Jekpl Private Limited vs Export Import Bank Of India

JEKPL Private Limited .Appellant

Versus

Export Import Bank of India Respondent

Present: For Appellant: Mr. Nesar Ahmad, Mr. Mukesh Mohan, Mr. Ahsan Ahmad and Mr. Hitesh Joshi.

For Respondent: Mr. Rajeev Mehra, Senior Advocate with Mr. Ashish Rana, Advocate.

ORDER

18.09.2017 - This appeal has been preferred by 'Corporate Debtor'-

JEKPL Private Limited through the Resolution Professional against part

of the order dated 22nd August, 2017 passed by Adjudicating Authority

(National Company Law Tribunal), Allahabad Bench, Allahabad in

Company Petition No. (TB) 24/ALD/2017, Company Application Nos. 72

and 159 of 2017, which reads as follows: -

"Shri Biswajit Dubey, for the petitioner Axis Bank,

Advocate, Shri Shambhu Chopra for the R. P. JEKPL.

It is brought to our notice that in a subsequent

development, the R.P Shri Mukesh Mohan

reconsidered the Axis Bank's representation and

accepted its claim and status of a Secured Creditor in

the committee of Creditors.

*

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Thus, the grievance of the Axis Bank stands to be

redressed by this subsequent decision of the learned

R.P. Thus, the present application C.A. No. 72/2017

has now become infructuous in view of the

communication dated 9.8.2017 received from the

learned R.P. Hence, the CA is accordingly disposed

Off.

Senior Advocate, Sri Anurag Khanna along with

Gunjan Jadwani, Advocate appeared for the Exim

Bank. Advocate Sri Shambhu Chopra, represents the

JEKPL. A copy of the present application be served to

Shri Chopra on behalf of the R.P. Shri Mukesh Mohan

He is at liberty to offer his comments on action

impugned in the present application and may file

reply by 30th August, 2017 by serving an advance

copy thereof to the applicant's counsel.

Meanwhile, the applicant in CA provisionally

permitted to continue and participate in the COC

meetings as a Member of the Committee of Creditors.

However, this would be subject to outcome of the

present petition.

The matter be listed on 30th august, 2017." 4 -3-

2. When this Appellate Tribunal enquired as to how the 'Corporate

Debtor' will be affected, pursuant to impugned order, it was submitted

that the Insolvency Resolution Professional has opposed the continuity

of 'Exim Bank' as one of the creditor.

3. Having heard learned counsel for the 'Corporate Debtor' and Mr.

Rajeev Mehra, Senior Advocate appearing on behalf of the respondent,

while we are of the view that appeal at the instance of 'Corporate Debtor'

is not maintainable, but make it clear that the Resolution Professional

has right to oppose induction of a third party as a creditor. However, in

view of the fact that the Exim Bank has been provisionally permitted to

continue as a member of the Committee of Creditors and final order is

yet to be passed by the Adjudicating Authority, Allahabad Bench and time

has been granted to the contesting party to file rejoinder, we are not

expressing any view at this stage. After hearing the parties, if the

Adjudicating Authority allows Exim Bank to continue as Member of the

Committee of Creditors, it will be open to the Resolution professional to

challenge the final order before this Appellate Tribunal.

4. It is expected that the Adjudicating Authority will decide the

question of continuity of 'Exim Bank' as a member of the Committee of

Creditors either way and will not continue with interim arrangement for

days together. An early decision be taken on production of copy of this

order.

PO

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5. The appeal stands disposed of with aforesaid observation. However,

in the facts and circumstances of the case, there shall be no order as to

cost.

(Justice S.J. Mukhopadhaya) Chairperson

(Justice A.I.S. Cheema) (Balvinder Singh) Member (Judicial) Member(Technical)

ar