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TMI Blog2021 (9) TMI 948X X X X Extracts X X X X X X X X Extracts X X X X ..... rder. The Resolution Plan is still to be approved by the Adjudicating Authority under the provisions of Section 31(1) of the IBC. Hence, at this stage, when the Resolution Plan awaits approval, it would not be appropriate for this Court to issue a direction of that nature. After the Resolution Plan is approved under the provisions of Section 31(1), consequences emanating from the statutory provision would ensue to the benefit of the home buyers. Hence, it is already directed that the NCLT shall dispose of the approval application filed on 21 August 2021, within a period of six weeks from the date of receipt of a certified copy of this order - Further, since the moratorium declared in respect of the first respondent Corporate Debtor continues to operate under Section 14 of the IBC, no new proceedings can be undertaken or pending ones continued against the Corporate Debtor. Application disposed off. - SLP (C) No. 12150 of 2019 With Civil Appeal Nos.5231-38 of 2019, Arising out of SLP (C) Diary No. 45043 of 2019 - - - Dated:- 8-9-2021 - HON'BLE DR. JUSTICE D.Y. CHANDRACHUD, HON'BLE MR. JUSTICE VIKRAM NATH AND HON'BLE MS. JUSTICE HIMA KOHLI For Petitioner(s) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in adjourned to explore the proposals furnished by the first respondent. Eventually, on 11 March 2019, since no settlement was arrived at, the Managing Director of the first respondent was directed to appear personally. The first respondent filed a petition CM(M) No 494 of 2018 before the Delhi High Court to challenge the order of the NCDRC requiring the personal presence of the Managing Director. By an order dated 27 March 2019, the Delhi High Court issued notice to the petitioners and also issued a direction that no coercive steps shall be taken against the Managing Director of the first respondent in terms of the order dated 11 March 2019 passed by the NCDRC. That has given rise to the first in the batch of Special Leave Petitions before this Court, namely, SLP (C) No 12150 of 2019. 5. On 1 April 2019, the NCDRC passed a further order in the course of the execution proceedings. Paragraph 14 of the order is extracted below: As the Judgment Debtor has failed to refund the entire amount as directed by this Commission in its order dated 12th July, 2018, we direct the Judgement Debtor to refund the entire amount along with interest and costs in terms of the order dated 12th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prohibitions are imposed, which must be followed by all and sundry: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by thecorporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. This order of the NCLT resulted in the filing of a Special Leave Petition before this Court, being SLP (C) Diary No 45043 of 2019 by certain other homebuyers. The grievance raised in this petition is that the application filed for the initiation of corporate insolvency against the first respondent was merely to stall the refun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... However, the erstwhile management, promoters (de jure or de facto), shareholders, managers, directors, officers, employees, workmen or other personnel who were in charge on or before CIRP commence date of THIPL shall continue to be liable for all the liabilities, claims, demand, obligations, penalties etc. arising out of any (i) proceedings, inquiries, investigations, orders, show causes, notices, suits, litigation etc. (including those arising out of any orders passed by the NCLT or any other court/department pursuant to the provisions of the Code or pursuant to any order passed/imposed by the SEBI), whether civil or criminal, pending before any authority, court, tribunal or any other forum prior to the acquisition of control by the Resolution Applicant over THIPL, or (ii) that may arise out of any proceedings, inquiries, investigations, orders, show cause, notices, suits, litigation etc. (including any orders that may be passed by the NCLT or any other court/department pursuant to the provisions of the Code), whether civil or criminal, that may be initiated or instituted post the approval of the Resolution Plan by the NCLT on account of any transactions entered into, or decisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prohibiting all of the following, namely- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (emphasis supplied) 15. At this juncture, we must however clarify the right of the petitioners to move against the promoters of the first respondent Corporate Debtor, even though a moratorium has been declared under Section 14 of the IBC. In the judgment in P. Mohanraj v. Shah Bros. Ispat (P) Ltd. (2021) 6 SCC 258, a three judge Be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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