The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT). The appellant's counsel stated that the parties had entered into consent terms dated 2023-10-30, but the money could not be paid because approval from the Reserve Bank of India was required to remit the money overseas. The appellant is ready to deposit the entire amount as per the consent terms in the Court.
The appellant, Siddharth Gupta, filed an appeal before the NCLAT. The appellant's counsel submitted that the parties had agreed to consent terms on 2023-10-30, but payment was delayed due to the need for Reserve Bank of India approval for overseas remittance. To demonstrate bonafide, the appellant offered to deposit the entire amount as per the consent terms. The total amount to be deposited is Rs. 1,59,23,680. The appellant is ready to deposit Rs. 45 Lacs immediately via demand draft. The remaining amount is to be deposited within 30 days.
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The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT). The appellant's counsel stated that the parties had entered into consent terms dated 2023-10-30, but the money could not be paid because approval from the Reserve Bank of India was required to remit the money overseas. The appellant is ready to deposit the entire amount as per the consent terms in the Court.
The appellant, Siddharth Gupta, filed an appeal before the NCLAT. The appellant's counsel submitted that the parties had agreed to consent terms on 2023-10-30, but payment was delayed due to the need for Reserve Bank of India approval for overseas remittance. To demonstrate bonafide, the appellant offered to deposit the entire amount as per the consent terms. The total amount to be deposited is Rs. 1,59,23,680. The appellant is ready to deposit Rs. 45 Lacs immediately via demand draft. The remaining amount is to be deposited within 30 days.
Parties enter…
Court directs appellant to deposit Rs. 45…
Sign in to view related legal provisions.