Indian Overseas Bank vs Parekh Aluminex Ltd (Through Its Rp) & ...

Indian Overseas Bank ...Appellant Versus Parekh Aluminex Ltd (Through its RP) & Anr. ...Respondents Present:

For Appellant: Mr. Sunil Fernandes, Mr. Siddharth Sharma, Advocates

For Respondent: Mr. Irfan, Mr. Siddharth Ranade and Ms. Shivani, Advocates for R-2

ORDER

06.11.2019 - Learned counsel for the Appellant states that the Appellant

is a Lead Bank which was in the 'Committee of Creditors'. Counsel for parties

heard. It is stated that in the matter before the Adjudicating Authority

('National Company Law Tribunal') Mumbai Bench, the 'Resolution Plan' was

filed in August, 2018 for approval of the Adjudicating Authority. It is stated

that the Adjudicating Authority did not decide the question of approval of the

'Resolution Plan' and in the meanwhile, interalia because of delay taking

place affecting the valuation of the Company, the 'Resolution Applicant' filed

an application for withdrawal of 'Resolution Plan' and even that application is

still pending and the Adjudicating Authority has posted the matter to 7th

January, 2020. It is stated in such circumstances against the impugned

order of adjournment the present appeal has been preferred.

....contd.

2

It is stated by the Appellant that 90 days' period granted for completing

such matter under 3rd proviso of Section 12 would be soon expiring which

will put Company into Liquidation. It is stated that there is urgency that

the Adjudicating Authority decides the question of accepting 'Resolution Plan'

one way or other.

Considering what has been stated above by the parties we remit the

matter to Learned Adjudicating Authority to consider the above facts and

decide the question of accepting or rejecting the 'Resolution Plan' one way or

other and also to decide application filed by 'Resolution Applicant' for

withdrawal of 'Resolution Plan' urgently. Parties are directed to appear before

the Adjudicating Authority on 11th November, 2019 and the parties may

bring this order to the notice of Learned Adjudicating Authority and co-

operate with the Adjudicating Authority in disposal of the applications.

Registry to urgently issue copy of this order to the Advocates of the parties

who may collect the same from Registry by tomorrow.

The appeal is disposed of with directions as above.

[Justice A.I.S. Cheema] Member (Judicial)

[Kanthi Narahari] Member (Technical)

[V. P. Singh] Member (Technical) ss/gc

Company Appeal (AT) (Insolvency) No. 1156 of 2019