2024 (11) TMI 729 - AT - IBC

Challenge to Judicial propriety of the Impugned Order - Resolution Professional has rejected the claim of the Applicants, in its entirety - HELD THAT - When the Appeal after the exchange of the pleading was taken up yesterday, it was pointed out by the Learned Counsel for the Respondent, that during the period of pendency of the Appeal, the order of liquidation had already been passed by the Learned Adjudicating Authority on 19.02.2020. Thus, in fact the Respondent Counsel contended, that owing to the passing of the order of liquidation, the instant appeal for all practical purposes has been rendered infructuous until or unless the challenge is given by the Appellant to the order of 19.02.2020 appointing the liquidator. The matter was debated upon yesterday and was carried forward today for arguments. The only liberty sought from this Tribunal is with regard to the aspect of limitation which is self-contained under section 42 of I B Code, which obviously will be dealt by the NCLT, in consonance of the provisions contained under section 238. Subject to the above liberty of preferring an Appeal under section 42 of I B Code, the Company Appeal would stand dismissed as having been rendered infructuous. Appeal dismissed.

Summary

The Appellate Tribunal dismissed the Company Appeals as they were rendered infructuous due to the passing of orders of liquidation by the National Company Law Tribunal. The Appellant sought liberty to prefer an Appeal under section 42 of I & B Code to challenge the order appointing the liquidator.