Mr. V. Nagarajan Resolution ... vs M/S. Meenakshi Energy Ltd

Mr. V. Nagarajan Resolution Professional in respect of M/s. Cethar Ltd. ...Appellant

Vs.

M/s. Meenakshi Energy Ltd. ...Respondent

Present: For Appellant: - Mr. R. Subramanian, Advocate

For Respondent:- Mr. Arijit Mazumdar and Mr. Rishav Banerjee, Advocates.

ORDER

01.02.2018 ─ This appeal has been preferred by the 'Resolution

Professional' of M/s Cethar Limited against the order dated 18th

January, 2018 passed by the Adjudicating Authority (National Company

Law Tribunal), Single Bench, Chennai, in Company Application No.

71/IB/2017 in Company Petition No. 511/IB/2017, which reads as

follows: -

"ORDER

Counsel for Applicant/RP filed CA/71/IB/17 in

CP/511/17 raising an issue in the Application that

has been filed by the Respondent before the Arbitral

Tribunal for production of the certificates on

completion of the project. The Arbitral Tribunal vide

Contd/-.................

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its order dated 09.12.2017 has given direction to the

Applicant to produce the certificates in relation to the

completion of the project in a sealed cover. It has been

submitted by the Counsel for the Applicant that the

Applicant is under the CIR process and any

application cannot be filed before any Court in the

light of the provisions of section 14 read with 60 of

the IBC, 2016, because the Applicant (Corporate

Debtor) will not be able to exercise the 'right of unpaid

vendor lien'.

Counsel for the Respondent submitted that the

Arbitral Tribunal has passed a detailed order. The

Arbitral Tribunal is also conscious of the fact that in

case the Corporate Debtor departs with the

certificates of the completion of the Project, there may

be financial implications. The Arbitral Tribunal while

passing the order observed that "an interim direction

is to avoid any controversy on the aspect, whether all

the certificates obtained and in the custody of the

claimant are made available. Further, the question

whether any condition regarding the payment of the

Company Appeal (AT) (Insolvency) No. 42 of 2018 -3-

amounts said to be due to the claimant, after the

initiation of Arbitration Proceedings, has to be

imposed, may have also to be considered". In view of

these observations, the Applicant may raise the issue

before the Arbitral Tribunal for consideration.

Accordingly, the Application stands disposed of."

2. We have heard learned counsel appearing on behalf of the

'Insolvency Resolution Professional' and Mr. Arijit Mazumdar, Advocate

who has appeared on behalf of the Respondent.

3. Having heard learned counsel for the parties, we are of the opinion

that the handing over or showing any document to any party will not

amount to violation of order of 'Moratorium'.

4. In view of such observation, learned counsel for the 'Resolution

Professional' sought permission to withdraw this appeal. Prayer is

allowed. The appeal is dismissed as withdrawn.

(Justice S.J. Mukhopadhaya) Chairperson

(Justice Bansi Lal Bhat) Member(Judicial) Ar/uk

Company Appeal (AT) (Insolvency) No. 42 of 2018