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Judgment
This appeal has been filed against order dated 29.02.2024 passed by the Adjudicating Authority in two Intervention Applications No. 10 of 2023 and 11 of 2023 which Intervention Applications were filed in the application filed for restoration of the Company Petition, which was disposed of as withdrawn on settlement between the parties. The Applicants in the Intervention Applications claim that they are shareholders of the Corporate Debtor and in the Intervention Application they have raised various allegations including allegation of collusion. The Adjudicating Authority allowed the Intervention Applications. Aggrieved by which order, the Appellant has come up in this appeal.
Learned counsel for the Appellant submits that the inter-se dispute between the shareholder cannot be gone into in the Company Petition, hence, the Shareholders ought not to have been permitted to intervene and its Restoration Application should be decided on its own merits.
We have considered the submissions of learned counsel for the Appellant and perused the record.
The Adjudicating Authority in Para 12 and 13 has made following observations:
“12. Keeping in view the allegations raised with respect to collusion in the Intervention Applications and to consider the aspect in toto, we allow the Intervention Applications being Inv. P (IB) No. 10/KB/2023 and Inv. P (IB) No. 11/KB/2023 to the extent of intervention of the Applicants in the respective intervention applications as Respondents in the Restoration Application (IB) No. 15/KB/2021 in CP (IB) No. 49/KB/2021.
Allowing the said Intervention Applications shall not be construed as any opinion on the basis of merits of the allegations raised in the Intervention Applications.”
The Adjudicating Authority has already observed that allowing the Intervention Applications shall not be construed as any opinion on the basis of merits of the allegations raised in the Intervention Applications. We are of the view that said observation amply protects the interest of the Appellant. It goes without saying that the application filed by the Appellant for restoration of Company Petition shall be decided by the Adjudicating Authority in accordance with law. With these observations, Appeal is disposed of.