Vistrat Real Estates Pvt Ltd vs Tata Steel Bsl Ltd

Vistrat Real Estates Pvt Ltd. ...Appellant

Versus

Tata Steel BSL Ltd. ...Respondent With

Company Appeal (AT)(Ins) No.355 of 2019

IN THE MATTER OF:

Vistrat Real Estates Pvt Ltd. ...Appellant

Versus

Tata Steel BSL Ltd. ...Respondents

For Appellant: Mr. Soumabho Chose with Mr. Raza Abbas Mr. Pranjit Bhattacharyya, Advocates

For Respondent: Mr. V.P.Singh with Mr. A.R. Choudhury, Mr. Aditya Jalan, Mr. Aman Sharma, Advocates

ORDER

29.04.2019 - The Appellant filed application u/s 9 of the Insolvency & Bankruptcy

Code ('I&B') Code, 2016 which was rejected by orders dated 26th February, 2019 by

Adjudicating Authority (National Company Law Tribunal) Principal Bench, New

Delhi. Company Appeal (AT)(Insolvency) No. 351/2019 is filed against the said

orders.

Company Appeal (AT)(Ins) No. 351 & 355 of 2019 ....contd. 2

Appellant has filed Company Appeal (AT)(Ins.) No. 355/2019 as the above

Adjudicating Authority made a correction in the above impugned order dated 26th

February, 2019 by an order passed in IB 201(PB)/2017, by order dated 26th March,

2019. Thus these two appeals.

The Appellant filed an application u/s 9 of the Insolvency & Bankruptcy

Code ('I&B' Code) against Bhushan Steel Limited of which plan was already

approved on 15th May, 2018 and taken over by Tata Steel Limited.

The Tata Steel BSL Limited, the Resolution Applicant having taken over the

'Corporate Debtor' i.e. Bhushan Steel Limited it is stated has issued notice on

'termination of lease'.

Apart from the fact that the order of termination of lease cannot be looked

into by the Adjudicating Authority, learned counsel for Appellant submits that

termination notice issued is as per the approved plan. Resolution Plan approved

on 15th May, 2018 is not under challenge. In this appeal, learned counsel for the

Appellant submits that claim of the Appellant was placed before the Resolution

Professional but it was not properly considered by the Resolution Professional.

However, according to Respondent, the Appellant never filed any claim. In any case,

the approval of the plan approved on 15th May, 2018 having not been challenged

and the said order having been affirmed by this Appellate Tribunal is not the

question now for decision.

Company Appeal (AT)(Ins) No. 351 & 355 of 2019 ...contd. 3

It is open to the Appellant(s) to move before the appropriate forum. We find

no ground to interfere in the impugned orders dated 26th February, 2019 and 26th

March, 2019 passed by the Adjudicating Authority (National Company Law

Tribunal), Principal Bench, New Delhi.

At this stage, we also express our doubt about the Appellant(s) who are held

to be related party of the promoters Bhushan Steel Limited which has been noticed

by the Adjudicating Authority while rejecting their prayer.

The appeal is dismissed. No costs.

[Justice S.J. Mukhopadhaya] Chairperson

[Justice A.I.S. Cheema] Member (Judicial)

[Kanthi Narahari] Member (Technical)

ss/gc/

Company Appeal (AT)(Ins) No. 351 & 355 of 2019