Emta Coal Limited vs L & T Finance Limited & Anr

Emta Coal Ltd. ...Appellant

Versus

L & T Financial Ltd. & Anr. ...Respondents

Present: For Appellant: Mr. Abhijeet Sinha, Mr. Kumar Anurag Singh, Mr. Zain A. Khan and Mr. Akash Chatterjee, Advocates. For Respondents: Mr. Animesh Singh, Mr. Nishant Kumar, Mr. Tanay Agarwal, Mr. Aparajita, Mr. Rushali Agarwal, Mr. Ayush Kumar and Ms. Harshita Sinha, Advocates.

ORDER

21.07.2023: Heard learned counsel for the Appellant as well as learned

counsel appearing for the Respondent. This Appeal has been filed against the

order passed by passed by the Adjudicating Authority dated 12.05.2023 in I.A.

No. 1070 of 2022 and another I.A. No. 1640 of 2022. I.A. No. 1070 was filed

by the Phoenix ARC Private Limited for the prayers as noted in Para 2 of the

judgment, which is to the following effect:

"2. This application has been preferred by the Applicant Phoenix ARC Private Limited to seek inter alia the following relief:

"a. Leave be granted to the Applicant to bring on record and place the registered instrument i.e. Deed of Assignment dated

Cont'd../ -2-

29th March, 2022 duly registered on 26th July, 2022;

b. Allow I.A. No. 504/KB/2022 thereby permitting the name of the Applicant i.e. Phoenix ARC Private Limited ( in its capacity as trustee of Phoenix Trust FY 22-16) to be substituted by the name of its Assignor i.e. L&T Finance Limited and that C.P. (IB) No. 634 of 2020 be amended at the cause title of the Company Petition.""

2. The Adjudicating Authority has taken on Assignment Agreement

registered on 29.03.2023 on record. One of the submission raised by learned

counsel for the Appellant regarding deficiency in the stamp duty was also

repelled by the Adjudicating Authority.

3. Learned counsel for the Appellant challenging the order passed in I.A.

No. 1070 of 2022 submits that earlier I.A. No. 504/KB/2022 was filed for

substitution of Phoenix ARC Pvt. Ltd. which is still pending. It is submitted

that taking Assignment Agreement, which is a registered document on record

may not be objected but the question as to whether the registered document

is sufficiently stamped has to be looked into since the notification which was

relied by the Adjudicating Authority has been subsequently rescinded.

4. Learned counsel for the Respondent submits that in view of the order

passed by the Adjudicating Authority only Assignment Agreement has been

taken on record and I.A. No. 504/KB/2022 is still to be decided. It is open

for the Appellant to raise all objections including impounding of the

document.

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5. After hearing learned counsel for the parties, we are of the view that in

so far as the order of Adjudicating Authority taking registered document on

record, we see no infirmity. The other application by which Phoenix ARC Pvt.

Ltd. has prayed for substitution i.e. I.A. No. 504/KB/2022 is still pending and

at the time of decision of the said application the Adjudicating Authority may

consider the submission of the Appellant as to whether the document is

correctly stamped or not. With these observation, we dispose of this Appeal.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No. 882 of 2023