Baba Jagta Shuttering Store vs Pnd Infrastructure Pvt. Ltd. & Anr

M/s. Baba Jagta Shuttering Store ...Appellant

Vs.

PND Infrastructure Pvt. Ltd. & Anr. ...Respondents

Present: For Appellant: - Mr. Sandeepan Pathak and Mr. Sumit Kumar Gaur, Advocates.

For Respondents: - Mr. Nikunj Hurria and Mr. Kanishk Khetan, Advocates for Resolution Applicant.

O R D E R

16.08.2019─ This appeal has been preferred by the Appellant

('Operational Creditor') against the order dated 12th June, 2019 passed

by the Adjudicating Authority (National Company Law Tribunal), Kolkata

Bench, Kolkata, whereby different objections have been raised by the

parties under Section 60(5) of the Insolvency and Bankruptcy Code, 2016

("I&B Code" for short). Thereafter, the application under Section 31 filed

by the 'Resolution Professional' was allowed by approving the 'Resolution

Plan' submitted by the 1st Respondent-'PND Infrastructure Private

Limited'.

2. This appeal has been filed after a long delay but in the petition for

condonation of delay, it is stated that the Appellant became aware of the

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order on 24th July, 2019 and thereby, there is a delay of 15 days. Though

such statement is not based on any evidence but without doubting the

statement, on hearing the learned counsel for the Appellant and learned

counsel for the 'Resolution Professional', we condone the delay of 15 days

in preferring the appeal. I.A. No. 2407 of 2019 stands disposed of.

3. Learned counsel for the Appellant submits that the 'Resolution

Applicant' was barred under Section 29A of the 'I&B Code' being a

Director of the 'Corporate Debtor'.

4. Learned Counsel for the 'Resolution Professional' submitted that

though the 'Successful Resolution Applicant'- 'PND Infrastructure Private

Limited' was not the Director but a company under the Companies Act,

2013.

5. Learned counsel for the Appellant submits that one of the Directors

of 'PND Infrastructure Private Limited' was also the Director of the

'Corporate Debtor' namely-- 'M/s. KND Engineering Technologies

Limited'. However, no such pleading has been made nor such ground

has been taken by the Appellant and the person is also not a party

Respondent.

6. On the other hand, according to counsel for the 'Resolution

Professional', the common Director was not a related party and did not

Company Appeal (AT) (Insolvency) No. 793 of 2019 -3-

come under any of the clauses under Section 29A of the 'I&B Code' and

therefore, 1st Respondent cannot be held to be ineligible under Section

29A.

7. This apart, we find that such objection was not taken by the

'Operational Creditor' at the time of the approval of the plan, though a

large number of applications under Section 60(5) of the 'I&B Code' were

filed by different parties.

8. As we find no case has been made out, the appeal is dismissed. No

cost.

(Justice S.J. Mukhopadhaya) Chairperson

(Justice A.I.S. Cheema) Member(Judicial)

(Kanthi Narahari) Member(Technical) Ar/g

Company Appeal (AT) (Insolvency) No. 793 of 2019