Parthiv Parik Rp Of Jaihind Project Ltd vs Brahmaputra Crackers & Polymer Ltd
- CitationCompany Appeal (AT) (Insolvency) No. 509 of 2020
Ratio decidendi
The rule this decision rests on
The appeal against an interlocutory order directing the inclusion of a claim at full value stands rendered infructuous once the Adjudicating Authority has approved a resolution plan under the Insolvency and Bankruptcy Code, where the appeal does not challenge the legality or correctness of the approved plan; such an appeal against a pre-approval order concerning admission or inclusion of a claim does not survive for consideration and is disposed of as not maintainable.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Parthiv Parikh, RP of Jaihind Project Ltd. ...Appellant
Versus
Brahmaputra Cracker & Polymer Ltd. ...Respondent
Present: For Appellant : Ms. Purti Marwaha, Ms. Henna George and Ms. Tush, Advocates For Respondent : Mr. Akshat Khare, Advocate
ORDER
(Through Virtual Mode)
12.06.2020 Ms. Purti Marwaha, learned counsel for Appellant filed a copy
of the order dated 19th March, 2020 passed by the Adjudicating Authority
(National Company Law Tribunal), Ahmedabad Bench, Ahmedabad Court II by
way of an additional affidavit, which is taken on record.
On perusal of this order, we find that the 'resolution plan' of Parixit
Irrigation Limited qua Jaihind Projects Limited has been approved. In view of
the approval of the resolution plan of, the resolution applicant, the earlier order
passed by the Adjudicating Authority on 22nd January, 2020 in I.A. No. 657 of
2019 in CP (IB) No. 172/NCLT/AHM/2018 as regards the direction given to the
'Resolution Professional' to include the claim of the Applicant - 'Brahmputra
Cracker & Polymer Limited' at full value so as to enable prospective resolution
applicants to design their resolution plans accordingly, stands overtaken by the
subsequent event viz. approval of the resolution plan on 19th March, 2020 which -2-
is supposed to balance the interests of all stakeholders. This appeal does not
question the legality or correctness of the approved resolution plan. Viewed in
this context appeal against the impugned order passed prior to approval of
'resolution plan' by the Adjudicating Authority in regard to the inclusion or
admission of a claim would no more survive for consideration.
The appeal is accordingly disposed of as being not maintainable.
[ Justice Bansi Lal Bhat ] Acting Chairperson
[ Justice Anant Bijay Singh ] Member (Judicial)
[ Dr. Ashok Kumar Mishra ] Member (Technical)
/ns/RR/
Company Appeal (AT) (Insolvency) No. 509 of 2020
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