IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI

SPECIAL BENCH (COURT – II)

Item No. 236

IB-627/ND/2024

IA-6301/2024

IN THE MATTER OF:

Samman Capital Limited … Applicant/Petitioner

Versus

Pradeep Kumar Jain … Respondent

Under Section: 95 of IBC, 2016 Order delivered on 04.03.2025

CORAM:

SH. ASHOK KUMAR BHARDWAJ SH. ANIL RAJ CHELLAN HON’BLE MEMBER (J) HON’BLE MEMBER (T)

PRESENT:

For the Applicant : Adv. Siddhartha Joshi, Adv. Ujjwala Gupta

For the Respondent : Adv. Kuwar Rajpurohit

For the RP : Manoj Kumar Anand, Adv. Udita Singh

Hearing Through: VC and Physical (Hybrid) Mode

ORDER

The Ld. Counsel for the Applicant i.e. Samman Capital Limited produced a copy of order dated 17.02.2025 and submitted that the principal borrower and the Creditor have entered into settlement qua the amount of debt. The

order reads thus:

“The total amount of default alleged in the petition is Rs. 942,26,92,456/-. The relevant excerpt in Part-IV of the applications

reads thus:

Today Ms. Pooja Saigal Ld. Sr. Counsel appearing for Corporate Debtor viz. Parasvnath Developers Ltd. handed over demand drafts for the amount of Rs. 40,00,00,000/-(Demand Draft No.-200863) and Rs.35,00,00,000/- (Demand Draft No. 200862) to Mr. Sumesh Dhawan Ld. Counsel present for the Creditors and assured that the remaining amount on which the Creditor and Corporate Debtor have agreed to settle the defaulted amount would be paid as per the schedule agreed between the Creditor and the Corporate Debtor religiously without failing. The Counsels for the parties are ad idem that if the amount of debt is not repaid as per the schedule, the Petitioner who is seeking to withdraw the captioned petition today would be entitled to seek revival of the same. In view of the aforementioned, the petition is allowed to be withdrawn and is accordingly disposed of. Let a copy of this order be sent to Registrar General for maintaining data/record. IA-4684/2024: In view of the order passed in IB-468/2024 the IA has become infructuous.”

Indubitably the Personal Guarantor turn debtor only when default is committed by the principal borrower and guarantee is invoked. It is settled law that if any settlement is arrived at between the principal borrower and the Creditor, the liability of the Personal Guarantee ceases to exist till the settlement is flouted. In any case, since the Ld. Counsel for the Creditor sought to withdraw IB-627/ND/2024, we permit it to do so and dispose of the application as withdrawn.

It goes without saying that fees of the Resolution Professional would be paid in accordance with law within 4 weeks from the date of raising the invoice by him.

IA-6301/2024: In the wake of the order passed in IB-627/ND/2024 the IA has become infructuous and is accordingly disposed of.

Sd/- Sd/-

(ANIL RAJ CHELLAN) (ASHOK KUMAR BHARDWAJ)

MEMBER (T) MEMBER (J)