Hindustan Oil Exploration Co. Ltd vs Jekpl Pvt. Ltd. & Anr

Hindustan Oil Exploration Co. Ltd. ...Appellant

Versus

JEKPL Pvt. Ltd. & Anr. ...Respondents

Present:

For Appellant : Mr. Rana Mukherjee, Senior Advocate assisted by Mr. Krishna Kumar, Mr. K. S. Mahadevan, Ms. Sreoshi Chatterjee, Mr. Sunil Mathew, Ms. Sabah Iqbal Siddiqui, Ms. Approva Vijh and Ms. Daisy Hannah, Advocates

For 2nd Respondent: Mr. Dheeraj Nair and Mr. Kumar Kislay, Advocates

ORDER

28.01.2019 The appellant - 'Hindustan Oil Exploration Company Ltd.'

'Resolution Applicant' has challenged the order dated 15th December, 2017

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

Allahabad Bench whereby and whereunder while disposing of the application

filed by the 'Resolution Professional' for approval of the 'resolution plan', the

'resolution plan' submitted by 'M/s. Atyant Capital India Fund I' was approved.

2. Learned counsel appearing on behalf of the appellant brought to our notice

that the aforesaid impugned order dated 15th December, 2017 passed by the

Adjudicating Authority was challenged by 'Export Import Bank of India & other

connected appeals ' in 'Company Appeal (AT) (Insolvency) No. 304 of 2017 etc.'

and the impugned order has been set aside. In the said judgment while dealing 2

with the matter, this Appellate Tribunal observed that the claim of one of the

'resolution applicant' who is 'Hindustan Oil Exploration Company Limited' has

been wrongly not considered and that is one of the ground taken to set aside the

order, which is as quoted below:

"60. So far as order dated 15.12.2017 passed in CA No.

223/2017 in CP No.24/ALD/2017 having been

passed in violation of the order passed by this

Appellate Tribunal on 08.12.2017 and resolution

plan having been approved by the Committee of

Creditors which was not competent in absence of

'Export Import Bank of India', and taking into

consideration that the claim of one of the Resolution

Applicant viz. Hindustan Oil Exploration Company

Limited has been wrongly not considered, the

judgment dated 15.12.2017 is also set aside."

3. Earlier when the matter was taken up, the learned counsel for the

appellant relied upon the judgment aforesaid.

4. Today, it has been brought to our notice that the decision aforesaid in

'Export Import Bank of India & other connected appeals ' in 'Company Appeal (AT)

(Insolvency) No. 304 of 2017 etc.' passed on 14th August, 2018 was challenged

before the Hon'ble Supreme Court in Civil Appeal Nos. 9090-9091/2018. The

said appeal has been dismissed by the Hon'ble Supreme Court by its order dated

Company Appeal (AT) (Insolvency) No. 33 of 2018 3

23rd January, 2019 and thereby the observation made at paragraph 60 in 'Export

Import Bank of India & other connected appeals (Supra)' has been affirmed.

5. Learned counsel appearing on behalf of 2nd Respondent - 'M/s. Atyant

Capital India Fund I' submits that subsequently the appellant has withdrawn the

'resolution plan' prior to the impugned order dated 14th August, 2018 but such

question is no more required to be determined in this appeal as the 'resolution

plan' submitted under Section 30(2) is required to be considered by the

'Committee of Creditors' in terms of the directions in paragraph 63 of 'Export

Import Bank of India (Supra)' as quoted below:

"63. Having held that the 'Export Import Bank of India'

is 'Financial Creditor' in relation to 'JEKPL Pvt.

Ltd.' (Corporate Debtor) and 'Axis Bank Limited' is

'Financial Creditor' in relation to 'Edu Smart

Services Pvt. Ltd.' (Corporate Debtor), we hold and

direct respective 'Resolution Professionals' and

'Adjudicating Authorities' to treat the Appellant

Banks as members of their respective Committee

of Creditors, who in their turn are directed to hold

meeting of Committee of Creditors in accordance

with law and reconsider/consider the Resolution

Plan(s) submitted in each Corporate Insolvency

Resolution Process which are in accordance with

Section 30(2) of the I&B Code."

Company Appeal (AT) (Insolvency) No. 33 of 2018 4

6. For the reasons aforesaid, no specific direction is required to be given and

the impugned order dated 15th December, 2017 already stands quashed and the

appeal stands disposed of with the directions as given in 'Export Import Bank of

India (Supra)' .

[Justice S.J. Mukhopadhaya] Chairperson

[ Justice Bansi Lal Bhat ] Member (Judicial)

/ns/uk

Company Appeal (AT) (Insolvency) No. 33 of 2018