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TMI Blog2021 (8) TMI 1286X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the legal issue that may have impelled this Court to receive the petition and, to be fair to the petitioner, the petitioner has been substantially heard. However, since the matter pertains to the Insolvency and Bankruptcy Code, which, as its name suggests, is a code unto itself, and specialised fora are created thereby or, at any rate to entertain proceedings thereunder, it may be better to allow the NCLT to answer the legal issue before the view expressed is tested elsewhere. Petition is disposed of by requesting the NCLT, Chennai, to dispose of the avoidance application together with the other applications that may have been filed in connection therewith as expeditiously as the business of that forum may permit, and, preferably, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed therein being carried to the Supreme Court; while the other set of proceedings arose from the appeal against the resolution plan filed before the National Company Appellate Law Tribunal and the further appeal or attempted appeal before the Supreme Court from the order of the NCLAT. 3. The petitioner asserts that like a civil suit, which is completely concluded upon a final decree passed therein, insolvency proceedings before the NCLT reached their conclusion upon a resolution plan being accepted and directed to be implemented. In particular, the petitioner says that the resolution professional loses all authority and status qua the corporate debtor and has to be regarded as a busybody upon the resolution plan being accepted, so much s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held by Empee Distilleries Limited in favour of Goodyield Investments Private Limited. 6. The 11th respondent herein, SNJ Distilleries Private Limited, was the successful resolution applicant, the purchaser of Empee Distilleries Limited, so to say in more direct language, and it is the submission of such successful resolution applicant that the shares of the corporate debtor in the petitioner was a valuable asset of the corporate debtor and the successful resolution applicant had acquired the corporate debtor on the understanding that such shares would continue to be held by the corporate debtor since an avoidance application had been filed by resolution professional, obviously at the prodding of the committee of creditors pertaining to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... some substance and whether it is ₹ 15/- or ₹ 150 crore involved, it makes little difference. It is the importance of the legal issue that may have impelled this Court to receive the petition and, to be fair to the petitioner, the petitioner has been substantially heard. However, since the matter pertains to the Insolvency and Bankruptcy Code, which, as its name suggests, is a code unto itself, and specialised fora are created thereby or, at any rate to entertain proceedings thereunder, it may be better to allow the NCLT to answer the legal issue before the view expressed is tested elsewhere. 10. Accordingly, W.P.No.3659 of 2021 is disposed of by requesting the NCLT, Chennai, to dispose of the avoidance application together w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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