Roopyaa Tradebizz Limited vs Sumedha Management Solutions Pvt. Ltd & ...

In the matter of: Roopyaa Tradebizz Ltd. ....Appellant Vs. Sumedha Management Solutions Pvt. Ltd. & Ors. ...Respondents For Appellant Mr. Nipun Gautam, Advocate. For Respondents

ORDER

(Hybrid Mode)

19.03.2024: I.A. No. 1760 of 2024 :- This is an application praying for

condonation of 12 days' delay in filing the Appeal. Learned Counsel for the

Appellant submits that the Appellant contacted a local counsel at Delhi and it

took some time in coordination and finalizing the Appeal. Cause shown

sufficient. Delay of 12 days' in filing the appeal is hereby condoned.

I.A. No. 1609 of 2024 :- This is an application praying for condonation of 80

days' delay in re-filing the Appeal. The ground taken in the affidavit is that

after defect was notified some time was taken in coordinating for the rectified

signed copy of the appeal and Appellant is based out of Ahmedabad city and

the Counsel is in Delhi, therefore, it took time to coordinate in curing the

defects. Cause shown sufficient. Re-filing delay is condoned. 2

Company Appeal (AT) (Insolvency) No. 504 of 2024 :-

Heard Learned Counsel for the Appellant.

2. This Appeal has been filed against the order dated 03.10.2023 passed

by the Adjudicating Authority (National Company Law Tribunal), Division

Bench-I, Ahmedabad in IA No. 661(AHM)2022. By the impugned order, the

Adjudicating Authority has rejected the application and imposed the cost of

Rs.1,00,000/-. Appellant aggrieved by the said order has come up in this

Appeal.

3. The CIRP of the Corporate Debtor was commenced on 31.08.2021. A

letter was submitted by the Appellant on 30.05.2023 to the Resolution

Professional stating that the Appellant is desirous to submit a Resolution Plan

for revival of the Corporate Debtor. Resolution Professional replied the said

letter on the same date informing that there is already decision by the CoC for

liquidation and the application for liquidation is pending before the

Adjudicating Authority. It was thereafter IA No. 661 of 2022 was filed by the

Appellant for different reliefs as quoted in paragraph 1 of the order. The

Adjudicating Authority rejected the application taking the view that IA No.769

of 2021 seeking liquidation was heard and reserved for orders on 21.09.2023.

4. Learned Counsel for the Appellant submits that the liquidation has

already been directed on 03.10.2023. It is submitted that the Appellant has

although no vested right to submit a plan but the Adjudicating Authority

Company Appeal (AT) (Insolvency) No. 504 of 2024 & I.A. No. 1609, 1760 of 2024 3

committed error in not given an opportunity and further imposition of cost of

Rs.1,00,000/- was uncalled for.

5. We have considered the submissions of the Appellant and perused the

record.

6. The CoC having already taken a decision to liquidate the Corporate

Debtor and IA No. 769 of 2021 have been filed which was reserved for orders,

there is no error committed by the Adjudicating Authority for rejecting the IA

filed by the Appellant. However, we are of the view that there is no reason to

imposing the cost on the Appellant. We, thus, dismiss the Appeal subject to

deletion of the cost imposed on the Appellant.

7. Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical)

Anjali/nn

Company Appeal (AT) (Insolvency) No. 504 of 2024 & I.A. No. 1609, 1760 of 2024