Bhagwati Singh vs Incab Industries Ltd

Heard learned counsel for the Appellant as well as learned counsel appearing for the Resolution Professional. In pursuance of order passed by this Tribunal dated 20.09.2022, Resolution Professional has filed a Status Report.

This Appeal  has been filed against the  order dated 20.12.2021 by which order the Adjudicating Authority has rejected I.A. No. 226(KB)2021, I.A. No. 797(KB)2021 and few other I.A.s filed on behalf of the Appellant. Appellant claims to be representing workmen of the Corporate Debtor. In the applications, the Applicants have made various prayers which Adjudicating Authority after noticing prayers i.e. prayers in I.A. No. 226(KB)2021 took the view that these prayers cannot be granted and application was rejected.

Learned  counsel  for  the  Appellant  challenging  the  impugned  order raised various submissions. It is submitted that the CIRP process has not been undertaken as per the direction of this Tribunal in earlier judgment and order dated 04.06.2021. Other submissions have also been made including on the constitution of CoC.

Learned counsel for the Resolution Professional in his Status Report has submitted that after the order of this Tribunal, the new Resolution Professional has commenced the process and issued fresh Form G and thereafter Resolution Plans have been received and one Resolution Plan has been approved by the CoC in its 22nd meeting held on 23.06.2022. It is submitted that the Resolution Applicant has offered a package of Rs.445 crores for revival of the Company and an application has already been filed before the Adjudicating Authority for approval of the Resolution Plan.

In facts of the present case and the stage in which the CIRP has been proceeded, we are of the view that the Appellant’s grievances can be raised by way of objection before the Adjudicating Authority and the Adjudicating Authority at the stage of approval of the plan may take consideration of the objections and pass appropriate orders in accordance with law. It is open for the Appellant to file objections before the Adjudicating Authority and also make prayers as may be advised. We are not expressing any opinion on various contentions raised in the Appeal. In view of the facts of the present case and the stage in which CIRP has been gone into, we are not inclined to interfere with the impugned order. With these observations, the Appeal is disposed of.