ORDER SHEET OF THE HEARING ON 12.07.2023
NAME OF THE PARTIES: CENTRAL BANK OF INDIA THROUGH
RP MR. AMIT GUPTA VS SHRI KISHORE
BIYANI ( PG OF UNIQUE MALLS PVT.
LTD.)
Section 60(5) & 95(1) of the Insolvency and Bankruptcy Code, 2016 ________________________________________________________________
ORDER
IA 2895/2023 Ms. Sweta Tandel, Ld. Counsel for the Applicant/Personal Guarantor and Mr. Abdullah Qureshi, Ld. Counsel for the Respondent/Petitioner are present. The present Interlocutory Application has been filed by the Applicant, seeking dismissal of the main Company Petition filed under Section 95 if the Insolvency
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and Bankruptcy Code, 2016, contending that the Principal Borrower has cleared all the Debt claimed in default standing as on date, to the Financial Creditor. Applicant submits that during the pendency of the Captioned Company Petition, the Principal Borrower has already repaid the entire claim amount to the tune of Rs. 21,37,46,482.75/- as per part IV of the main Company Petition bearing CP(IB) No. 1110 of 2022 and as well as the present Company Petition bearing CP (IB) No. 891 of 2022 filed by the Financial Creditor against the Principal Borrower. Therefore, the alleged debt stands discharged in terms of the payment already made by the Principal Borrower to the Financial Creditor. In view of the above circumstances, and particularly since the entire alleged default amount to the tune of Rs. 21,37,46,482.75/- as per the Financial Creditors claim in the Company Petition itself, has already been paid by the Principal Borrower, the present Interlocutory Application has been filed by the Applicant/Personal Guarantor herein for the dismissal of the main Company Petition. Ld. Counsel for the Financial Creditor while confirming the receipt of entire principal amount from the Principal Borrower, reported no objection for allowing the present Interlocutory Application.
Having considered the submissions and on perusal of the averments made in the present Interlocutory Application, this Bench is satisfied and is of the considered view that the present Interlocutory Application is liable to be allowed in terms of prayer clause "A" of the present Interlocutory Application. In so far as other reliefs with regard to the release of the security documents executed by the
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Applicant are concerned, the Applicant may approach the Financial Creditor for the same. Accordingly, this Bench allows the present Interlocutory Application thereby allowing the Applicant to withdraw the main Company Petition. Resultantly, the main Company Petition Bearing CP (IB) No. 891 of 2022, is disposed of as allowed to be withdrawn. File be consigned to record. Sd/- Sd/-
ANU JAGMOHAN SINGH H. V. SUBBA RAO
MEMBER (TECHNICAL) MEMBER (JUDICIAL)
Vedant Kedare
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