# In the matter of Rustom Darius Bharucha Erstwhile Director of Lake District Realty Pvt. Ltd. vs. Renaissance Fiscal Service Pvt. Ltd. & Anr.

> NCLAT judgment dated 2024-09-10. Citation: TCN-2024-NCLAT-00201. The case involves an appeal against an order dated 02.11.2023 passed by the National Company…

- **Court:** NCLAT
- **Order date:** 10 Sept 2024
- **Citation:** TCN-2024-NCLAT-00201
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rustom-darius-bharucha-erstwhile-director-of-lake-district-realty-pvt-ltd-vs-ren-635c1372

## Summary

### Background

The case involves an appeal against an order dated 02.11.2023 passed by the National Company Law Tribunal, Mumbai Bench, which admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 for the resolution of an amount of Rs. 37,51,64,939/-. The appellant claimed to have offered a settlement of Rs. 42 Crore during discussions, but no formal agreement was reached. Even after the order was passed, the appellant offered to pay Rs. 10 Crore by bank draft, asserting that the Corporate Debtor is a real estate developer company ready to liquidate the debt. One of the promoters (brother of the Appellant) died on 18.11.2023. The appellant was ready to deposit Rs. 10 Crore in a Fixed Deposit Receipt with NCLAT. The appeal was filed to settle the

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## Facts

The National Company Law Appellate Tribunal (NCLAT) heard an appeal against an order by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for a resolution of Rs. 37,51,64,939/-. The appellant, Rustom Darius Bharucha, claimed that during discussions, an agreement was reached to liquidate the debt for Rs. 42 Crore, but no formal agreement was made. Even after the NCLT order, the appellant offered Rs. 10 Crore by bank draft. The corporate debtor is a real estate developer. One of the promoters (brother of the Appellant) died on 18.11.2023. The appellant was ready to deposit Rs. 10 Crore in a Fixed Deposit Receipt with NCLAT. The appellant filed an I.A No. 6133 of 2023 for

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## Issues and analysis

### Issue 1: Whether the appeal should be allowed to be …

**Ratio:** An appellant has the right to withdraw an appeal, especially when the respondent does not

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**Reasoning:** The court considered the appellant's request to withdraw the appeal and the respondent's

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**Interpretation:** This aligns with the general principle that parties have the autonomy to decide

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**Application:** In this case, the appellant requested to withdraw the appeal, and the

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…; +1 more
- **Appellants:** Rustom Darius…
- **Respondents:** Lake District…; Renaissance…

## Timeline

- **2023-11-02 — NCLT Ord…**: National Company Law Tribunal, Mumbai Bench, passed an order admitting the application…
- **2023-12-05 — Preliminary…**: Learned counsel for the Appellant submits that the Section 7 application was filed by the…

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