R. Balasubramanian vs Abb India Ltd & Anr
- CitationCompany Appeal (AT) (Ins) No.282 of 2020
Ratio decidendi
The rule this decision rests on
The Appellate Tribunal will not entertain an appeal against an interlocutory order of the Adjudicating Authority where that Authority has not yet taken a final decision on the application under Section 12A of the Insolvency and Bankruptcy Code, 2016 for withdrawal of a Section 9 application; such an appeal is premature and is declined at that stage, the issues raised being left open to be agitated at an appropriate stage.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
R. Balasubramanian ...Appellant
Versus
M/s. ABB India Ltd. & Anr. ...Respondents
For Appellant: Shri Rajiv Ranjan, Sr. Advocate with Shri Saurabh Jain, Advocate
For Respondents: Shri Smarth Arora, Advocate (R-2)
ORDER
18.02.2020 Heard Counsel for Appellant. It is stated that this Tribunal
had by Order dated 17th January, 2020 passed in Company Appeal (AT) (Ins)
No.1431 of 2019 sent back the matter to the Adjudicating Authority (National
Company Law Tribunal, Division Bench - I, Chennai) due to settlement
between the Operational Creditor and the Corporate Debtor which was dated
7th January, 2020. It is stated that COC (Committee of Creditors) has yet not
been constituted and that when this Tribunal sent back the matter to the
Adjudicating Authority for taking action in terms of Section 12A of Insolvency
and Bankruptcy Code, 2016 (IBC - in short) read with Regulation 30A to seek
appropriate remedy, according to the learned Counsel, the only option
available for the Adjudicating Authority was to accept the settlement. It is
stated that Regulation 30A does not require sending Notice to the Financial
Creditors which are banks and seek their response to the Application for
withdrawal. The learned Counsel states that there are various Judgements -2-
passed by this Tribunal where the settlements have been accepted by this
Tribunal even in the Appeal.
We have gone through the Impugned Order and we keep in view
Para - 79 of the Judgement in the matter of "Swiss Ribbons Pvt. Ltd. & Anr.
vs. Union of India & Ors." reported as 2019 SCC OnLine SC 73. It appears
to us that as per the Impugned Order, the Adjudicating Authority is yet to
take a final decision with regard to the Application filed under Section 12A for
withdrawal of the Application which had been admitted under Section 9 of
IBC. It appears to us that the Appeal is premature and we decline to entertain
the Appeal at this stage. The issues being raised can be considered at an
appropriate stage.
The Appeal is disposed. No Orders as to costs.
[Justice A.I.S. Cheema] Member (Judicial)
(Justice A.B. Singh) Member (Judicial)
[Kanthi Narahari] Member (Technical)
/rs/md
Company Appeal (AT) (Ins) No.282 of 2020
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