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Judgment
ORDER
25.01.2022: Heard Learned Counsel for the Appellant and Learned Counsel for the Resolution Professional.
This Appeal has been filed against the two Orders, first the Order dated 08th June, 2021 approving the Resolution Plan and the second Order dated 10th June, 2021 by which the I.A. No. 674 of 2019 filed by the Appellant has been dismissed. The Appellant claiming to be Operational Creditor has filed its claim before the Resolution Professional which claim was considered by the Resolution Professional as contingency claim and was not admitted as Operational Claim. Aggrieved by the said action of the Resolution Professional I.A. No. 674 of 2019 was filed before the Adjudicating Authority which was dismissed.
Learned Counsel for the Appellant submits that the Order dated 08th June, 2021 has already been set aside by this Tribunal’s Judgment dated 05th January, 2022 delivered in Company Appeal (AT) Ins. No. 503 of 2021 and the matter has been remitted to Committee of Creditors for fresh consideration.
Learned Counsel for the Appellant submits that in so far as the I.A. No. 674 of 2019 following order was passed by the Adjudicating Authority on 10th June, 2021:-
“IA 674/2019:- None appeared for the applicant even today. Ld. Counsel Ms. Meghna Rajadhyaksha appeared for the Respondent/Resolution Professional. She submitted that even in the past none appeared from the side of the applicant. Since this Adjudicating Authority has approved the Resolution Plan of Videocon Industries Limited on 08.06.2021 all the claims of the Operational Creditors have been approved by the CoC and they would get their distribution as per the plan. Therefore, this MA has become infructuous and disposed of as infructuous.”
Now in view of the fact that the Order approving the Resolution Plan dated 08th June, 2021 has already been set aside and the Order passed by Adjudicating Authority on the I.A. No 674 of 2019 was based on order dated 08.06.2021 hence the order dated 10.06.2021 is liable to be set aside and the Application is revived before the Adjudicating Authority to be considered afresh in accordance with the law.
In view of the fact that the Resolution Plan has been remitted to the Committee of Creditors, we are of the view that Adjudicating Authority shall consider and take appropriate decision at an early date on I.A. No. 674 of 2019.
With these observations, this Appeal is disposed.