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Judgment
R. D. Khare, Chairperson
Heard the learned counsel for the appellant.
The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 19.12.2022 passed by the DRT, Lucknow in S.A. No. 423/2021, whereby the amendment application filed by the suspended directors of the respondent-company was allowed.
It is argued that the Hon’ble NCLT, Allahabad had admitted the application filed under section 7 of the IBC, 2016 and appointed the respondent no. 2- Kamlesh Kumar Taneja as IRP. It is further argued that after appointment of the IRP, the powers of respondents No. 3 and 4 stood suspended, therefore, they cannot represent the corporate debtor for all intent and purpose. It is also argued that the respondent No. 1-company had entered into a MOU agreement dated 08.01.2021 with the appellant Bank through letter of authorization dated 04.01.2021 and delivered the physical of the property in question to the Bank on 08.01.2021 and also undertaken that they will not challenge any action of the Bank in any court of law. As such the S.A. filed by the respondents was itself not maintainable, hence the amendment application also, but the Tribunal below ignoring all these facts passed the order impugned allowing the amendment application filed by the suspended directors of the respondent-company therefore, the order impugned may be set-aside.
In view of the aforesaid, the order impugned is set aside and the appeal is finally disposed off with liberty to the appellant to raise all the issues, whatever he has, before the Tribunal below with regard to the amendment application filed by the respondents and the Tribunal below shall consider and decide the same afresh in accordance with law at the time of final disposal of the S.A. No. 423/2021, which is stated to be pending, within the time as ordered earlier.