9911796707
TMI Blog2021 (6) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... n Application filed by one of the erstwhile directors of Reliance Infratel Ltd. (Corporate Debtor/RITL), seeking following prayers: (a) The Applicant be joined as a party Respondent in the proceedings in IA No. 1110 of 2021 filed by Reliance Projects and Property Management Services Ltd. (RPPMSL) and be allowed to intervene in the same; (b) The Applicant be provided with all the papers and proceedings in IA No. 1110 of 2021 filed by RPPMSL. 2. The Corporate Debtor was put under Corporate Insolvency Resolution Process (CIRP) by order of this Tribunal dated 15.05.2018. The Respondent herein is the Successful Resolution Applicant (SRA) of the Corporate Debtor whose plan was approved by this Bench on 03.12.2020. 3. The Applicant submits t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order in accordance with law. The respondent nos. 1 and 2 are also at liberty to take any steps in the nature of investigation by filing complaint proceedings against the petitioners or respondent nos. 3 to 5, independent of the impugned action declaring the accounts of respondent nos. 3 to 5 as "fraud" accounts." 6. The RBI circular in so far as it relates to declaration of fraud is concerned has already been struck down by the Hon'ble Telangana High Court. An appeal against the said judgment is pending before the Hon'ble Supreme Court and the judgment of the Hon'ble High Court is not stayed. 7. Any proceedings in the earlier Application or any orders that may be passed therein are liable to and/or bound to severely and adve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that such resolution plan can pass muster Under Section 31 of the Code." 9. It is submitted that the Applicant herein is vitally interest in this case and the impleadment does not cause any prejudice to anybody. 10. The submission of the Respondent is as below: a. The Intervention Application is frivolous, mis-conceived, devoid of any merits/substance and therefore, liable to be dismissed. The Applicant has no locus or role in the implementation of the approved resolution plan and who is not affected by any of the reliefs sought in the IA No. 1110 of 2021. b. The Applicant has not established his locus to intervene in the IA and explain how he is vitally interested in the outcome of the said Application. c. On the commencement of CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts therein with the CBI, Enforcement Directorate (ED) or any other investigating or regulatory agencies, inter alia against RITL. The said Application has been filed only to get the requisite information which will aid in expeditious implementation of the approved resolution plan for RITL. As the SRA, the Respondent herein has right under the provisions of the Code and is entitled for the information. g. The reliefs claimed in IA No. 1110 of 2021 could in no manner cause prejudice to the Applicant and the Applicant is no manner concerned with the outcome of the said IA. h. The Applicant's Writ Petition before the Hon'ble Delhi High Court and the IA No. 1110 of 2021 filed by the Respondent have no nexus with one another. The out ..... X X X X Extracts X X X X X X X X Extracts X X X X
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