# In the matter of Goutam Rakshit vs. Punjab National Bank & Ors.

> NCLAT judgment dated 2023-10-11. Citation: TCN-2023-NCLAT-00132. The appeal was filed against the order dated 2022-12-02 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLAT-00132
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/goutam-rakshit-vs-punjab-national-bank-ors-9baf08cd

## Summary

### Background

The appeal was filed against the order dated 2022-12-02 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) admitting Section 7 application filed by Punjab National Bank. The bank submitted that the OTS sanctioned proposal by the bank has been accepted by the appellant and under the said OTS proposal amount of Rs. 10 crores have been paid. The appellant submits that the terms of OTS shall be observed. The bank submits that in view of the aforesaid there is no necessity of continuing the CIRP any further. The IRP submits that expenses of the IRP has not yet been paid.

## Facts

Punjab National Bank filed a Section 7 application which was admitted by the Adjudicating Authority (NCLT, Kolkata Bench). The appellant, Goutam Rakshit, had an OTS (One Time Settlement) proposal sanctioned by the bank, and Rs. 10 crores had been paid under this proposal. The bank argued that, given the OTS, there was no need to continue the Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) stated that its expenses had not been paid. The appellant was directed to pay all expenses of the IRP subject to necessary vouchers and bills.

## Issues and analysis

### Issue 1: Whether the appeal against the order of the Adjudicating Authority admitting Section 7 application …

**Ratio:** When an OTS proposal has been accepted and a significant payment has been made, the

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**Reasoning:** The court considered the submissions of the bank that the OTS proposal had been accepted

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**Interpretation:** The acceptance of an OTS proposal and partial payment indicates a resolution

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**Application:** The court applied this principle to the present case, noting the acceptance of

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Goutam Ra…
- **Respondents:** Punjab National…

## Timeline

- **2022-12-02 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) passed an order…
- **2023-01-20 — Interim Order by…**: Interim order was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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