(Hybrid Mode) 05.08.2024: Heard learned counsel for the Appellant. This Appeal has been filed against order dated 12.01.2024 by which Section 7 application has been admitted, against which order appeal has been filed by the Suspended Director of the Corporate Debtor.

2. When the appeal was taken on 08.04.2024, learned counsel for the Appellant said that the Appellant is ready to submit a proposal to the Bank for settlement, which is recorded in order dated 08.04.2024. Subsequently, when the case was taken on 07.05.2024, a statement was made by learned counsel for the Bank that no proposal worth consideration has been submitted and earlier proposal was also rejected. The said statement was recorded in order dated 07.05.2024. Interim order was also vacated on the said date. Order dated 07.05.2024 is as follows:

“ ORDER (Hybrid Mode) 07.05.2024: Learned Counsel for the Respondent submits that Appellant has not submitted any proposal worth consideration and earlier proposal was already rejected and the last communication received from the Appellant dated 05.05.2024 has already been replied on 06.05.2024.

2. Learned Counsel for the Appellant submits that this Appeal may be taken afte