In the matter of Value Infracon India Pvt. Ltd.
- Citation(IB)-22(PB)/2018
Ratio decidendi
The rule this decision rests on
The Tribunal disposed of the applications on the basis that each applicant's grievance, arising after approval of the resolution plan, must first be placed before the Successful Resolution Applicant by way of request, petition or protest, so that the SRA may consider and decide it; the Tribunal would entertain such grievances only if not addressed by the SRA in due course. Applications that are not pressed or pursued before the Tribunal for want of appearance, with no reasoning on the merits, are dismissed for non-prosecution.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI PRINCIPAL BENCH ITEM No. 12 (IB)-22(PB)/2018 IN THE MATTER OF: Daimler Financial Services Pvt. Ltd. …. Petitioner/Applicant Vs. Value Infracon India Pvt. Ltd. …. Respondent Order u/S. 7 of the Insolvency & Bankruptcy Code, 2016 (CIRP) Order delivered on 08.04.2024 CORAM: JUSTICE RAMALINGAM SUDHAKAR HON’BLE PRESIDENT SH. AVINASH K. SRIVASTAVA HON’BLE MEMBER (TECHNICAL) HYBRID HEARING (PHYSICAL & VC) PRESENT: For the Applicant : Adv. Mishal Vij, Adv. Harshit Garg Adv. Gunjesh Ranjan, Adv. Anil Kumar and Adv. Prabhat Ranjan Raj in IA-481/2024 Adv. Nitin Goyal and Adv. Deepanshi Sharma in IA- 6529/2023 For the SRA : Adv. Neeraj Kr. Gupta ORDER IA-6199/2023, IA-6529/2023, IA-6616/2023, IA-6620/2023, IA- 6633/2023, IA-481/2024, IA-3578/2023, IA-4417/2023, IA-4422/2023 IA-4423/2023, IA-4424/2023, IA-4454/2023, IA-4455/2023, IA- 4456/2023, IA-3989/2023, IA-3883/2023, IA-3884/2023, IA- 5199/2023, IA-6132/2023, IA-5250/2023, IA-5251/2023 & IA- 6609/2023 1. Mr. Mishal Vij, Ld. Counsel for the Applicants in IA-6199/2023, IA- 6616/2023, IA-6620/2023, IA-6633/2023, IA-3578/2023, IA- 4417/2023, IA-4422/2023 IA-4423/2023, IA-4424/2023, IA- 4454/2023, IA-4455/2023, IA-4456/2023, IA-3989/2023, IA- 3883/2023, IA-3884/2023, IA-5199/2023, IA-6132/2023, IA- 5250/2023, IA-5251/2023 & IA-6609/2023 appears physically. 2. Ms. Deepanshi Sharma, Ld. Counsel for the Applicant in IA-6529/2023 appears through VC.
(IB)-22(PB)/2018
3. Mr. Gunjesh Ranjan, Ld. Counsel for the Applicant in IA-481/2024 appears through VC. 4. Mr. Neeraj Kr. Gupta, Ld. Counsel for the SRA appears physically. 5. These IAs have been filed post-approval of the Plan on 28.04.2022. Each one of these Applicants have some grievance which at the initial stage ought to have been raised before the SRA and by way of request or a petition or a protest and if the same is not being considered in due course by the SRA, then only there is cause for them to pursue before us for some appropriate relief. 6. Mr. Neeraj Kr. Gupta, Ld. Counsel for the SRA states that he has instructions to state that these Applicants have raised an issue but have not effectively placed the matter before the SRA so that some solution could be found out if there was a genuine issue in this regard. 7. Keeping in mind the above statements made by the Ld. Counsel for the SRA, we are inclined to dispose of these applications with a direction to the Applicants or their respective Counsels to approach the SRA and express their grievances individually or collectively so that the SRA can take informed decision based on the grievance expressed by the individual Applicants/Homebuyers. 8. Accordingly, all these IAs stands disposed of.
IA-4795/2023, IA-4796/2023 The matter was called. There is no representation on behalf of the parties. Hence, IA-4795/2023 and IA-4796/2023 stands dismissed for non-prosecution.
Sd/- (RAMALINGAM SUDHAKAR) PRESIDENT Sd/- (AVINASH K. SRIVASTAVA) MEMBER (TECHNICAL) Shubham Pandya – 08.04.2024 (IB)-22(PB)/2018
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