Hazel Mercantile Limited & Anr vs Sudip Bhattacharya & Anr

IN THE MATTER OF: Hazel Mercantile Ltd. & Anr. ....Appellants

Vs.

Sudip Bhattacharya & Anr. ....Respondents

Present: For Appellants: Mr. Abhijeet Sinha, Mr. Amir Arsiwala, Advocates For Respondents: Mr. Manmeet Singh, Mr. Anugrah Robin Frey, Mr. Kamlendra Pratap Singh, Mr. Yasaschandra Devarakonda, Advocates for COC. Mr. Navin Pahwa, Sr. Advocate with Mr. Karan Valecha, Mr. Rishabh Sethi, Advocates for R-1/RP.

ORDER

01.06.2023: Heard Learned Counsel for the parties. This appeal has been

filed against the order dated 18.05.2023 which order has been passed in

I.A. No. 306 of 2023 directing the appellant to deposit amount of Rs. 20 crores

to the Resolution Professional in personal account of the Corporate Debtor

before the next date of hearing.

2. Learned Counsel for the Appellant submits that appellant is ready to pay

all expenses for purpose of keeping the Corporate Debtor as a going concern

and whatever amount RP demands, the appellant has always been ready to pay

the same.

3. Learned Counsel for the Resolution Professional after obtaining

instructions submits that the amount of Rs. 20 crores which is reflected in the

order impugned was communicated after obtaining instructions from the

Cont'd.../ -2-

Resolution Professional that the said amount is required for keeping the

Corporate Debtor as a going concern.

4. In view of the aforesaid, we are of the view that the SRA is to make the

payment of Rs. 20 crores, as directed.

5. We, however, make it clear that said payment cannot be treated to be a

precondition for hearing I.A. No. 306 of 2023, which application is to be heard

on its own merits.

6. With these observations, the appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Mr. Naresh Salecha] Member (Technical)

sa/nn

Company Appeal (AT) (Ins.) No. 731 of 2023