Vinsari Fruitech Limited vs Effort Bpo Private Limited
- CitationCompany Appeal (AT) (Insolvency) No. 155 of 2024
Ratio decidendi
The rule this decision rests on
Where the adjudicating authority's order rests solely on a precedent that has since been overruled by a larger bench, that order cannot stand, and the matter must be remitted to the adjudicating authority for fresh consideration in accordance with law, without the appellate tribunal expressing any opinion on the merits.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Company Appeal (AT) (Insolvency) No. 155 of 2024 & I.A. No. 493 of 2024 IN THE MATTER OF:
Vinsari Fruitech Ltd. ...Appellant(s)
Versus
Effort BPO Private Ltd. ...Respondent(s)
Present: For Appellant : Mr. Azam H Maloo, Mr. Anuj Tiwari, Mr. Aroshi Pal, Ms. Monika, Advocates For Respondents : Mr. Siddharth Chapalgaonkar, Ms. Neha Agarwal, Advocates
ORDER
(Hybrid Mode)
12.02.2024: Heard Learned Counsel for the parties.
2. There is an application (I.A. No. 493 of 2024) filed by the Appellant
praying for condonation of delay in filing the Appeal.
3. Cause shown sufficient, Delay is Condoned.
4. This Appeal has been filed against the Order dated 05.12.2023 by which
order Section 7 Application filed by the Appellant has been dismissed relying
the Judgment of Hon'ble Supreme Court in N.N. Global Mercantile Pvt. Ltd.
Vs. Indo Unique Flame Ltd., C.A. No. 3802-3803 of 2020.
5. Learned Counsel for the Appellant challenging the order contends that
the Judgment of the Hon'ble Supreme Court in N.N. Global Mercantile Pvt.
Ltd. is no more good law in view of the subsequent Judgment of the Hon'ble
Supreme Court dated 13th December, 2023 in Curative Petition (C) No. 44 of
2023 in Review Petition (C) No. 704 of 2021 in C.A. No. 1599 of 2020 where 2
Judgment of N.N. Global Mercantile Pvt. Ltd. has been overruled by the seven
judge bench of Hon'ble Supreme Court dated 13.12.2023. It is further
submitted that apart from the agreement, there were other materials to prove
financial debt which has not been looked into by the Adjudicating Authority.
6. Learned counsel for the Respondent submits that Respondent may be
allowed to file a Reply to oppose the Appeal.
7. We have considered the submissions of learned counsel for the parties
and have perused the record.
8. The Judgment of the Adjudicating Authority is based only on the
Judgment in the matter of N.N. Global Mercantile P. Ltd. which is no longer a
good law, ends of justice will be served in remitting the matter to the
Adjudicating Authority for fresh consideration in accordance with law. Order
dated 05.12.2023 is set aside. CP(IB)330/MB/2023 is revived before the
Adjudicating Authority. We make it clear that we are not expressing any
opinion on the merits of the case. It is for the Adjudicating Authority to
consider the Application afresh and decide accordingly.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical)
[Arun Baroka] Member (Technical) Basant/nn
Company Appeal (AT) (Insolvency) No.155/2024
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