National Company Law Appellate Tribunal
Lal Chand Morani vs Satyendra Prasad Khorania & Anr on 1 August, 2025
Author: Ashok Bhushan
Bench: Ashok Bhushan
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
PRINCIPAL BENCH, NEW DELHI
I.A. No. 4316 of 2025 in
Company Appeal (AT) (Insolvency) No. 301 of 2025
IN THE MATTER OF:
Lal Chand Morani ...Appellant
Versus
Satyendra Prasad Khornia & Ors. ...Respondents
Present:
For Applicant : Mr. Sanjay Jain, Ms. Ipshita, Mr. Anupam Singh,
Advocates for Kotak Mahindra Bank - Applicant.
For Respondents : Mr. Amol Vyas, Mr. Bhrigu Sharma, Advocates for
IRP.
Mr. Shailendra Singh, Mr. Abhyuday Dhasmana,
Advocates for HDFC Bank.
ORDER
(Hybrid Mode) 01.08.2025: I.A. No. 4316 of 2025: This is an application filed by the Kotak Mahindra Bank seeking following prayers:
"PRAYER In the abovementioned facts and circumstances and in the interest of. justice, it is most respectfully prayed before this Hon'ble Court that the Hon'ble Court may kindly be pleased to:
i. Allow the present application and take the settlement on record;
ii. Stay the constitution of the CoC as notified by Respondent No. 2;
Cont'd.../ iii. Permit the Appellant to adhere with the settlement and make the payment in terms of the settlement letter and accordingly, extend the timelines passed in the order dated
02.07.2025; and iv. Pass any other or further order as the Hon'ble Court may deem proper.
2. Appeal has already been dismissed by our order dated 02.07.2025. While dismissing the appeal, in the last paragraph of the order we directed as follows:
"The Learned Counsel for the Appellant further submitted that CoC has not yet been constituted till date. We provide that in event the application under Section 12A is filed within a period of two weeks, the CoC may not be constituted for two weeks. It is open to the financial creditor to file the application under within the aforesaid within two weeks under 12A failing which the CIRP shall proceed accordingly. The appeal is dismissed subject to above."
3. This application has been filed by Kotak Mahindra Bank, one of the Financial Creditor, praying for the reliefs, as noted above. Learned counsel for the Resolution Professional submits that after expiry of two weeks, Committee of Creditors has been constituted on 17.07.2025 and if any proposal - Form FA is given by the Financial Creditor that shall require approval of 90% of the Committee of Creditors. Comp. App. (AT) (Ins.) No. 301 of 2025 2 of 3
4. The Applicant has prayed for extension of timelines as contained in order dated 02.07.2025. We are of the view that the Applicant may, within two weeks from today, give appropriate Form FA to the Resolution Professional to be placed before the CoC. With these observations, application is disposed of.
[Justice Ashok Bhushan] Chairperson [Barun Mitra] Member (Technical) Archana/nn Comp. App. (AT) (Ins.) No. 301 of 2025 3 of 3