Monolithic Investment Private Limited ... vs Respondents

IN THE MATTER OF: Monolithic Investment Pvt. Ltd. ...Appellant

Versus

---- ...Respondents

Present: For Appellant : Mr. Anurag Bhatt, Mr. Lokesh Pathak, Mr. Vaibhav Vijayvargiya, Mr. Ankur Gupta, Advocates. For Respondents :

ORDER

(Hybrid Mode)

03.07.2024: This Appeal has been filed against order dated 21.03.2024

by which Restoration Application A-30/0024 filed by the Liquidator has been

dismissed. In the Voluntary Liquidation Proceeding, the Adjudicating

Authority passed an order on 17.10.2023 directing the Liquidator to file the

ROC Report along with Affidavit and Form H. The matter was listed before

the Adjudicating Authority on 17.01.2024, on which date, the Adjudicating

Authority passed following order:

"ORDER

None appears for the Applicant despite repeated calls. Further, the Applicant has not complied with the order dated 17.10.2023, despite two opportunities being granted on 06.12.2023 and 20.12.2023. Therefore, this application is dismissed for non-prosecution."

Cont'd.../ 2

2. Application for restoration was filed by the Liquidator praying for

restoration. In the application, one of the grounds taken was that the Counsel

for the Liquidator informed the Liquidator that he is not well and is admitted

in ICU and asked the Liquidator to take a date. It was further stated that the

Liquidator tried to attend the hearing through virtual mode, however due to

technical issue voice of the Liquidator could not reach and due to non-

prosecution the application was rejected. It was further stated that along with

the Restoration Application a copy of ROC Report was also brought on the

record. The Adjudicating Authority rejected the Restoration Application by

order dated 21.03.2024, where following was observed:

"ORDER

RA-30/2024

This application has been filed with the following prayers:-

"a) Restore the Company Petition (IB) NO.

743/ND/2022; and

b) Pass any such orders that this Hon'ble Court may deem fit and proper in the facts and circumstances of the present case."

Ld. Counsel appears for the Liquidator. Mr. Sourabh Modi Liquidator is also present in person VC. We find that the order dated 17.10.2023 has no of yet been complied with and Form-H and the RoC report have not been placed on record.

Company Appeal (AT) (Insolvency) No.879 of 2024 3

Ld. Counsel appearing for the Liquidator as well as the Liquidator are not in a position to make any statement in this regard. We are not satisfied with the reasons given in the application seeking (IB)743(ND)/2022. restoration of Company Petition

RA is dismissed."

3. Learned counsel for the Appellant submits that the ROC Report was

already filed as part of the Restoration Application and counsel for the

Liquidator was admitted in the ICU and could not be heard, these facts were

already pleaded in the Restoration Application which were not looked into by

the Adjudicating Authority.

4. After hearing learned counsel for the Appellant, we are satisfied that

grounds were made to allow the application filed to recall order dated

17.01.2024 dismissing the application for non-prosecution. In result, we set

aside order dated 21.03.2024 and Restoration Application A-30/A is allowed.

The proceedings are revived before the Adjudicating Authority to be proceeded

in accordance with law. Appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No.879 of 2024