Raman Agarwal vs Mohit Chawla & Ors. Resolution ...

Mohit Chawla & Ors. Resolution Professional J.R. Agro Tech Pvt. Ltd. ...Respondent

Present:

For Appellant : Mr. N.P.S. Chawla, Mr. Sujoy Dutta and Mr. Surekh K. Baxy, Advocates

For 1st Respondent: Mr. Nitesh Jain and Mr. Sarthak Sharma, Advocates

ORDER

10.01.2020 Learned counsel for the Appellant submits that the Appellant

has grievance against the impugned order dated 27th November, 2019 limited to

CA No. 543 of 2019 wherein the Appellant/Promoter/Shareholder raised

objection with regard to the maintainability of the application filed by the

'Resolution Professional' / 'Liquidator' under Sections, 43, 45 and 66 of the

'Insolvency and Bankruptcy Code, 2016 ('I&B Code', for short).

Mr. Nitesh Jain, learned counsel appearing on behalf of the 'Resolution

Professional' submits that the 'Promoter'/'Shareholder' cannot object to filing of

the application under Sections 43, 45 and 66 of the 'I&B Code'.

In reply, it is submitted that the objection of the Appellant is that the

application under Sections 43, 45 and 66 is not maintainable as no 'preferential

transactions' or 'under value transactions' were made by the 'Corporate Debtor'. -2-

However, as it has not yet been decided by the Adjudicating Authority, we allow

the Adjudicating Authority (National Company Law Tribunal), Chandigarh

Bench, Chandigarh to pass appropriate order on the application filed under

Sections 43, 45 and 66 of the 'I&B Code', after giving opportunity to the parties

to file their respective replies, including the Appellant. It will be open to the

Appellant to show that the transactions were not 'preferential transactions' or

'under value transactions', based on the record.

The appeal stands disposed of with aforesaid observations.

At this stage, we may mention that there is no provision to file any

company application under the 'National Company Law Tribunal Rules, 2016'.

Henceforth, the Adjudicating Authority (National Company Law Tribunal) of the

country will never entertain the company applications in insolvency matters as

Interlocutory Applications are maintainable under the 'I&B Code'.

Let a copy of this order be communicated to Principal Bench, National

Company Law Tribunal, New Delhi and all the Benches of the National Company

Law Tribunal and bring it to the notice of the Registry and all the Hon'ble

Members of the National Company Law Tribunal.

[Justice S.J. Mukhopadhaya] Chairperson

[ Justice Bansi Lal Bhat ] Member (Judicial)

/ns/gc/

Company Appeal (AT) (Insolvency) No. 50 of 2020