A. Srinivasan vs Pmi Engineering Exports Pvt. Ltd
- CitationCompany Appeal (AT) (Insolvency) No. 45 of 2020
Ratio decidendi
The rule this decision rests on
The Tribunal records, without dispute, that the parties have entered into a memorandum of understanding, and on that basis disposes of the appeal without costs. Its order rests on no principle of law beyond that disposal: it gives no reasons on the merits of the appeal, construes neither Section 12A of the Insolvency and Bankruptcy Code, 2016 nor Regulation 30A, and decides no question of law. The grant of liberty to the appellant to file an application before the competent forum, and the direction that no Committee of Creditors be constituted pending that application, are consequential directions rather than reasoned rulings. NO_RATIO: The order disposes of the appeal on the basis of a consented memorandum of understanding between the parties, and states no reasoning or legal principle on the merits that could constitute a ratio.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
A. Srinivasan ....Appellant
Vs.
PMI Engineering Exports Pvt. Ltd. ....Respondent
Present: Appellant: Ms. Anannya Ghosh, Advocate. Respondent: Mr. Aravindh S., Advocate for R-1. Mr. Siddharth Mehta, Advocate for R-2 (IRP).
ORDER
11.02.2020: Heard both sides. It is represented on behalf of the Appellant
as well as the 1st Respondent that a 'Memorandum of Understanding dated
7th February, 2020' was arrived at between the parties, which is not disputed.
The factum of 'Memorandum of Understanding dated 7th February, 2020' arrived
at between the parties is recorded.
Considering the fact that 'Memorandum of Understanding dated 7th
February, 2020' was arrived at between the parties, the present Appeal is
disposed of by this Appellate Tribunal, without costs. However, liberty is granted
to the Appellant to file a necessary application under Section 12A of the
Insolvency and Bankruptcy Code, 2016 coupled with Regulation 30A of
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for -2-
Corporate Persons) Regulations, 2016 before the Competent Forum and seek
redressal of its grievances, if he so desires/advised. The said application under
Section 12A of the Code is to be filed within one week from today. Till then the
'Committee of Creditors' will not be constituted by the Interim Resolution
Professional.
[Justice Venugopal M.] Member (Judicial)
[V. P. Singh] Member (Technical) am/sr/rr
Company Appeal (AT) (Insolvency) No. 45 of 2020
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