Punjab National Bank vs Multiwal Duolex Pvt. Ltd. & Ors
- CitationCompany Appeal (AT) (Insolvency) No. 774 of 2021
Ratio decidendi
The rule this decision rests on
The appeal against the order rejecting the application as infructuous is dismissed because the Resolution Plan had already been approved by the Adjudicating Authority and was not challenged by the appellant; the appeal against the dismissal of the application therefore cannot survive, and the Appellate Tribunal agrees with the Adjudicating Authority's finding that the application had become infructuous.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Punjab National Bank Circle Shastracentre, Through its Authorised Representative, 1st Floor, Ram Ganga Vihar, Phase-II, Moradabad, Uttar Pradesh. ...Appellant.
Versus 1. Multiwal Duplex Pvt. Ltd. Through R.P. Mr. Manish Agarwal, 205, 2nd Floor, Rohit House Tower-2, Tolstory Marg, Connaught Place, New Delhi-01 Ph: 012-41509352, 9412705345 Email: manishfcs@gmail.com/irp.manish@gmail.com Also At: 707, Saket, Opp. Rohtash Sweets Meerut-250001, Uttar Pradesh Ph: 0121-4054491, 9412705345.
2. Waseem Ahmad Khan, Suspended Director of Corporate debtor House No. 118, 119 Lajpat Nagar, Moradabad 244001 UP.
3. Abdul Sabir, Suspended Director of Corporate Debtor, 247 KA, Ward No. 19 Katoratal, Tufail Ka Bagh kashipur 244713 UP.
4. Union Bank of India (previously known as Corporation Bank) Eakta Dwar Complex, near Company Bagh, Civil Lines, Moradabad, UP. ...Respondents.
For Appellant: Mr. Avinash Kumar and Mr. Sanjay Bhatt, Advocates. For Respondent: Mr. Abhishek Anand and Mr. Pathik Choudhary, Advocates for R-1. Mr. Rushil Anand, Advocate for R-2. -2-
ORDER
(Virtual Mode)
20.12.2021 I.A. No. 2297 of 2021 has been filed for condonation of
delay.
2. The instant Appeal has been filed by the Appellant being aggrieved and
dissatisfied by the order dated 22.01.2021 passed by Ld. Adjudicating
Authority (National Company Law Tribunal), Allahabad Bench in IA No.
312/2020 in CP No. (IB)/ALD/2019 whereby and where under the present IA
No. 312/2020 is dismissed as having become infructuous.
3. From the impugned order dated 20.01.2021 it appears that the
Resolution Plan has already been approved by the Ld. Adjudicating Authority
vide order & Judgment dated 16.12.2020 in the matter. The Resolution Plan
has not been challenged by the Appellant.
4. In view of the fact and circumstances, we agree with the finding recorded
by Ld. Adjudicating Authority. Accordingly, the instant Appeal is dismissed.
I.A., if any, stands disposed off.
[Justice Anant Bijay Singh] Member (Judicial)
[Ms. Shreesha Merla] Member (Technical)
R. N./ Kam./
Company Appeal (AT) (Insolvency) No. 774 of 2021
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