# In the matter of Rishabh Singhvi vs. OPJK Paper Company & Anr.

> NCLAT judgment dated 2023-10-12. Citation: TCN-2023-NCLAT-00125. The case pertains to Company Appeal (AT) (Insolvency) No. 1048 of 2023. The appellant was…

- **Court:** NCLAT
- **Order date:** 12 Oct 2023
- **Citation:** TCN-2023-NCLAT-00125
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rishabh-singhvi-vs-opjk-paper-company-anr-6ff385fe

## Summary

### Background

The case pertains to Company Appeal (AT) (Insolvency) No. 1048 of 2023. The appellant was directed to deposit a principal amount of Rs. 89,15,441/- via fixed deposit. An office note dated 05.09.2023 indicates that the appellant paid the amount through Kotak Mahindra Bank. The matter was listed on 06.09.2023, and the respondent was directed to file a reply affidavit. The matter was then listed on 18.09.2023, and the appellant was given one week to file a rejoinder. The matter was adjourned and listed for 29.09.2023. On 29.09.2023, the matter was heard, and the appellant's counsel was directed to inform the court whether they accept the offer made on behalf of Respondent No. 1 regarding the interest rate.

## Facts

Rishabh Singhvi filed an appeal against OPJK Paper Company & Anr. The appellant was directed to deposit Rs. 89,15,441/- as a fixed deposit. The amount was deposited through Kotak Mahindra Bank. The respondent was directed to file a reply affidavit, and the appellant was given time to file a rejoinder. The core issue revolves around an offer made by Respondent No. 1 regarding the interest rate, proposing 10% per annum instead of the originally invoiced 24%. The court directed the appellant's counsel to confirm acceptance of this offer. The interim order dated 09.08.2023 remains in effect.

## Issues and analysis

### Issue 1: Whether the appellant complied with the …

**Ratio:** Compliance with court orders is a

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**Reasoning:** The court noted that the office note dated 05.09.2023 confirmed the deposit of the amount

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**Interpretation:** The deposit of the principal amount demonstrates the appellant's adherence to

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**Application:** The appellant's deposit of Rs. 89,15,441/- fulfills the initial requirement set

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +3 more
- **Appellants:** Rishabh S…
- **Respondents:** OPJK Paper…

## Timeline

- **2023-08-09 — Order Da…**: Initial order was…
- **2023-10-12 — Current…**: Order regarding deposit…

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