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TMI Blog2022 (6) TMI 717X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority, and further mentioned that during this period, it is open to the parties to endeavour to enter into settlement - as per the Doctrine of Merger, order of Hon'ble NCLAT merged into the order of Hon'ble Supreme Court on 05.05.2022 and one month period mentioned in the order of Hon'ble NCLAT giving liberty to the parties to enter into settlement be considered from 06.05.2022. In compliance of the order dated 02.12.2021 passed by the Hon'ble NCLAT which is merged in the order passed by Hon'ble Supreme Court dated 05.05.2022, this application is admitted and moratorium as described under Section 14 of IBC, 2016 is triggered from the date of this order. Application admitted - moratorium declared. - IA N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id order before Hon'ble NCLAT vide Company Appeal (AT) (Insolvency) No. 183 of 2021 and the Hon'ble NCLAT Principal Bench vide order dated 02.12.2021 allowed the appeal by setting aside the order dated 25.01.2021 with further directions to the Adjudicating Authority to admit the application filed u/s. 7 of the IBC, 2016 and pass consequential orders. The relevant para of the order of the Hon'ble NCLAT is reproduced below: We, thus, are of the opinion that the Adjudicating Authority committed error in rejecting the Application filed by the Appellant under Section 7. The Appeal deserves to be allowed. The impugned judgment dated 25.01.2021 is set aside. We further direct the Adjudicating Authority to pass consequential orders ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Adjudicating Authority to admit the application and pass consequential orders including the order of moratorium within one month from the date of the order dated 02.12.2021 of Hon'ble NCLAT which has reached unambiguous finality on 05.05.2022 when the Hon'ble Supreme Court declined to interfere with the order of Hon'ble NCLAT. Learned Counsel further stated that considerable time has lapsed and the order of Hon'ble NCLAT is to be complied. 7. Since the order of Hon'ble NCLAT was impugned before the Hon'ble Supreme Court by Corporate Debtor pending consideration, no orders were passed by this Bench. The Hon'ble Supreme Court on 05.05.2022 did not interfere with the order passed by the Hon'ble NCLAT ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urther observed as follows: 10 There can be no doubt that, if an appeal is provided against an order passed by a tribunal, the decision of the appellate authority is the operative decision in law. If the appellate authority modifies or reverses the decision of the tribunal, it is obvious that it is the appellate decision that is effective and can be enforced. In law the position would be just the same even if the appellate decision merely confirms the decision of the tribunal. As a result of the confirmation or affirmance of the decision of the tribunal by the appellate authority the original decision merges in the appellate decision and it is the appellate decision alone which subsists and is operative and capable of enforcement.... ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Financial Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Financial Creditor. 13. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the Corporate Debtor, prohibiting as per proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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