Loganmoy Limited Mathesan Trust ... vs Ayodhya Orchards Llp & Ors
- CitationCompany Appeal (AT) (Ins.) No. 1090 of 2022
Ratio decidendi
The rule this decision rests on
The Tribunal may permit an appellant to withdraw an appeal against admission of a corporate insolvency application, and may, while permitting withdrawal, exclude from the corporate insolvency resolution process period the time during which the Tribunal's interim order prevented the resolution plan from being put to vote.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Loganmoy Ltd. ....Appellant Mathesan Trust Company (BVI) Ltd.
Vs.
Ayodhya Orchards LLP & Ors. ....Respondents
Present: For Appellant: Mr. Mohit D. Ram, Advocate For Respondents: Mr. Krishnendu Datta, Sr. Advocate with Mr. Abhijeet Sinha, Mr. Nakul Mohta, Mr. Devansh Srivastava, Mr. Aakash Kumar, Advocates for R-1. Ms. Varsha Banerjee, Advocate for R-2/RP.
ORDER
24.04.2023: This appeal has been filed against the order dated
01.08.2022 by which order Adjudicating Authority has admitted an application
under Section 7.
2. This Appeal was heard by this Tribunal on 07.09.2022 on which notices
were issued and interim order was passed that resolution plan if any shall not
be put to vote without leave of the court.
3. An application has been filed by the appellant praying for withdrawal of
the appeal. Learned Counsel for the Resolution Professional submits that the
plan has been received in the process on 08.01.2023 and in view of the interim
order passed by this Tribunal plan could not be put to vote. It is prayed that
the period from 08.01.2023 till today i.e. 74 days be excluded in the CIRP.
Cont'd.../ -2-
4. We permit the appellant to withdraw the appeal. However, while
withdrawing the appeal we exclude the 74 days period from 08.01.2023 till
today in view of the interim order passed in the appeal.
5. The appeal is dismissed as withdrawn.
6. Appeal having dismissed as withdrawn we hope and trust that CIRP shall
be proceed expeditiously.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
sa/nn
Company Appeal (AT) (Ins.) No. 1090 of 2022
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