2021 (2) TMI 1189 - Tri - Insolvency and Bankruptcy

Vacation of earlier status quo order - HELD THAT - Earlier status quo order dated 26.12.2019 stands vacated and liquidator is permitted to proceed with the e-auction. Application allowed.

Summary

Issues involved:
1. Disposal of I.A. 1801/2020
2. Disposal of M.A. 3930/2019 and M.A. 3273/2019
3. Disposal of M.A. 24/2019

Analysis:

1. Disposal of I.A. 1801/2020:
The Tribunal, presided over by Shri H.V. Subba Rao and Shri Shyam Babu Gautam, JJ., conducted a virtual hearing regarding I.A. 1801/2020. The liquidator's counsels, Mr. Nithish Bangera and Mr. Naresh Sheth, along with the respondent's counsels, Mr. Manoj Kumar and Mr. Nikunj Mehta, were present. The Tribunal allowed I.A. 1801/2020, thereby permitting the liquidator to proceed with the e-auction as the earlier status quo order was vacated. The prayer clauses 'a,' 'b,' and 'c' of the application were disposed of, directing the listing of miscellaneous applications and vacating the status quo order while instructing the respondent to hand over possession of the premises and deposit arrears in rent. Consequently, I.A. 1801/2020 was allowed, leading to the disposal of M.A. 4128/2019.

2. Disposal of M.A. 3930/2019 and M.A. 3273/2019:
The petitioner sought similar reliefs in M.A. 3930/2019 and M.A. 3273/2019. With the petitioner granted liberty to participate in the e-auction, the reliefs claimed in both M.A.s were granted, resulting in the disposal of both applications. The Tribunal found that nothing further survived in M.A. 3930/2019 and M.A. 3273/2019, and accordingly, both were disposed of.

3. Disposal of M.A. 24/2019:
Considering the cooperation of the erstwhile management with the liquidator, M.A. 24/2019 was deemed infructuous and subsequently disposed of. The Tribunal scheduled the Company Petition to be listed on 05.04.2021, indicating the progression of the case.

In conclusion, the Tribunal's detailed analysis and disposal of the various applications showcased a thorough consideration of the legal aspects involved, resulting in the appropriate directives and resolutions for each issue presented before the National Company Law Tribunal, Mumbai Bench Court III.