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TMI Blog2020 (9) TMI 843X X X X Extracts X X X X X X X X Extracts X X X X ..... may be. The mistake/error must be apparent on the face of the record and must have occurred due to oversight, inadvertence or human error. An application under Section 7 of the I B Code admitted by the Adjudicating Authority being an independent proceeding has to be decided in t erms of the provisions of I B Code and the insolvency resolution process has to proceed unhindered and notwithstanding pendency of any other proceedings. The bar only operates against the Corporate Debtor against whom a liquidation order has been made and not to a Financial Creditor or an Operational Creditor. The effect of this would clearly be that in terms of law laid down in 'Forech India Ltd.' application filed by 'SREI Equipment Finance Ltd. (Financial Creditor) under Section 7 of I B Code would be maintainable. Therefore, there should be no difficulty in arriving at the conclusion that in para 5 of the judgment of this Appellate Tribunal an error has crept in as regards maintainability of application under Section 7 of the I B Code filed by 'SREI Equipment Finance Ltd.' (Financial Creditor). The error has to be rectified. Appeal dismissed. - I.A. Nos. 811/2020, 917/2020, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as perceived by them. 2. I.A. No. 811 of 2020 has been filed by the Financial Creditor - 'SREI Equipment Finance Ltd.' seeking modification/rectification/clarificat ion in para 5 of the aforesaid judgment by rectifying the inadvertent error as regards maintainability of the petition and substituting the error in regard to Company Petition as being 'not-maintainable' by reflecting the correct position that the same was 'maintainable'. It is submitted by learned counsel for Applicant that while dismissing the appeal it was erroneously recorded that the Company Petition of Respondent No. 1 was not maintainable whilst it ought to have been recorded as maintainable. 3. In I.A. No. 917 of 2020 the Appellant in the aforesaid disposed of appeal is the Applicant. He seeks clarification/ modification of the aforesaid judgment at page 5 para 5 to the extent of dismissal of appeal. It is submitted by learned counsel for the Applicant that after rightly holding the petition filed under Section 7 of the I B Code by the Respondent as being not-maintainable, this Appellate Tribunal has inadvertently, while granting liberty to the Respondent to approach the Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s against Corporate Debtor - 'Shree Ram Urban Infrastructure Ltd.'. The application was admitted by the Adjudicating Authority. Appellant - 'Action Barter Pvt. Ltd.', happens to be shareholder of the Corporate Debtor, assailed the order of admission primarily on the ground the winding up petition against the Corporate Debtor had already been admitted by Bombay High Court on 5 th October, 2016 and the Official Liquidator has been appointed as Provisional Liquidator w.e.f. 15th November, 2017. According to Appellant, the Provisional Liquidator had taken over the assets and properties of the Corporate Debtor on 17th April, 2018 and also carried out boundary determination on 1st May, 2018. The Appellant further submitted that application under Section 7 filed by 'India Bulls Housing Finance Ltd.' against the Corporate Debtor had already been rejected by the Adjudicating Authority on 18th May, 2018 and the order of rejection had been challenged in appeal before Hon'ble Apex Court. It was submitted before this Appellate Tribunal that applications under Section 7 9 could not be filed and entertained after admission of the winding up petition. This Appellate T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, how-so-ever erroneous they may be. The mistake/error must be apparent on the face of the record and must have occurred due to oversight, inadvertence or human error. Of course it would be open to correct the conclusion if the same is not compatible with the finding recorded on the issues raised. We accordingly decline to entertain any plea in regard to the merits of the matter involved at the bottom of the appeal and confine ourselves to the interpretation of the findings recorded and the conclusions derived therefrom as regards fate of the application under Section 7 of I B Code filed by the Financial Creditor and the disposal of appeal. 7. A glance at the Judgment dated 7th February, 2020 passed in appeal by this Appellate Tribunal, in respect whereof rectification/ clarification/ modification is sought, would reveal that the disposal of the appeal rests upon the ratio of judgment rendered by the Hon'ble Apex Court in 'Forech India Ltd.' (Supra). Since the relevant paras being 21 to 23 of the Forech Judgment have been cited and relied upon by this Appellate Tribunal in the judgment under discussion, we do not propose to reproduce the same again only to increase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch is already ceased of the matter as application of Financial Creditor under Section 7 of I B Code has been admitted and CIRP is underway. However, the view taken by us would not warrant any change as regards the fate of appeal preferred by Appellant 'Action Barter Pvt. Ltd.' which correctly stands dismissed. 8. The I.As are accordingly disposed of by re casting para 5 of the judgment of this Appellate Tribunal, which, after rectification, would read as under:- 5. The case of the Appellant is covered by the decision of the Hon'ble Supreme Court in Forech India Ltd. (supra), therefore, we hold that the Application under Section 7 of the I B code filed by the Respondent - SERI Equipment Finance Limited is maintainable. In so far as pending winding up petition before the Hon'ble Bombay High Court is concerned, the Appellant in terms of the decision of the Hon'ble Supreme Court in Forech India Ltd (supra) may move before the Hon'ble High Court of Bombay. The appeal is dismissed with the aforesaid observations. No costs. Rectified version of the Judgment in terms of this order be issued and placed on the file of Company Appeal (AT) (Insolv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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