Unmesh Manohar Joshi vs Il&Fs Financial Services Limited & Anr
- CitationCompany Appeal (AT) (Insolvency) No. 1244 of 2023
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority's appointment of a Resolution Professional under Section 95 of the Insolvency and Bankruptcy Code, 2016 is not vitiated merely because the vires of the provision was under challenge before the Supreme Court, where that challenge has since been decided in favour of the provision's validity; the appellant's remedy against the Resolution Professional's report lies in filing objections before the Adjudicating Authority in accordance with law.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Unmesh Manohar Joshi ...Appellant Versus IL & FS Financial Services Ltd. & Anr. ...Respondents Present: For Appellant : Mr. Pranjit Bhattacharya and Mr. Mahesh Agarwal, Advocates
For Respondent : Mr. Kuber Dewan, Mrs. Neeharika Aggarwal, Mr. Kaustubh Srivastava, Advocates for R-1 ORDER
(Hybrid Mode)
06.12.2023 This appeal has been filed against order dated 28.08.2023
by which Adjudicating Authority has appointed the Resolution Professional in
an application under Section 95 of the Insolvency and Bankruptcy Code,
2016.
Learned Counsel for the Appellant submitted before the Adjudicating
Authority that matter was pending before the Hon'ble Supreme Court of India
for consideration where provisions are under challenge. It is submitted by
Learned Counsel for the Appellant that the Supreme Court has already upheld
the vires of the provision by its judgment and order passed on 09.11.2023 in
Writ Petition (Civil) No. 1281 of 2021 - Dilip B. Jiwrajka vs. Union of India.
After the judgment of Hon'ble Supreme Court, we do not find any error
in the order of the Adjudicating Authority appointing Resolution Professional
under Section 95 proceeding. It is always open for the Appellant to file
objection to the report submitted by the Resolution Professional, if any, and in accordance with law and the matter may further be proceeded before the
Adjudicating Authority.
With these observations, the Appeal is dismissed.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
[Mr. Arun Baroka] Member (Technical) pks/nn
Company Appeal (AT) (Insolvency) No. 1244 of 2023 2 of 2
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