9911796707
TMI Blog2023 (5) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... he process of the Appellate Tribunal. The power has to be exercised to avoid ambiguity and confusion. However, Rule cannot be invoked to revisit the findings retuned as regards the assertion of facts and pleas raised in the appeal and it is not open to re-examine the findings on questions of fact. It is, however, open to correct the conclusion if the same is not compatible with the finding recorded. Granting the relief, as prayed in the application, shall involve modification of direction as contained in Para 30(II). This Tribunal consciously directed that additional burden be taken by the Applicant, which is clear by direction (III). Payment in consequence shall be borne by the Resolution Applicant. Permitting the direction as prayed in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This is an application filed under Rule 11 of the NCLAT Rules, 2016 praying for following reliefs: PRAYER In view of the aforesaid facts and circumstances, it is most respectfully prayed that this Hon'ble Court may be pleased to: (i) Allow the present application and modify/clarify the said order as indicated in the para 4 of the Application above. (ii) Pass such further order(s) as this Hon'ble Court may deem fit and proper. 3. This Tribunal vide its judgment and order dated 21.10.2022 allowed the Appeal filed by the Punjab National Bank. In Para 29 and 30 of the judgment following has been stated: 29. We, thus, are satisfied that Appellant never acquiesced to the reduction of their claim and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by Resolution Professional is set aside. (II) The Appellant shall be entitled for distribution under the Resolution Plan as per their admitted claim of Rs.956.21 crores, however, without affecting in any manner the payments to other Financial Creditors both Assenting and Dissenting Financial Creditors and other stake holders. (III) The liability of payment of additional amount to the Appellant in consequence of directions as above, shall be borne by Resolution Applicant from amount reserved under the Resolution Plan. The Appeal is disposed of in view of above terms. No costs. 4. Learned counsel appearing for the Applicant submits that in the application the prayers, as noted above, refer to Para 4 of the application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Applicant has offered the amount which was to be borne by the Applicant for implementing the Resolution Plan. It is submitted that application is not in any manner disputing the claim of the Punjab National Bank that it was entitled on its full claim of Rs.956.21 crores. The only issue which is sought to be raised by the Applicant is that any enhanced liability which was to be discharged in pursuance of the judgment of this Tribunal dated 21.10.2022 has to be borne inter-se between the members of the CoC. It is submitted that the judgment has not interfered with the Resolution Plan and order of the Adjudicating Authority approving the plan and has in essence approved the plan, hence, the prayer made in Para 4 ought to be accepted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f learned counsel for the parties and perused the record. 9. Learned counsel for the Applicant has placed reliance on judgment of this Tribunal in Action Barter Pvt. Ltd. vs. SREI Equipment Finance Ltd. Ors., Company Appeal (AT) (Ins.) No. 1434 of 2019 where this Tribunal had occasion to consider the ambit of Rule 11 of NCLAT Rules. While considering the Rule 11, this Tribunal laid down following: Rule 11 is merely declaratory in the sense that this Tribunal is armed with inherent powers to pass orders or give directions necessary for advancing the cause of justice or prevent abuse of the Appellate Tribunal s process. Even in absence of Rule 11 this Appellate Tribunal, being essentially a judicial forum determining and deciding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... However, Rule cannot be invoked to revisit the findings retuned as regards the assertion of facts and pleas raised in the appeal and it is not open to re-examine the findings on questions of fact. It is, however, open to correct the conclusion if the same is not compatible with the finding recorded. The abvoe is the law laid down by this Tribunal in the aforesaid judgment. 11. When we come to the prayers made in the application, it is clear that the prayers made in the application in Para 4, as extracted above, in fact prays for modification of the directions issued in Para 30 of the judgment. The direction which is now sought to be prayed for in the application is to the following effect: (II) The Appellant shall be entitled for d ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
