Mohd Sharief Tariq, Member - (1.) This is in continuation to the Order dated 14.09.2017 passed by this Bench in CP/539/(IB)/CB/2017 titled M/s. Consolidated Construction Consortium Ltd. v. VA Tech Wabag Ltd. On 11.09.2017, after hearing the Counsels for the Operational Creditor and Corporate Debtor, the matter was reserved for orders. On 14.09.2017, a detailed Order was passed. The operative portion of which reads as follows:-- "The Operational Creditor has fulfilled all the requirements of law and this Bench is of the view that the Application CP/539(IB)/CB/2017 is fit for admission, to initiate the Corporate Insolvency Resolution Process and to declare moratorium under I & B Code, 2016. However, during the course of arguments, the Ld. Counsel for the Corporate Debtor submitted that in case this Bench is proposed to admit the Application under I & B Code, 2016, the Corporate Debtor may be given an opportunity to settle the amount in dispute. In the interest of the justice, this Bench is of the view that one opportunity should be given to the Corporate Debtor to settle the dues. The principal amount claimed by the Operational Creditor is Rs. 1,50,13,529/-. The above mentioned amount along with interest, if any, as provided for in the agreement entered into between the Operational Creditor and Corporate Debtor in the instant case, may be paid. Accordingly, the Corporate Debtor is given an opportunity to settle the outstanding amount within 15 days from the date of receipt of copy of this Order failing which, the Application will be considered for admission. 14. A copy of this Order shall he sent to the Operational Creditor and the Corporate Debtor forthwith. Post this case on 03.10.2017 for reporting settlement or for passing necessary order".
(2.) As can be seen from the above mentioned portion of the Order, this Bench concluded that the Application is fit for admission but considering the request of the Sr. Counsel for the Corporate Debtor a chance was provided for payment of the principal amount to the tune of Rs. 1,50,13,529/- along with interest, if any, as provided for in the agreement entered into between the Operational Creditor and Corporate Debtor. Accordingly, the matter was directed to be posted to 03.10.2017 for reporting settlement or for passing necessary order.
(3.) However, the matter was listed on 05.10.2017 before this Bench whereon both the Counsels for the parties were present and prayed for adjournment. Accordingly, the matter was adjourned for further hearing on 06.10.2017. On 06.10.2017, the Sr. Counsel for the Corporate Debtor has brought one Demand Draft amounting to Rs. 1,50,13,259/- i.e., the principal amount which was ordered to be paid along with interest, if any, to the Operational Creditor. But, it was submitted by the Sr. Counsel for the Corporate Debtor that the Corporate Debtor is admittedly willing to pay only 50% (i.e. Rs. 75,06,764.50/-) of the principal amount (i.e. Rs. 1,50,13,529/-) and not willing to pay any interest which appears to be contrary to what he had submitted during final hearing on 11.09.2017 i.e. 'in case this Bench proposes to admit the Application, the Corporate Debtor may he given an opportunity to settle the amount in dispute'. However, the Counsel for the Operational Creditor did not agree to the submissions made by the Sr. Counsel for the Corporate Debtor, and submitted that the principal amount along with interest, which may be fixed by this Bench should be paid by the Corporate Debtor. But, the Sr. Counsel for the Corporate Debtor did not agree to make the payment as has been submitted by the Counsel for Operational Creditor. Then, both the Counsels prayed to pass an appropriate order.;