Subhash Kumar Kundra vs Indo Rama Synthetics (India) Limited & ...
- CitationCompany Appeal (AT) (Ins) No. 458 of 2023
Ratio decidendi
The rule this decision rests on
The Tribunal declined to interfere with directions made by the Adjudicating Authority, holding that the question of how a direction is to be carried out is for the competent functionaries entitled to comply with it, who are to take appropriate steps as per law; a challenge to the order therefore fails where the directions themselves are not shown to be erroneous.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Ins) No. 458 of 2023 & I.A. No. 1509 of 2023 IN THE MATTER OF: Subhash Kumar Kundra Resolution Professional of CLC Industries Ltd. ...Appellant Vs. Indo Rama Synthetics(India) Ltd. & Anr. ...Respondents
Present: For Appellant: Mr. Gaurav Mitra, Ms. Honey Satpal, Mr. Ishan Ray Choudhary, Mr. Prasanjit Singh, Advocates For Respondent: Mr. Nikhil Mathur, Mr. Krishan Singhal, Advocates for R-1
ORDER
21.04.2023: Heard Learned Counsel for the Appellant.
This appeal has been filed against the order dated 03.02.2023. The appeal
has been filed by the RP challenging the order passed by the Adjudicating
Authority on IA No. 2334/2021.
2. Learned Counsel for the Appellant submits that with regard to prayer
a&b, the application has already been filed which is pending consideration,
hence no consideration is required. With regard to prayer (d), he submits that
the direction is to hand over upon the conclusion of the CIRP process of the
Corporate Debtor. He submits the direction cannot be complied by the
Resolution Professional since after the completion of CIRP Monitoring Committee
and SRA who shall be responsible to carry out the direction.
3. It is submitted that Resolution Plan has been reserved for orders and yet
to be pronounced.
Company Appeal (AT) (Ins) No. 458 of 2023 & I.A. No. 1509 of 2023 1
4. Be that as it may, we do not find any error in the directions issued, as far
as the compliance of the directions, it is for competent functionaries who are
entitled to comply the order to take the appropriate steps as per law.
With these observations, the Appeal is disposed of.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
ss/nn
Company Appeal (AT) (Ins) No. 458 of 2023 & I.A. No. 1509 of 2023 2
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