# In the matter of Amit Rajput vs. Reckon Industries Limited & Ors. I.A. No. 1991 & 1992 of 2022 in Company Appeal (AT) (Insolvency) No. 215-216 of 2022

> NCLAT judgment dated 2022-09-06. Citation: TCN-2022-NCLAT-00231. The case involves an appeal against the admission of a Section 7 Petition under the…

- **Court:** NCLAT
- **Order date:** 6 Sept 2022
- **Citation:** TCN-2022-NCLAT-00231
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/amit-rajput-vs-reckon-industries-limited-ors-ia-no-1991-1992-of-2022-in-company-a906bdd2

## Summary

### Background

The case involves an appeal against the admission of a Section 7 Petition under the Insolvency and Bankruptcy Code (IBC). The Appellant, Amit Rajput, filed I.A. 1991-1992 of 2022, offering to pay the entire amount of Rs.3.5Crores by RTGS on 08.07.2022. The Respondent accepted an additional interest of 13% p.a. The Tribunal recorded on 07.07.2022 that no further steps would be taken if Rs.3.5Crores was paid by 08.07.2022. The matter was posted to 25.07.2022 for payment of interest and filing of a Compliance Affidavit.

## Facts

Amit Rajput, the Appellant, filed an appeal against the admission of a Section 7 Petition. He offered to pay Rs.3.5Crores by RTGS on 08.07.2022, along with 13% p.a. interest, which was accepted by the Respondent, Reckon Industries Limited. The Tribunal noted that if the payment was made by 08.07.2022, no further action would be taken. The Appellant paid Rs.3.5Crores and Rs.1.05Crores as interest, calculated from the date the Petition was filed. The Respondent contended that interest should be calculated from the date of disbursement. The Tribunal, considering the payments and the nature of IBC, closed the Section 7 Application. The key facts are the payment offers, acceptance, actual payments, and the dispute over the interest calculation period.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should proceed with the Section 7 Application given the payments …

**Ratio:** Rule 11 of the NCLAT Rules, 2016 allows the Tribunal to exercise its powers in the

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**Reasoning:** The Tribunal reasoned that substantial amounts had been paid by the Appellant, and

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**Interpretation:** The interpretation is that the NCLAT has the power to prevent further

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ashok Bh…; Shreesha…; +1 more
- **Appellants:** Amit Ra…
- **Respondents:** M/s. Reckon…

## Timeline

- **2022-07-04 — Tribunal…**: Tribunal dismissed Comp. Apps. (AT) (Ins.) No. 215 & 216 of 2022, confirming the…
- **2022-07-07 — Tribunal…**: Tribunal recorded that subject to payment of Rs.3.5Crores by 08.07.2022, no further steps…

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