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Judgment
ORDER
06.06.2022: It is brought to the ‘Notice’ of this ‘Tribunal’ on behalf of the 1st Respondent / Bank that in IA/120/CHE/2021 in IBA/881/2019 filed by the Resolution Professional of C A V Cotton Mills Private Limited (Applicant), the ‘Adjudicating Authority’ (National Company Law Tribunal, Division Bench – II, Chennai) on 11.03.2022 had ordered ‘liquidation’ of the Corporate Debtor and appointed Mr. N. Sivachalam as the Liquidator of the Corporate Debtor to carry out the ‘liquidation process’, subject to the directions being issued therein.
In view of the ‘Liquidation’ order dated 11.03.2022 passed by the ‘Adjudicating Authority’ (National Company Law Tribunal, Division Bench – II, Chennai) in IA/120/CHE/2021 in IBA/881/2019, the Learned Counsel for the 1st Respondent / Bank submits that the instant Company Appeal (AT)(INS) No.1235 of 2019/TR on the file of this Tribunal has become as infructuous one and hence file to be dismissed, to secure the ‘ends of justice’.
Although on behalf of the Appellant, it is contended that IA/2787/2020 in TA/27/2021 (in Company Appeal (AT)(INS) No.1235 of 2019/TR) is filed on behalf of the Applicant / Appellant praying for passing an ‘Interim Stay’ of the CIRP of the Corporate Debtor passed in IBA/881/2019 in furtherance to the Public Notice dated 23.10.2020 issued by the Resolution Professional in respect of the Corporate Debtor etc. and also to pass an order praying for a direction in ordering the State Bank of India / Respondent No.2 to act in conformity with the OTS letter dated 30.09.2019 etc., this Tribunal is of the considered view that the instant Company Appeal (AT)(INS) No.1235 of 2019/TR in TA No.27 of 2021 on the file of this Tribunal is per se not maintainable because the Liquidator is the 3rd Respondent, has appointed four Registered Valuers on 18.03.2022, for the purpose of valuing the land and building and plant and machinery of the Corporate Debtor viewed his participation by this Tribunal without any haziness and comes to a conclusion that TA/27/2021 in Company Appeal (AT)(INS) No.1235 of 2019/TR is liable to be dismissed as infructuous one and accordingly TA/27/2021 is dismissed. However, these shall be no order as to costs.
The connected IAs 3583/2019, 3584/2019, 3585/2019, 3586/2019, 2785/2020, 2786/2020, 2787/2020 are closed.