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Judgment
O R D E R
15.07.2024: Financial Creditor filed an application under Section 7 of the IBC, 2016 (in short ‘Code’) for the resolution of an amount of Rs. 81,15,000/- (principal amount) alongwith interest of Rs. 34,01,721/-. The Tribunal opined that the date and default is but kept the CIRP in abeyance, directing the Appellant to deposit Rs. 81,15,000/- in the Bank of Baroda, Bhadra Branch, Ahmedabad.
Counsel for the Appellant has submitted that against the same impugned order dated 16.05.2024, the Financial Creditor has also filed an appeal bearing CA (AT) (Ins) No. 1124 of 2024 in which notice was issued and is listed for hearing today.
Counsel for the Appellant has submitted that in compliance of the order dated 16.05.2024, the Appellant had already deposited Rs. 81,15,000/- by way of FD.
Since, the Appellant had already deposited the aforesaid amount, therefore, the Tribunal passed the following order that “in view of the above, the order of CIRP dated 16.05.2024 passed is hereby withdrawn and CD is released from the rigour of law. The company to function with its own board of directors. Further, the IRP is released from the assignment”.
Since, by virtue of the order dated 11.07.2024, the present Appellant (CD) has been absolved from the rigour of the CIRP, therefore, the Appellant does not have any cause of action to maintain this appeal.
At this stage, Counsel for the Appellant has submitted that the Appellant is still aggrieved against the order dated 11.07.2024 which the Appellant intends to challenge by way of an appeal because the amount of Rs. 81,15,000/- has been ordered to be paid to the Financial Creditor which is not within the domain of the Tribunal.
We have heard Counsel for the Appellant and after perusal of the records, are of the considered opinion that so far as the present appeal is concerned, it has outlived its life, therefore, it has become redundant after the order dated 11.07.2024 has been passed.
In view thereof, the present appeal is dismissed as infructuous/redundant. However, liberty is granted to the Appellant to assail the order dated 11.07.2024, as prayed, in accordance with law.