Deccan Value Investors L.P. & Anr vs Dinkar Venkatasubramanian & Ors

Deccan Value Investors L.P. & Anr. ...Appellants

Vs.

Mr. Dinkar Venkatasubramanian & Ors. ...Respondents

Present: For Appellants: - Dr. U.K. Choudhary, Senior Advocate with Mr. Rajeev Kumar, Ms. Akansha Saxena and Mr. Himanshu Vij, Advocates.

For Respondents:- Mr. Abhinav Vashisth, Senior Advocate with Ms. Anannya Ghosh, Advocate for R-1.

Mr. Saurav Panda, Ms. Charn Bansal and Mr. Shreyas Gupta, Advocates for R-2.

ORDER

18.12.2018─ Issue notice on Respondents. Ms. Anannya Ghosh,

Advocate accepts notice on behalf of the 1st Respondent ('Resolution

Professional') and Mr. Saurav Panda, Advocate accepts notice on behalf

of the 2nd Respondent ('Committee of Creditors'). No further notice need

be issued to them.

2. After hearing learned counsel for the parties for a while, I find that

the application under Section 31 of the Insolvency and Bankruptcy

Code, 2016 (hereinafter referred to as "I&B Code") filed by the

'Resolution Professional' is pending consideration before the

Adjudicating Authority (National Company Law Tribunal), Mumbai

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Bench, Mumbai, who in terms of the impugned order dated 14th

December, 2018 directed the 'Resolution Professional' to address its

arguments regarding MA 956/2018 i.e. for approval of the 'Resolution

Plan'.

3. It emerges from the impugned order that the Adjudicating

Authority has summoned documents from the 'Resolution Professional'

and the 'Committee of Creditors' and observed in the order that the same

will be perused if they are needed for purposes of approval or rejection

of the 'Resolution Plan'.

4. Learned Senior Counsel for the Appellant submits that the

documents are relevant and the Appellant has right to have access to

the same before addressing the Adjudicating Authority.

5. Learned Senior Counsel for the Respondents, however, submits

that such documents are not relevant for disposal of the application

under Section 31 of the 'I&B Code'.

6. After hearing learned counsel for the parties, I am of the

considered opinion that the appeal can be disposed of by giving

directions to the Adjudicating Authority to take decision in regard to the

relevance of the aforesaid documents and in the event of its coming to

conclusion that the same are relevant for the purposes of disposal of the

Company Appeal (AT) (Insolvency) No. 787 of 2018 -3-

application under Section 31 of the 'I&B Code', the Adjudicating

Authority shall allow the Appellant to have access to such documents

before taking a final decision in regard to approval or rejection of the

'Resolution Plan'. I order accordingly. The Adjudicating Authority will

not be influenced by the observations made in the impugned order on

this aspect. The Adjudicating Authority will also consider and take

decision in regard to MA 1462/2018.

7. The appeal stands disposed of with aforesaid observations and

directions. No cost.

8. The copy of the order be provided Dasti to the learned counsel for

the parties.

(Justice Bansi Lal Bhat) Member(Judicial) Ar/uk

Company Appeal (AT) (Insolvency) No. 787 of 2018