2022 (9) TMI 1465 - AT - Insolvency and Bankruptcy

Vacation of interim order - Appellant contends that the assets of the Corporate Debtor were the only property and in view of the vacation of the Interim Order, prejudice will be caused to the Appellant - HELD THAT - The Interim Order dated 01st April, 2022 was passed on an I.A. filed by the Yes Bank being I.A. No. 779/2022 which having been dismissed by the Impugned Order, Appellant can not be said to be aggrieved by the dismissal of the Application since it was not the Applicant s application which got dismissed. Appellant in no manner was party to the said application hence we see no reason to entertain the Appeal at the instance of the Appellant. Appeal dismissed.

Summary

Issues: Appeal against dismissal of Interim Order by National Company Law Tribunal.

The Appellate Tribunal heard an appeal against the Order dated 11th July, 2022, passed by the National Company Law Tribunal, New Delhi, Principal Bench, which dismissed an application filed by Yes Bank Pvt. Ltd. The dismissal of the application led to the end of the Interim Order dated 01.04.2022. The Appellant contended that the assets of the Corporate Debtor were the only property, and the vacation of the Interim Order would cause prejudice to them.

Upon considering the submissions, the Appellate Tribunal noted that the Interim Order was passed on an application filed by Yes Bank, which was dismissed by the Impugned Order. As the Appellant was not the applicant in the dismissed application, they could not be considered aggrieved by its dismissal. Since the Appellant was not a party to the said application, the Tribunal found no basis to entertain the Appeal at their instance and subsequently dismissed the Appeal.