Mohinish Kumar & Ors vs Premsons Super Steels Pvt Ltd & Ors

Shri Mohinish Kumar & Ors. ....Appellants Vs. M/s. Premsons Super Steels Pvt. Ltd. & Ors. ....Respondents Present: Appellants: Mr. Kunal Sabharwal, Advocate. Respondents: Mr. Abhishek Anand, Mr. Viren Sharma, Ms. Komal Abrol, Advocates for R1

ORDER

(Through Virtual Mode)

04.03.2021: This appeal has been preferred by Appellants claiming to be

62.5% share capital holders in Corporate Debtor- 'Premsons Super Steels Pvt.

Ltd.' assailing the impugned order dated 28th August, 2020 passed by the

Adjudicating Authority (National Company Law Tribunal), New Delhi, Division

Bench-III by virtue whereof the Corporate Debtor has been sent into

liquidation.

2. The issue raised in this appeal is that the Appellants being the majority

shareholders have been kept in dark and no intimation was given to them for

filing application under Section 10 of the Insolvency and Bankruptcy Code,

2016 ("I&B Code" for short) seeking triggering of Corporate Insolvency

Resolution Process (CIRP) qua the Corporate Debtor.

Contd/-........

-2-

3. After hearing Mr. Kunal Sabharwal, Advocate representing the Appellant

and Mr. Abhishek Anand, Advocate entering appearance on behalf of the

liquidator, we find that the Appellants' application being IA No. 4000/2020 in

C.P. No. (IB)-404(ND)/2018 filed under Sections 65, 72 & 77 of the 'I&B Code'

and seeking directions against Respondent Nos.2 and 3 for fraudulent and

malicious initiation of CIRP is pending determination before the Adjudicating

Authority. Since in the instant appeal, initiation of CIRP is alleged to have been

done fraudulently and with malicious intention without intimation and consent

by majority shareholders (Appellants), this appeal would not lie as the matter

raising the same issue is pending determination before the Adjudicating

Authority.

We accordingly dispose off this appeal with request to the Adjudicating

Authority to expedite the disposal of IA No. 4000/2020 and make all endeavors

for its disposal within four weeks from today. We make it clear that we are not

expressing any opinion on the merits.

[Justice Bansi Lal Bhat] Acting Chairperson

[Dr. Ashok Kumar Mishra] Member (Technical)

AR/g Company Appeal (AT) (Insolvency) No. 152 of 2021