2024 (8) TMI 671 - SCH - Insolvency and Bankruptcy

Application for intervention/impleadment and objections - exercise of power under Article 142 of the Constitution of India - HELD THAT - Application for intervention/impleadment and objections to the consent terms have been filed by M/s. A.M. Patel Infrastructure Pvt. Ltd. It is accepted at the Bar that M/s. A.M. Patel Infrastructure Pvt. Ltd. claims to be an operational creditor, but its claim has not been accepted by the liquidator, which is pending adjudication. An application under Section 66 of the IBC has been filed for avoidance of transaction, which has not yet been adjudicated. The company, namely, Virtue Infra and Entertainment Private Limited will stand revived - The proceedings pending before the National Company Law Tribunal will be treated as disposed of. Appeal disposed off.

Summary

The Supreme Court allowed the impleadment application. The consent terms between the parties were accepted, leading to withdrawal of liquidation and revival of the company. The proceedings before the National Company Law Tribunal were disposed of. M/s. A.M. Patel Infrastructure Pvt. Ltd. was given liberty to initiate proceedings to protect its claim. The appeal was disposed of, and parties were bound by the consent terms with the right to seek recall for violations.