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Judgment
24.09.2024 : This Appeal has been filed against an Order dated 02.09.2024 passed by the Learned Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – I) in I.A. 3485/2024 in C.P. (IB)/30(MB)2017.
The Appellant has filed the Application seeking a direction that the sale of the Asset be sold as a going concern. When the Application came for consideration on 02.09.2024, Liquidator pointed out that sale has already taken place on 31.08.2024 and nothing remain to be Corporate Debtor accept licences/approval.
Adjudicating Authority noticing the aforesaid submissions has dismissed the Application as infructuous.
Counsel for the Appellant submits that Appellant has already filed another Appeal being Comp. App. (AT) (Ins.) No. 1646 of 2024 in which this Tribunal passed following Orders on 22.08.2024:
“1. Learned Counsel for the Appellant submits that the Adjudicating Authority by the impugned order has although partly allowed the application but has directed that the money which was paid by the Appellant towards implementation of the plan shall be treated in accordance with the terms of RFRP whereas there was no RFRP or Form G. Hence, the Liquidator could not have dealt with the money in accordance with the RFRP as directed. It is submitted that the Adjudicating Authority ought to have decided the said issue and issued appropriate direction.
Issue Notice. Counsel for the Liquidator accepts notice who may file reply within two weeks. Rejoinder, if any, be filed within two weeks thereafter.
List this Appeal on 03.10.2024.
We make it clear that the liquidation proceeding may go on, however, that shall abide by the result of the Appeal.”
The Application came for consideration before the Adjudicating Authority seeking direction for going concern sale, sale having already taken place on 31.08.2024, we do not find any error in the Order of the Adjudicating Authority in rejecting the Application as infructuous. Insofar as Appeal being Comp. App. (AT) (Ins.) No. 1646 of 2024 that Appeal shall be considered on its own merits which Appeal is already listed on 03.10.2024.
With these observations, the Appeal is dismissed.