Shri Sameer Sharma Suspended Director ... vs M/S Lease Plan India Pvt Ltd & Anr
- CitationCompany Appeal (AT) (Ins.) No. 1446 of 2023
Ratio decidendi
The rule this decision rests on
The Tribunal's reasoning is limited to a direction that an interim order passed earlier continues: the IRP has not yet been discharged, and while the Resolution Professional may take no further steps in the CIRP, the Corporate Debtor must be kept as a going concern. The order contains no reasoned statement of a legal principle beyond this procedural direction, and it disposes of the application without deciding the substantive relief sought (continuation of the bill discounting facility), leaving that to be pursued by the IRP with the bank. NO_RATIO: The order disposes of the application by directing the IRP to keep the Corporate Debtor as a going concern and to approach the bank, without articulating any rule of law the decision rests on.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Sameer Sharma ....Appellant Suspended Director of Shiva Industrial Security Agency (Gujarat) Ltd.
Vs.
Lease Plan India Pvt. Ltd. and Anr. ....Respondents
Present: For Appellant: Mr. Krishnendu Datta, Sr. Advocate, Mr. Palash S. Singhai, Mr. Rajat Sinha, Advocates. For Respondents: Ms. Honey Satpal, Advocate.
ORDER
(Hybrid Mode)
22.12.2023: I.A. No. 6108 of 2023:- This is an application filed by the appellant praying for following direction:
"(a) That this Hon'ble Tribunal may direct the IRP to continue with the bill discounting facility with the Axis Bank;
(b) Direct the Axis Bank to continue discounting the fresh invoices upto the extent of outstanding facility as on 16.10.2023 even during the CIRP period also;
(c) Such other and further reliefs as may be deemed fit in the interest of justice."
2. By our order dated 09.11.2023 we have passed an interim order that no
further steps shall be taken in pursuance of the order dated 16.10.2023. The
IRP who is already in place has not been discharged as yet. The RP although -2-
may not take any further steps in the CIRP, however, shall keep the Corporate
Debtor as a going concern.
3. It shall be open for the IRP to inform the bank who had already extended
the facilities to the Corporate Debtor that IRP has been directed to keep the
concern as a going concern so the IRP may request the bank to continuing the
existing CIRP.
4. With these observations, we dispose of this application.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
[Mr. Arun Baroka] Member (Technical)
sa/nn
I.A. No. 6108 of 2023 in Company Appeal (AT) (Ins.) No. 1446 of 2023
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