2020 (2) TMI 1320 - Tri - Insolvency and Bankruptcy

Contempt application - recall of order - handover all records, premises/factories/documents to the Resolution Applicant - HELD THAT - Learned Senior Counsel for the Applicant pressed for Interim Relief mentioned at Clause (h) on Page-24 of the MA. Learned Counsel appearing on behalf of the Monitoring Agency sought some time to file reply in the matter - Considering the submissions made and the nature of the prayers, this Bench deems it necessary that the prayer in Clause (h) on page-24 of MA-515/2020 should be granted at this point of time. All proceedings in MA 249/2020 are stayed until the next date of hearing in the present MA. List this matter for hearing on 28.02.2020.

Summary

Issues:
1. Contempt application against R. K. Logistic Ltd for non-compliance with a court order.
2. Application by Royal Partner Investment Ltd seeking directions regarding handover of records, premises, and documents, account of receivables, quashing of lender's decision, implementation of resolution plan, adjustment of funds, entitlement of financial creditors, dismissal of a miscellaneous application, and stay of proceedings.

Analysis:
1. The first issue involves a contempt application against R. K. Logistic Ltd for failing to comply with a court order dated 15.10.2018. R. K. Logistic Ltd has filed an application for the recall of the said order, and both applications are tagged together for a hearing on 28.02.2020.

2. The second issue pertains to an application filed by Royal Partner Investment Ltd, the Successful Resolution Applicant, seeking various directions from the Tribunal. These directions include handing over all records, premises, and documents to finalize further actions, providing an account of receivables accrued by the Corporate Debtor, quashing the decision of lenders to forfeit a certain amount, starting the 30 Business Day period for the resolution plan implementation, adjusting funds available in the debtor's account, declaring the financial creditors' entitlement, dismissing a miscellaneous application, and staying proceedings.

3. The Tribunal has given notice of the hearing to the Respondent/Monitoring Agency of the Corporate Debtor. During the hearing, the Senior Counsel for the Applicant requested interim relief mentioned in the application, which was granted by the Bench. All proceedings in a related application were stayed until the next hearing date.

4. The Counsel for the Monitoring Agency was given two days to file a reply, and the Applicant's Counsel was granted two days thereafter to file a rejoinder. The matter is listed for a hearing on 28.02.2020, ensuring both parties have an opportunity to present their arguments and responses effectively.