9911796707
TMI Blog2023 (11) TMI 264X X X X Extracts X X X X X X X X Extracts X X X X ..... ar view that now there is no bar to hear the section 7 application filed by Yes Bank, which is now being pursued by its assignee J.C. Flowers Asset Reconstruction Pvt. Ltd., which can be considered and adjudicated upon. The present appeal has been filed by the Appellant being aggrieved that his application has kept in abeyance by recording reasons which are not germane to the issue involved but once the proceedings has again been started, it is deemed appropriate to dispose of this appeal with the observation that the finding recorded in the impugned order shall not come in way either of the parties for the purpose of decision of Section 7 application and all the issues shall remain open. - [ Justice Rakesh Kumar Jain ] Member ( Judi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 03.03.2020. The order dated 03.03.2020 was challenged by way of various appeals including the one filed by the present Appellant but on some application moved to the Hon ble Supreme Court, all these appeals were transferred to the Hon ble Supreme Court from this Tribunal and were decided together in the case of Jaypee Kensington Boulevard Apartments Welfare Association Ors. Vs. NBCC (India) Ltd. Ors., 2022 (1) SCC 401. In this regard, we may refer to Paragraph 280 to 281 which are reproduced as under:- 280. Taking all the facts and circumstances into account and in keeping with the spirit and purport of the orders passed in the past, we are inclined to again exercise the powers under Article 142 of the Constitution of India and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Associates Ltd. (JAL), CA (AT) (Ins) No. 559 of 2023 by Manoj Gaur and CA (AT) (Ins) No. 493 of 2023 by Yamuna Expressway Industrial Development Authority. All of these appeals are pending, however, CA (AT) (Ins) No. 549 of 2023 filed by Department of Income Tax has been disposed of. 6. Counsel appearing on behalf of the Appellant, while referring to the findings recorded in the impugned order has submitted that entire emphasis of the order passed against the Appellant is upon the issue of moratorium which was imposed on account of CIRP proceedings initiated against JIL. It is submitted that with the approval of the resolution plan by the Adjudicating Authority on 07.03.2023 the moratorium is automatically lifted and there is no hindra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Corporate Insolvency Resolution Process has been initiated against another Corporate Debtor which is separate from the Corporate Insolvency Resolution Process initiated against Alok Infrastructure Ltd.', of which the Appellant is the Director. 3. Learned counsel appearing on behalf of the Appellant further submits that a resolution plan has already been approved in the case of 'Alok Industries Ltd. and the matter was placed before the Adjudicating Authority in July, 2018 for its approval under Section 31 of Insolvency and Bankruptcy Code, 2016. However, no decision has been taken by the Adjudicating Authority. If so, we are of the view that the concerned Adjudicating Authority should decide the same immediately. If resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal, is acceptable to NBCC, subject to approval of the resolution plan, we do not find any reason to say anything further on this score and would leave the parties to work out a viable solution in the best interest of all the stakeholders; and for that purpose, the parties concerned, if necessary, may seek appropriate orders from NCLT, as regards mode and modalities of the process to be carried out. 186. In view of the above, we do not consider it necessary to render any other finding in this point for determination except the observation that the resolution plan essentially deals with the assets of the corporate debtor JIL and not that of its subsidiary JHL. Differently put, what the resolution plan deals with are the shares in JHL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s going on. 11. In the light of the judgments of the Hon ble Supreme Court in the matter of Jaypee Kensington Boulevard Apartments Welfare Association Ors. (supra) and this Tribunal in Alok Industries (supra), we are of the clear view that now there is no bar to hear the section 7 application filed by Yes Bank, which is now being pursued by its assignee J.C. Flowers Asset Reconstruction Pvt. Ltd., which can be considered and adjudicated upon. 12. Be that as it may, the facts remains that the proceedings before the Adjudicating Authority in CP (IB) No. 512/ALD/2019 filed by the Appellant under Section 7 of the Code has restarted. 13. The present appeal has been filed by the Appellant being aggrieved that his application has kept i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
