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

> NCLAT judgment dated 2023-07-10. Citation: TCN-2023-NCLAT-00399. The case involves a Company Appeal (AT) (Insolvency) No. 701 of 2023 before the National…

- **Court:** NCLAT
- **Order date:** 10 Jul 2023
- **Citation:** TCN-2023-NCLAT-00399
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pawan-kumar-manguturam-bairagra-vs-encore-asset-reconstruction-company-ltd-aebf348a

## Summary

### Background

The case involves a Company Appeal (AT) (Insolvency) No. 701 of 2023 before the National Company Law Appellate Tribunal, Principal Bench, New Delhi. The appellant, Pawan Kumar Manguturam Bairagra, submitted a proposal to the respondent, Encore Asset Reconstruction Company Ltd., regarding payment terms. The appellant's counsel stated they are ready with 10% upfront and another 10% within 45 days, requesting a 4-month compliance period instead of 3 months.

## Facts

Pawan Kumar Manguturam Bairagra (Appellant) filed a Company Appeal (AT) (Insolvency) No. 701 of 2023 against Encore Asset Reconstruction Company Ltd. (Respondent). The Appellant's counsel submitted a proposal to the Respondent, offering 10% upfront payment and another 10% within 45 days. The Appellant requested a 4-month compliance period instead of the initially proposed 3 months. The court considered the submissions and directed the Respondent's counsel to obtain instructions. The appeal was listed for further hearing on July 19, 2023, with an interim order to continue.

## Issues and analysis

### Issue 1: Whether the appellant's proposed payment terms, including the upfront payment and extended …

**Ratio:** The court has the discretion to consider and approve proposed payment terms in insolvency

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**Reasoning:** The court acknowledged the appellant's submission regarding the payment proposal and the

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**Interpretation:** The court's approach reflects a willingness to consider alternative payment

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**Application:** The court directed the respondent's counsel to obtain instructions, indicating

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Pawan Kumar…
- **Respondents:** Encore Asset…
- **Advocates:** Krishnendu…; Abhijeet…; +6 more

## Timeline

- **2023-07-10 — Appellant's Su…**: Appellant's counsel submits a proposal to the Respondent, offering 10% upfront and…
- **2023-07-19 — Next Hearin…**: The appeal is listed…

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