9911796707
TMI Blog2022 (6) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... ssary steps in relation with the pending appeals filed under Section 42 of the Code which are served upon the Liquidator but not yet listed before this Bench. ii. Direct/permit commencement of distribution of assets/proceeds of sale as per Section 53 read with Regulation 42 Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. 2. The brief facts of the case are that the Application filed against Corporate Debtor, Excel Glasses Limited has been admitted on 26.03.2019 initiating CIRP against the Corporate Debtor. During the CIRP, since no Resolution Plan had been received, the fourth CoC Meeting was held on 21.08.2019 and resolved to liquidate the Corporate Debtor. This Tribunal on an application filed by the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted parties. Till the appeals are disposed of, no amount shall be disbursed to the creditors. However, this judgment will not stand in the way of the Liquidator in effecting the sale of the property in accordance with law." 3. Applicant stated that around 172 appeals have been filed by the workmen before this Tribunal invoking Section 42 of IBC, 2016. All the Section 42 appeals were dismissed by this Tribunal. In addition to the above, the Applicant stated that he has received some appeals from certain workmen but the same are not taken up for hearing. 4. The Applicant stated while the Original Petition OP(C) 484/2020 has been dismissed by the Hon'ble High Court the Applicant herein was restrained from disbursing the proceeds of liqui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration by this Tribunal. As regards the 2nd prayer to direct/permit commencement of distribution of assets/proceeds of sale as per Section 53 read with Regulation 42 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 is concerned, it is seen that the Hon'ble High Court while dismissing the OP(C) 484/2020 precluded the Applicant from the disbursement of any amount to any of the creditors of the Corporate Debtor till the time the pending appeals filed under Section 42 by the workmen/employees before this Tribunal were disposed of. Since all the appeals filed by the workmen/employees were dismissed by this Tribunal for the reasons stated therein, there is no bar in granting the prayer of the Applicant fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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