# In the matter of Pawan Kumar Manguturam Bairagra vs. Encore Asset Reconstruction Company Ltd.

> NCLAT judgment dated 2023-08-16. Citation: TCN-2023-NCLAT-00279. The case involves an appeal regarding the payment of Rs. 24.10 crores. The appellant had…

- **Court:** NCLAT
- **Order date:** 16 Aug 2023
- **Citation:** TCN-2023-NCLAT-00279
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pawan-kumar-manguturam-bairagra-vs-encore-asset-reconstruction-company-ltd-699f4eef

## Summary

### Background

The case involves an appeal regarding the payment of Rs. 24.10 crores. The appellant had offered to pay the amount, and the respondent agreed. The primary issue was the timeline for the payment. The appellant initially requested six months, but the respondent suggested accepting the offer with 25% upfront if the appellant could pay within three months. The appellant also offered to sell a mortgaged property to raise funds, with the proceeds dedicated to the payment.

## Facts

Pawan Kumar Manguturam Bairagra (Appellant) owes money to Encore Asset Reconstruction Company Ltd. (Respondent). The outstanding amount is Rs. 24.10 crores. The appellant initially requested six months to pay. The respondent suggested that if the appellant pays within three months, they should accept the offer with 25% upfront. The appellant offered to sell a mortgaged property with a reserve price of Rs. 23 crores to raise funds. The respondent agreed to allow the sale of the mortgaged property, provided the proceeds are used solely for the payment. The parties eventually settled the issue, agreeing to a payment plan where 10% of the amount would be paid upfront, and another 10% would be paid within 30 days of signing the settlement agreement. The respondent was

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## Issues and analysis

### Issue 1: Whether the Appellant should be granted …

**Ratio:** The court has the discretion to grant time for compliance based on the circumstances and

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**Reasoning:** The court considered the appellant's request for time and the respondent's willingness to

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**Interpretation:** The court interprets its power to grant time as a means to promote resolution

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**Application:** The court granted the appellant three months to deposit the amount, balancing

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Pawan Kumar…
- **Respondents:** Encore Asset…

## Timeline

- **2023-08-16 — Order Da…**: Learned Counsel for the Appellant submits that it is already recorded in the order of the…
- **2023-07-05 — Tribunal…**: Learned Counsel for the appellant referring to the affidavit submits that appellant is…

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