianti Orafi Spa & Ors. CA(AT)(Ins) No. 19 of 2020

Insolvency & Bankruptcy

We find that the pendency of this appeal does not servenany purpose and the same is required to be disposed of. We accordingly dispose of the appeal.

Since the Appellant intends to settle the claim with the only two creditors and as according to him he has already settled with one i.e. ‘Union Bank of India’, the Appellant may settle with Respondent No. 1, if he so chooses, under the mechanism contemplated under Section 12 A of the I&B Code.


In view of the same, we find that the pendency of this appeal does not serve any purpose and the same is required to be disposed of. We accordingly dispose of the appeal, however, giving liberty to the Appellant to re-agitate the matter if the cause survives.




[Justice Bansi Lal Bhat]


Member (Judicial)



[V. P. Singh]


Member (Technical)



[Alok Srivastava]


Member (Technical)

LEGAL REFERENCES
Section 12
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