Sks Enterprises vs Madhya Bharat Papers Limited

IN THE MATTER OF: SKS Enterprises ...Appellant

Versus

Madhya Bharat Papers Ltd. ...Respondent Present: For Appellant : Mr. Jai Anant Dehadrai & Mr. Martin G. George, Advocates.

For Respondent : Mr. Abhijeet Sinha, Mr. Arijit Mazumdar & Ms. Akanksha Kaushik, Advocates.

ORDER

29.05.2023 This Appeal has been filed against the order dated

20.03.2023 passed by the Adjudicating Authority (National Company Law

Tribunal , Cuttack Bench) in I.A.(IB) No. 247/CB/2022 in Company Petition

(IB) No. 63 of 2021 filed by the Appellant seeking an interim protection

restraining the Corporate Debtor from the alienating its assets. The

application was taken on 20.03.2023 and the following order was passed:-

"He also stated that the rejoinder/additional documents filed shall have bearing on this IA (IB) No. 247/CB/2022, and in consequence the main petition CP (IB) No. 63/CB/2021. So, this Tribunal notes that in view of the above said new IAs' pleadings in IA (IB) No. 247/CB/2022 cannot be considered as complete. However, the Ld. Counsel for the applicant alleged that since the Corporate Debtor is in the process of selling his last available asset sharing in this matter as well as passing of interim order is very much essential. Ld. Sr. Counsel for the respondent made submissions and gave assurance in the open Court that not a single property of the Corporate Debtor is being sold or being alienated."

2. Learned Counsel for the Appellant has brought on record the

subsequent order dated 24.04.2023, where it is recorded that the statement

which was made by Learned Senior Counsel on 20.03.2023 has been

withdrawn.

3. Order dated 24.04.2023 on I.A. 247 of 2023 is as follows:-

"IA (IB) No. 247/CB/2022:

Ld. Sr. Counsel Mr. Joy Saha brings to notice that it has been mentioned in the daily order passed on 20.03.2023 that he has given assurance to the effect that not a single property of the Corporate Debtor is being sold or being alienated. Ld. Sr. Counsel submits that no such assurance was given by him. His submissions noted. List the matter on 10.07.2023 for hearing and disposal. All connected IAs to be tagged along on the above- mentioned date.

4. Learned Counsel for the Appellant submits that the statement which

was given by the Counsel that they are not going to transfer any immovable

property of the Corporate Debtor having withdrawn court ought to have

protected the Appellant, at least till the next date.

5. Learned Counsel for the Respondent submits that it is the Appellant

who has not been co-operating in hearing the matter and has been taken the

adjournment, which statement has been denied by the Appellant. Be that as

it may, in view of the fact that the matter is now fixed for 10.07.2023, the

2 of 3 Appellant needs protection to the effect that till the next date the Corporate

Debtor shall not alienated any of its property.

6. We make it clear that this interim order is only limited till 10.07.2023

and it is tax the Adjudicating Authority to pass further order in accordance

with law.

7. We make it clear that we have not express any opinion on the merits of

the case of either of the parties.

8. The Appeal is disposed off accordingly.

[Justice Ashok Bhushan] Chairperson

[Naresh Salecha] Member (Technical) Sim/nn

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