# In the matter of Aditya Sikdar & Anr. vs. Allahabad Bank & Anr.

> NCLAT judgment dated 2023-07-11. Citation: TCN-2023-NCLAT-00391. The appeal was directed against the order dated December 13, 2019, passed by the National…

- **Court:** NCLAT
- **Order date:** 11 Jul 2023
- **Citation:** TCN-2023-NCLAT-00391
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/aditya-sikdar-anr-vs-allahabad-bank-anr-9e34c17c

## Summary

### Background

The appeal was directed against the order dated December 13, 2019, passed by the National Company Law Tribunal, Kolkata Bench, which admitted an application filed by Allahabad Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor, M/s. Kaaiser Oils Pvt. Ltd., for the resolution of a debt of Rs. 71,66,22,658/-. Saurabh Basu was appointed as the Interim Resolution Professional (IRP).

## Facts

Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Kaaiser Oils Pvt. Ltd. due to a debt of Rs. 71,66,22,658/-. The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. During the pendency of the appeal against the NCLT order, the Sole Member of the CoC gave his consent for settlement on the basis of One Time Settlement (OTS). The Indian Bank issued a No Dues Certificate (NOC) to the Corporate Debtor after receiving Rs. 17.99 Crores towards full and final settlement of the outstanding amount of Rs. 114.85 Crores. The RP filed an application for closure of CIRP. The CoC passed a resolution approving the settlement. The operational creditors were

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## Issues and analysis

### Issue 1: Whether the application bearing IA No. 2864 of 2023 for closure of the Corporate Insolvency …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code 2016 (IBC 2016) read with Regulation

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**Reasoning:** The court considered the averments and evidence presented by the RP's counsel, including

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**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

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**Application:** The CoC, consisting of the sole financial creditor (Indian Bank), approved the

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…
- **Appellants:** Aditya Sikdar &…
- **Respondents:** M/s.Kaaiser Oils…; Allahabad Bank &…
- **Advocates:** Abhijeet…; Aditya S…; +5 more

## Timeline

- **2019-12-13 — NCLT Ord…**: The National Company Law Tribunal, Kolkata Bench, passed an order admitting the…
- **2023-03-27 — CoC Cons…**: The Sole Member of the CoC gave his consent for settlement on the basis of One Time…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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