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Judgment
ORDER
11.10.2023: Heard Learned Counsel for the parties as well as the Intervenors.
This Appeal has been filed against the order dated 07.12.2022 passed by the Adjudicating Authority by which order the Adjudicating Authority has allowed the application of Resolution Professional and directed for liquidation. The Appellant- Successful Resolution Applicant could not make the payment as per the Resolution Plan and three cheques were dishonored. On the basis of the said fact, Resolution Professional filed an application which has been allowed by the impugned order.
When Appeal was heard by this Tribunal on 27.01.2023, Counsel for the Appellant submits that the Appellant is ready to deposit the entire amount. On 27.01.2023, following order was passed:-
“27.01.2023: Learned Counsel for the Appellant-Successful Resolution Applicant submits that Appellant is still ready to comply with the Resolution Plan and make all balance payment within two weeks in the designated account. 2. Let the Appellant make the entire payment within two weeks. An Affidavit including the proof of the payment be filed after two weeks. 3. List this Appeal on 20th February, 2023. In the meantime, no further steps shall be taken in pursuance of the Impugned Order dated 07th December, 2023.”
It is noticed that the Learned Counsel for the Appellant took further time to deposit the entire payment but could not deposit the entire payment, hence, interim order stood vacated on 05.09.2023.
Learned Counsel for the Appellant took liberty to file an Affidavit and an Affidavit has been filed titled as ‘Compliance Affidavit’ where details of payment made. Balance payment of Rs.73,75,000/- has been deposited as mentioned in paragraph 3 of the Affidavit which is the last installment. Appellant case is that the entire amount under the plan has been paid in the designated account in terms of the Resolution Plan.
Learned Counsel for the CoC submits that the CoC be allowed to appropriate the amount deposited.
Learned Counsel for the intervenors who are promoter of the Corporate Debtor submits that they have applied for renewal of the lease of the land. Intervention Application was filed on behalf of Mr. Khajan Chandra Joshi being IA No.1119 of 2023 who has expired and another Intervention Application on behalf of his heirs has already been filed as submitted by Counsel for the Intervenors.
In the facts of the present case, we are of the view that any of the issues raised by the Intervenor cannot be examined in this Appeal, however, liberty is granted to the Intervenor to file an appropriate application before the Adjudicating Authority in accordance with law.
In view of the developments which have taken place in the Appeal and the facts that entire amount has been deposited and initially protection was granted by this Tribunal, it is submitted that no steps have been taken in the liquidation sofar except for inviting claims. We are of the view that the impugned order of liquidation dated 07.12.2022 deserves to be set aside and the Appellant may take steps for implementation of the Resolution Plan in accordance with law.
The Appeal is disposed of accordingly.