9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (9) TMI 1321 - AT - IBCLifting of attachment - invocation of provisions of Sub Regulation 8 of Regulation 39 of Regulations of 2016 - HELD THAT - The instant Appeal would stand disposed off leaving it open for the Appellant to file an appropriate application falling within the domain of Sub Regulation 8 of Regulation 39 of Regulations of 2016 to be read with sub Clause (i) of XV of the Impugned Judgment of 20th March 2024, and if the Appellant does so, the Application thus to be preferred by the Appellant for the purposes of lifting the embargoes for enforcement of the Resolution Plan, by lifting attachment, the same would be adjudicated upon by the Learned Adjudicating Authority, in accordance with law. Since the Appeal is only the enforcement of the approved resolution plan, which has been sought by the appellant for that, he will have to abide by Sub Regulation 8 of Regulation 39 of Regulations of 2016 and if the appellant does so, it may be proceeded to be decided in accordance with law. Subject to the above, the Company Appeal stands disposed off.
Issues:
Challenge to order of National Company Law Tribunal, Enforcement of Resolution Plan, Relief sought for lifting attachment, Invocation of Regulation 39 of Insolvency and Bankruptcy Board of India Regulations, 2016. Analysis: The judgment pertains to an appeal filed by a Successful Resolution Applicant challenging an order passed by the National Company Law Tribunal, Chennai Bench regarding the enforcement of a Resolution Plan. The Appellant sought relief for lifting an attachment hindering the implementation of the Plan. The Respondent argued that the relief sought by the Appellant was already granted by the Adjudicating Authority in its Judgment, emphasizing the provisions made in Clause I of the said Judgment. The Respondent referred to Sub Clause 8 of Regulation 39 of the Insolvency and Bankruptcy Board of India Regulations, 2016, which mandates the Successful Resolution Applicant to seek assistance for enforcement of the Plan after approval. The Appellant, however, requested liberty to invoke Sub Regulation 8 of Regulation 39 and Clause (i) of the Judgment to address any encumbrances or impediments faced. The Court considered the legal propositions and directions in the Impugned Order, ultimately disposing of the appeal but granting the Appellant the liberty to file an application under Sub Regulation 8 of Regulation 39 read with Clause (i) of the Judgment. The Appellant was advised to seek appropriate remedies to lift any embargoes hindering the enforcement of the Resolution Plan. Both parties agreed to dispose of the Appeal with the condition that the Appellant could file the necessary application as per the mentioned regulations. The judgment emphasized that the Appellant must comply with Sub Regulation 8 of Regulation 39 for the enforcement of the approved resolution plan, with the understanding that if the Appellant follows the procedure, the application would be decided in accordance with the law. In conclusion, the Company Appeal was disposed of, subject to the Appellant filing an application under Sub Regulation 8 of Regulation 39 of the Insolvency and Bankruptcy Board of India Regulations, 2016, in conjunction with the provisions of the Judgment. The judgment highlighted the importance of following the statutory requirements for the enforcement of the Resolution Plan and ensuring that any impediments are addressed through the appropriate legal channels.
|
