Jag Mohan Garg vs Rahul Jindal

“51.

In view of the fore-going discussions, Company Appeal (AT) Ins. No. 14 of 2022 is disposed of in following manner:

i.

The Order dated 01.11.2021 passed in C.A. No. 1090(PB)/2020 in so far as it canceled the approval given to the Resolution Plan by Order dated 04.01.2022 as well as forfeiting Rs. 20 Crores deposited by the Resolution Applicant is affirmed.

ii.

The Order dated 01st November, 2021 in so far as direction No. III is concerned, is set aside.

iii.

National Company Law Tribunal, Principal Bench, New Delhi is requested to dispose of C.A. No. 01 of 2018 within a period of three months from the date when copy of this Judgement is produced for the reasons as noted above.

iv.

The Resolution Professional after decision of C.A. No. 01 of 2018 may invite fresh ‘Expression of Interest’ and complete the process within two months thereafter. The period of CIRP shall be treated to have been extended till then.

v.

Company Appeal (AT) Ins. No. 15 of 2022 is dismissed. No order as to costs.”

“51.

In view of the fore-going discussions, Company Appeal (AT) Ins. No. 14 of 2022 is disposed of in following manner:

iv.

The Resolution Professional after decision of C.A. No. 01 of 2018 may invite fresh ‘Expression of Interest’ and complete the process within two months thereafter. The period of CIRP shall be treated to have been extended till then.

“1.

Learned Counsel for the Appellant submits that I.A. No. 1219/2024 has been filed by the Resolution Professional (RP) where following prayers have been made:

“1)

Allow this present application.

2)

Pass an order allow the Applicant/Resolution Professional to re-run the process to re-publish Invitation for Expression of Interest (FORM G) in the matter of CIRP of the Corporate Debtor as resolved by the Committee of Creditors in its 23rd Meeting with 100 % of majority.

3)

Pass an order the extend the CIRP period for 90 days from the date of passing the order in the instant application.

4)

Allow the Applicant to appoint the registered valuers for yet again undertaking the fresh valuation (recent) of the assets of the Corporate Debtor in terms of Regulation 27 r/w Regulation 35 of IBBI (Insolvency Resolution Process for Corporate Persons) regulations, 2016 as on the date of passing the order in the instant application;

5)

Pass such further orders as this Hon’ble Adjudicating Authority may deemed fit and proper in the interest of justice in light of the circumstances and facts.”

2.

It is submitted that Prayer 2 & 4 are still pending for consideration. It is submitted that despite several orders CA No. 01/2018 numbered as I.A. No. 6139/2023 has not yet been disposed of which is now fixed by Impugned Order on 31.07.2024.

3.

Learned Counsel for the Appellant submits that Committee of Creditor (CoC) as well as the RP are ready to incorporate all details of litigation including the pendency of I.A. No. 6139/2023 which relates to dispute regarding the 5th Floor of the Hotel while inviting the fresh Form-G. It is submitted that however, in view of the Application 1219/2024 being pending, the RP is unable to issue any Form-G.

4.

In facts of the present case, we are of the view that interest of justice being served disposing the Appeal requesting the Adjudicating Authority to pass orders on the I.A. 1219/2024 on the date fixed or as early as possible.

With these observations, we dispose of the Appeal.

Learned Counsel for the Appellant submits that in view of the clarification issued by this Tribunal on 09.02.2024 the pendency of CA 01/2018 is not an impediment in issuance of fresh Form-G.”