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Judgment
ORDER
20.05.2022: Heard Learned Counsel for the Appellant as well as Learned Counsel appearing for the Respondent/‘Bank of Baroda’. This Appeal has been filed against the Order dated 22/02/2022 passed by the Learned Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court-II) in I.A. 2059 of 2021 in CP (IB) No.-702/(ND)/2018. The Applicant has prayed for following prayers in his Application:
“a. Issue direction to Respondent to reinstate the fixed deposits of Rs. 7.76 Crore of the Corporate Debtor and provide certificate of reinstatement to the Resolution Professional.
b. Issue direction to Respondent to provide custody and control of the fixed deposits of 7.76 Crore of the Corporate Debtor to the Applicant/Resolution Professional.
c. To direct the Respondent to release the accrued interest of the fixed deposits accrued from 25.07.2018 till date and further to the escrow account of the corporate debtor along with control of the said account to the Resolution Professional.
d. and pass such other as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the present case.”
The Application came for hearing before the Adjudicating Authority who observed that neither the Counsel appearing for the RP nor the RP was aware of the facts mentioned in the Application, the Application was dismissed with cost of Rs. 10,000/-.
The Resolution Professional, aggrieved by the Order, has come up in the Appeal. The cost has already been deposited to PM Relief Fund in pursuance of the Order dated 22/02/2022.
Counsel for the Appellant submitted that due to technical glitch they could not express themselves nor could explain of the facts to the Court. He submits that the Application has been rejected by the Adjudicating Authority due to such default on part of the Applicant, hence, in the ends of justice, the Applicant may be given another opportunity to make their submissions in their I.A. 2509/2021.
We are of the view that the imposition of cost of Rs.10,000/- by the Adjudicating Authority for the default shall meet the interest of justice, which has already been deposited.
We, after hearing the Counsel for the Applicant, are of the view that one opportunity may be given to the Applicant to make his submissions in I.A. 2059/2021.
The Appeal is party allowed and the Application I.A. 2509/2021 is revived before the Adjudicating Authority, who may hear the Counsel for both the parties, in I.A. 2509/2021 afresh and decide the matter on merits. However, the Order in so far directs for the deposit of the cost is maintained.
Learned Counsel for the Financial Creditor submits that the Application has already filed before the Adjudicating Authority for change in RP. It is open for the Counsel for the Financial Creditor to request the Adjudicating Authority to hear pending Applications also.