Amit Goel vs Piyush Colnizers Ltd Through ...
- CitationCompany Appeal (AT) (Insolvency) No. 980 of 2023
Ratio decidendi
The rule this decision rests on
The Tribunal's reasons are thin, but it does rest its disposal on a stated principle: a shareholder and former director of the corporate debtor, who is not a creditor or a resolution applicant, cannot obtain, at his own instance, relief that would stay a Corporate Insolvency Resolution Process at the substance stage and require its restart by republication of Form A and reconstitution of the committee of creditors; and an adjudicating authority does not err in refusing such an application.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Amit Goel ...Appellant
Versus
Piyush Colonizers Ltd. ...Respondent
Present: For Appellant: Mr.Sanchit Garga, Mr. Nikunj Jain, Advocates For Respondent: Mr. Abhishek Anand, Mr. Karan Kohli, Mr. Vaibhav Mendiratta, Advocates for RP
ORDER
02.08.2023: One day delay in filing the Appeal is condoned. I.A. No.
3337 of 2023 is allowed.
2. Heard Learned Counsel for the Appellant. This Appeal has been filed
against the Order dated 24th May, 2023 passed by the Adjudicating Authority
rejecting I.A. No. 4706 of 2022. In the Application, the Appellant has made
following prayers:
"a. Stay the CIRP proceedings in CP No. 449(P/B) of 2019
b. Direct that a fresh Form "A" be published by the Resolution Professional/respondent and thereafter, re- initiate the corporate insolvency process by re-constituting the committee of creditors;
c. Pass any other order in the interest of justice;"
-2- 3. The Appellant claimed to be shareholder and ex-director of the
Corporate Debtor. The Adjudicating Authority rejected the Application.
Corporate Insolvency Resolution Process has proceeded at the substance stage
and Learned Counsel for the Resolution Professional submits that one plan is
under consideration.
4. We are of the view that prayer made in the Application could not have
been allowed at the instance of the Appellant and no error has been committed
by the Adjudicating Authority in rejecting I.A. No. 4706 of 2022.
The Appeal is dismissed.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
Basant/nn
Company Appeal (AT) (Insolvency) No. 980/2023
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