Giant Stride Capital MU Ltd. Formerly known as AMIF I Ltd vs Shah Alloys Ltd

Heard Shri Krishnendu Datta, learned senior counsel for the Appellant and Shri Ramji Srinivasan, learned senior counsel for the Respondent. This Appeal has been filed against order dated 24.07.2023 by which order the Adjudicating Authority directed the Appellant to produce details of consideration paid for acquiring the bonds as it is vital to decision in the case and further directed the Appellant to produce evidence that claim was lodged before the trustee and/or the Corporate Debtor before filing the application under Section 7 of I&B Code.

Learned counsel for the Appellant challenging the order contends that earlier an order was passed on 06.06.2023, in pursuance of which an affidavit has already been filed by the Appellant. It is submitted that there was no requirement of asking for the documents as contained in the order dated 24.07.2023. It is submitted that in the order dated 06.06.2023 by direction Clause (g) same direction was given. Learned counsel for the Appellant further submitted that the Adjudicating Authority by the order dated 24.07.2023 has held the payments as vital in the case whereas Appellant has not yet made his submissions. He submits that Appellant has still to contend before the Adjudicating Authority that details of consideration are not vital.

Learned counsel for the Respondent has opposed the submissions of the Appellant and submitted that the Adjudicating Authority has given opportunity to the Appellant to file relevant documents and Adjudicating Authority has yet to take a final decision and by subsequent order dated 10.08.2023 matter has been fixed for 21.08.2023 for completion of arguments.

From the facts as has been placed before  us, it is clear that the Appellant has not filed the document as asked for by the order dated 24.07.2023 and the Adjudicating Authority having already given opportunity to the Appellant to make his submissions, we are of the view that there is no reason to entertain the Appeal at this stage. It was always open for the Appellant to make all submissions before the Adjudicating Authority, which opportunity is already given. With these observations Appeal is dismissed.

Shri Krishnendu Datta has reiterated his submission that documents are not vital. It is open for the parties to make their submissions before the Adjudicating Authority and it is for the Adjudicating Authority to take a call on it.