Jigar Tarunkumar Bhatt Resolution ... vs Vivekanand Jha & Anr

Jigar Tarunkumar Bhatt Resolution Professional of Mithilanchal Industries Pvt. Ltd. ...Appellant

Versus

Vivekanand Jha & Anr. ...Respondents

Present: For Appellant: Ms. Purti Gupta, Ms. Henna George and Mr. Shivam Sharma, Advocates.

For Respondents: Mr. Karan Valecha and Mr. Ravi Pahwa, Advocates.

ORDER

12.01.2023: Heard learned counsel for the Appellant as well as learned

counsel appearing for the Respondent. This Appeal has been filed against the

order dated 29.11.2022 on I.A. No. 10/AHM/2022 in I.A. No. 387/AHM/2021.

The Application I.A. No. 10/AHM/2022 was filed by the Appellant - Resolution

Professional for initiating contempt proceeding against the Suspended

Management on the basis of order dated 27.07.2021 by which order the

Adjudicating Authority has directed the Suspended Management to furnish

required information and handover the possession of fixed assets within seven

days.

2. It is submitted by learned counsel for the Appellant that the

Adjudicating Authority on wrong recording that order of liquidation has been

Cont'd.../ -2-

passed has rejected the contempt application, whereas in the first part of the

same order the Adjudicating Authority has granted time to the Suspended

Management to file reply to the Liquidation Application which is I.A. No.

105/AHM/2022.

3. Learned counsel for the Respondent submits that no contempt was

committed by the Suspended Management. They have already filed their reply

and assets are within the possession of Financial Creditors and whatever

materials was available was provided.

4. We have heard learned counsel for the parties and perused the record.

5. The Adjudicating Authority has not gone into the merits of I.A. No.

10/AHM/2022 and had rejected the application on the ground that order of

liquidation has been passed which appears to be factually incorrect, we are of

the view that I.A. No. 10/AHM/2022 be considered afresh by the Adjudicating

Authority. The Appeal is partly allowed. I.A. No. 10/AHM/2022 is revived

before the Adjudicating Authority to be decided after hearing both the parties

afresh. We make it clear that we have not gone into the merits of I.A. No.

10/AHM/2022.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No.38 of 2023