For Appellant: Mr. Krishnendu Datta (Senior Advocate), Mr. Mayan Prasad, Mr. Rituraj Biswas, Mr. Aayush Garg, Ms. Alina Merin Mathew, Advocates.
For Respondents: Mr. Sandeep Bajaj, Ms. Aaknksha Nehra, Mr. Mayank Biyani, Advocates for Respondent-1 (Smile Nonwovens Pvt. Ltd.); Mr. Aayush Kevlani, Advocate for Respondents-2 and 3.
IRP (Interim Resolution Professional): Mentioned but not named.
Issues / Allegations / Violations
Not detailed in this order. The proceedings relate to an insolvency appeal, but specific allegations are not mentioned. The discussion involves settlement under amended Section 12A of the Insolvency and Bankruptcy Code.
Findings & Observations
No findings or observations made in this interim order. The Tribunal noted the submission by IRP's counsel that under amended Section 12A, approval of 90% of the Committee of Creditors (CoC) is required even if a settlement is entered between the parties.
Penalties / Settlements / Directions
Appellant (Techi Tara) is directed to deposit Rs. 1,64,67,577/- (approximately Rs. 1.64 crore) in an interest-bearing fixed deposit in the name of the Registrar, NCLAT, within two weeks from May 27, 2026.
The appeal is listed for next hearing on July 10, 2026.
Appellant shall approach the Operational Creditor for settlement between the parties.
IRP is directed to constitute the Committee of Creditors (CoC) but no further steps shall be taken until the next date of hearing.
Corrective Actions & Future Obligations
Deposit of the specified amount by Appellant.
Attempt settlement with Operational Creditor by Appellant.
Constitution of CoC by IRP.
Final Ruling & Enforcement
This is an interim order; no final ruling has been made. The case is adjourned to July 10, 2026, for further proceedings.
