Sanjay Chemicals (India) Pvt. Ltd vs Sharon Bio-Medicine Ltd
- CitationCompany Appeal (AT) (Insolvency) No. 1190 of 2019
Ratio decidendi
The rule this decision rests on
Where the corporate debtor's resolution plan has been approved under the I&B Code and has attained finality, a Section 9 application by a creditor in respect of debts that fell due before the commencement of the earlier corporate insolvency resolution process, and which were not claimed in that process, is not maintainable.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Sanjay Chemicals (India) Private Limited .... Appellant
Vs
Sharon Bio-Medicine Limited .... Respondent
Present: For Appellant: Mr. Bharat Sood and Mr. P.S. Sudheer, Advocates.
For Respondent: Mr. Ankur Kashyap, Advocate.
ORDER
11.11.2019 For the default of three Invoices dated 6th January, 2016, 13th January 2016 and 13th July, 2017, the Appellant preferred application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I&B Code') for initiation of 'Corporate Insolvency Resolution Process' against Sharon Bio-Medicine Ltd. ('Corporate Debtor').
2. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai noticed that the 'Corporate Insolvency Resolution Process' was earlier initiated against M/s. Sharon Bio-Medicine Ltd. ('Corporate Debtor') by order dated 11th April, 2017. The 'Resolution Plan' was approved by the Adjudicating Authority on 28th February, 2018, which was also affirmed by this Appellate Tribunal by judgment dated 19th December, 2018 in Company Appeal (AT) (Insolvency) No.164 of 2018. The said order was challenged before the Hon'ble Supreme Court, which was also dismissed by the Hon'ble Supreme Court on 5th April, 2019 and as a result, approved 'Resolution Plan' has attained the finality.
3. Having noticed the aforesaid fact, the Adjudicating Authority rightly came to the conclusion that the outstanding dues were prior to the period of initiation of 'Corporate Insolvency Resolution Process' and the Appellant having not filed the claim at that stage, now application under Section 9 of
Company Appeal (AT) (Insolvency) No. 1190 of 2019 Page 1 of 2 the I&B Code after completion of the 'Corporate Insolvency Resolution Process' against 'Corporate Debtor' was not maintainable.
4. Having heard learned Counsel for the Appellant and Mr. Ankur Kashyap, learned Counsel for the Respondent, we find no reason to interfere with the impugned order. The Appeal is dismissed.
[Justice S. J. Mukhopadhaya] Chairperson
[Justice Venugopal M.] Member (Judicial)
[Justice Jarat Kumar Jain] Member (Judicial)
Ash/GC
Company Appeal (AT) (Insolvency) No. 1190 of 2019 Page 2 of 2
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