Representation for Applicant (IA 1947/2026): Ms. Rashmi Chopra, Senior Advocate with Mohit Nandwani, Advocate; Ebix RP Mukesh Kumar Grover (for Vyam Technologies and Abhisar Impex Pvt Ltd)
Representation for Banks (BOB, UBI, IDBI, AXIS BANK): Mr. Brijesh Kumar Tamber, Mr. Prateek Kushwaha, and Mr. Dhimaan Dutta
Representation for Resolution Professional (RP): Adv Rachit Mittal, Adv Parish Mishra, Adv Kanishk Raj, Adv Srishti Agrawaal, Adv Abhishek Sinha, and Adv Shivansh Bansal
Bench: Hon'ble Mr. Ashok Kumar Bhardwaj (Member-Judicial) and Hon'ble Mr. Atul Chaturvedi (Member-Technical)
Issues / Allegations / Violations
The dispute arises from a settlement agreement dated 04.05.2025 entered into between the Corporate Debtor (Vyam Technologies Ltd.) and the Applicant (DBS Bank Ltd).
Clause 3.2 of the agreement stipulates that proceeds received from BSNL pertaining to CIRP dues should be shared between the parties in a 65:35 ratio (65% to the Applicant, i.e., Ebix JV, and 35% to Vayam Technologies Ltd.).
The Applicant (DBS/Ebix) alleges that the entire money from BSNL may have been received by the Resolution Professional on behalf of the Corporate Debtor and that the RP is not paying the agreed 65% share to them.
The Applicant apprehends that BSNL may invoke a bank guarantee/surety provided by the Applicant, which would cause them irreparable loss.
Final Ruling & Enforcement
The Tribunal issued an interim direction that until the next date of hearing, the performance of the bank guarantee/surety given by the Applicant should not be invoked by BSNL.
A copy of the order is to be provided dasti (by hand) to the concerned officer of BSNL expeditiously.
Both BSNL and the Resolution Professional are directed to ensure that a reply to the application (IA-1947/ND/2026) is filed within two weeks from the order date (20.05.2026).
The matter, along with other connected IAs (IA-4320/ND/2024, IA-4742/ND/2024, Contt. Pett-40/ND/2024, IA-6007/ND/2024, IA-2923/ND/2025), is adjourned and listed for the next hearing on 08.07.2026.
