AI Structured Summary
Not yet generated for this judgment
Judgment
O R D E R
23.12.2022: Heard Learned Counsel for the Appellant as well as Learned Counsel for the Respondent.
This Appeal has been filed against the Order dated 14.11.2022 passed by the National Company Law Tribunal, Allahabad Bench, Prayagraj in I.A. No. 394 of 2022. The Appellant was successful auction purchaser who claims to deposit the entire amount on 01st June, 2022 and had filed I.A. No. 394 of 2022 before the Adjudicating Authority praying for certain interim reliefs including direction to issue sale certificate. The Adjudicating Authority on 04th April, 2022 on an I.A. No. 98 of 2022 has passed following order:
“I.A. No. 98/2022 The Liquidator directed to file reply affidavit in the matter within TEN days from today. Copies of the same be served on the counsel on record for the applicant. List this matter on 26th April, 2022. In the meantime, auction sale to proceed as planned. However, the same shall be subject to outcome of this IA. Further, the liquidator shall not proceed to issue sale certificate without prior approval of this Adjudicating Authority.”
Learned Counsel for the Appellant submits that the Order dated 04th April, 2022 was not absolute prohibition from issuing sale certificate rather permitting the liquidator to obtain approval of the Adjudicating Authority for issuance of sale certificate and the Adjudicating Authority could have very well issued sale certificate even if subject to the Order passed in I.A. No. 98 of 2022. It is further submitted that one of the prayers made in the Application was that Rs. 85 Crores be deposited in the Interest Account and the amount has not been deposited even in the Fixed Deposit Account.
Learned Counsel for the Liquidator submits that the amount deposited by the Appellant has been deposited in a Term Deposit Advice which has been produced before the Court from the Kotak Mahindra Bank where interest of 3.7% is provided for 91 days deposit.
The Application 394 of 2022 is still pending before the Adjudicating Authority and we have been informed that it is fixed on 25th January, 2023, we see no reason to keep this Appeal pending, we dispose of this Appeal requesting the Adjudicating Authority to consider the I.A. No. 394 of 2022 on the next date or as early as possible and pass appropriate Order. Both the parties may request the Adjudicating Authority to pass any further order as may be deemed fit and proper.
Appellant having deposited the huge amount of Rs. 107.35 Crores, it is expected that the Adjudicating Authority shall give priority to the matter and take appropriate decision as early as possible. Learned Counsel for the Liquidator submits that period of deposit is automatically renewable.