2023 (3) TMI 243 - AT - Insolvency and Bankruptcy

Maintainability of application - it is alleged that applicant has not disclosed all the true facts in the application - HELD THAT - The present application is not maintainable and is totally mis-conceived because not only the fact that the Applicant has not disclosed all the facts in the present application much less about the dismissal of their appeal by the Hon ble Apex Court but even if this fact is kept aside for the time being, the Applicant is not a party in the appeal in which the application has been filed and that the application could not have been filed in a decided appeal which was disposed of way back on 14.05.2019 in the case of SUPERNA DHAWAN ANR VERSUS BHARTI DEFENCE AND INFRASTRUCTURE LTD. ORS 2019 (5) TMI 1969 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI . The present application is not maintainable and being totally mis-conceived is thus hereby dismissed.

Summary

Issues Involved:
1. Application for directions to the Liquidator filed by Worker Union.
2. Approval of resolution plan by CoC and subsequent rejection leading to liquidation.
3. Challenges to the liquidation process orders in various appeals.
4. Dismissal of appeals by the Apex Court.
5. Question of maintainability of the present application.

Analysis:
1. The judgment addresses an application filed by the Worker Union seeking directions to the Liquidator in a case involving the initiation of Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The petition was admitted, and an Interim Resolution Professional (IRP) was appointed, later becoming the Resolution Professional (RP) by the Committee of Creditors (CoC).

2. Following the receipt of resolution plans, one plan was approved by the CoC, leading to opposition from stakeholders and subsequent rejection by the Adjudicating Authority, resulting in the liquidation of the Corporate Debtor. This decision was challenged in an appeal, which was disposed of on a specific date.

3. Various challenges were made to the liquidation process orders in separate appeals by different parties, including erstwhile directors and shareholders of the Company. These appeals were consolidated and disposed of with specific directions by the National Company Law Appellate Tribunal.

4. The judgment highlights the dismissal of Civil Appeals by the Apex Court, affirming the decisions made by the National Company Law Appellate Tribunal in issuing directions concerning the Insolvency and Bankruptcy Code, 2016, and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

5. The judgment also addresses the question of maintainability of a present application, emphasizing the importance of disclosing all relevant facts, being a party in the appeal, and filing applications in decided appeals. The court found the application to be not maintainable and dismissed it as misconceived, without imposing any costs.

This detailed analysis of the judgment provides insights into the legal proceedings, challenges faced, and the ultimate decisions made by the Appellate Tribunal, emphasizing the adherence to legal procedures and regulations in insolvency and liquidation cases.