Dera Finvest Private Limited vs Punjab National Bank
- CitationCompany Appeal (AT) (Ins.) No. 1118 of 2023
Ratio decidendi
The rule this decision rests on
The order rests on two lines of reasoning, both drawn from the text. Where a resolution plan approved under the insolvency framework has been fully implemented by the successful resolution applicant's payment of the entire agreed amount, the basis for an order of liquidation falls away, and the liquidation order may be set aside on that footing. An application by an operational creditor seeking an enhanced amount cannot be granted within the disposal of an appeal against the liquidation order where the applicant is aggrieved only by the implementation of the approved plan; such a grievance is to be pursued by approaching the Adjudicating Authority.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Dera Finvest Pvt. Ltd. ....Appellant
Vs.
Punjab National Bank & Anr. ....Respondents
Present: For Appellant: Mr. Jatin Kumar, Mr. Raghav Sabharwal, Advocates. For Respondents: Mr. Rajesh Kumar Gautam, Mr. Anant Gautam, Ms. Shivani Sagar, Ms. Anani Achumi, Mr. Dinesh Sharma, Mr. R.P. Daida, Advocates. Mr. Abhishek Bhardwaj, Advocate for Applicant in I.A. No. 16 of 2024.
ORDER
(Hybrid Mode)
03.01.2024: This appeal has been filed against order dated 11.08.2021 by
which order Adjudicating Authority has directed for liquidation. The appellant
before us is a Successful Resolution Applicant who could not implement the
plan resulting in order of liquidation. Now a consent term has been filed by the
parties dated 19.12.2023 which indicate that as per the resolution plan the
entire amount has been paid by the appellant.
2. Learned Counsel appearing for Punjab National Bank submits that entire
amount has been received, hence, the plan stands implemented.
3. In view of the aforesaid, we see no reason to continue this appeal.
The order 11.08.2021 is set aside.
Company Appeal (AT) (Ins.) No. 1118 of 2023 -2-
4. An application being I.A. No. 16 of 2024 has been filed by one of the
Operational Creditor praying for enhanced amount. We are of the view that no
such direction can be issued in I.A. No. 16 of 2024 as prayed for. Applicant is
aggrieved by the implementation of the plan, he is always at liberty to approach
the Adjudicating Authority.
5. The appeal is disposed of accordingly.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
[Mr. Arun Baroka] Member (Technical)
sa/nn
Company Appeal (AT) (Ins.) No. 1118 of 2023
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