# In the matter of Ramesh Handa Vs Canara Bank

> NCLAT judgment dated 2024-07-15. Citation: TCN-2024-NCLAT-00319. The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT). The…

- **Court:** NCLAT
- **Order date:** 15 Jul 2024
- **Citation:** TCN-2024-NCLAT-00319
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ramesh-handa-vs-canara-bank-66815ae8

## Summary

### Background

The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT). The respondent bank's counsel stated that no settlement has occurred. An interim order was previously granted by the Tribunal based on the appellant's request to submit an offer and settle the matter.

## Facts

Ramesh Handa, ex-Director of Saya Automobiles Pvt. Ltd., is the appellant in this case. Canara Bank & Anr. are the respondents. The respondent bank's counsel indicated that no settlement has been reached. The Tribunal had previously granted an interim order based on the appellant's request to submit an offer for settlement. The appellant requested an adjournment.

## Issues and analysis

### Issue 1: Whether the interim order should be …

**Ratio:** The Tribunal has the power to vacate interim orders based on the circumstances of the

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**Reasoning:** The Tribunal vacated the interim order, implying that the conditions for its continuation

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**Interpretation:** The interpretation is that interim orders are not permanent and can be vacated

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**Application:** Given that no settlement had been reached, the Tribunal applied its discretion

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Ramesh…
- **Respondents:** Saya Automobiles…; Canara Bank…

## Timeline

- **2024-07-15 — Hearing…**: Counsel for the respondent bank submits that no settlement has taken place, interim order…
- **2024-08-12 — Adjournmen…**: Matter is adjourned to…

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