2021 (3) TMI 502 - AT - Insolvency and Bankruptcy

Whether to continue this Appeal or withdraw this Appeal? - the grievance of the Appellant that the Adjudicating Authority dismissed the claim on the ground of extortionate and fraudulent transaction - HELD THAT - Shri Gurucharan Singh, Advocate submits that in these Appeals hearing should be deferred till the decision of the Appeals in which Judgment is reserved by the Hon ble Supreme Court. Let these matters be fixed For Hearing on 16th March, 2021.

Summary

Issues:
1. Appeal filed directly before the Hon'ble Supreme Court against the order of the Adjudicating Authority.
2. Appellant's decision to continue or withdraw the Appeal.
3. Rejection of claims by Resolution Professional and upholding of decisions by the Adjudicating Authority.
4. Company Appeal regarding dismissal of claim due to extortionate and fraudulent transaction.
5. Request to defer hearing until the decision of Appeals with Judgment reserved by the Hon'ble Supreme Court.

Analysis:
1. The Appellant, 'Fourth Dimension Solutions Ltd.,' filed an Appeal directly before the Hon'ble Supreme Court against the order of the Adjudicating Authority. The Hon'ble Supreme Court has Reserved the Judgment on 20th January, 2021, along with other connected Appeals. The Counsel for the Appellant in Company Appeal (AT) (Insolvency) No. 1471 of 2019 mentioned being appointed by the Resolution Professional.

2. The Counsel for the Appellant 'Gurucharan Singh' expressed the intention to decide whether to continue or withdraw the Appeal. This decision was pending further instructions.

3. The Resolution Professional rejected the claims, which were subsequently upheld by the Adjudicating Authority. In response to this order, the Appellants filed Company Appeal (AT) (Ins) No. 100 of 2020, 109 of 2020, and 248 of 2020. The completion of pleadings in these Appeals was noted.

4. In Company Appeal (AT) (Ins) No. 101 of 2020, the Appellant raised a grievance regarding the dismissal of the claim by the Adjudicating Authority based on the grounds of extortionate and fraudulent transaction.

5. Shri Gurucharan Singh, Advocate, requested to defer the hearing of these Appeals until the decision of the Appeals in which the Judgment was reserved by the Hon'ble Supreme Court. In light of this request, the Tribunal decided to adjourn the matters and fixed them 'For Hearing' on 16th March, 2021.