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Judgment
The matter was heard today on admission.
The Learned Counsel for Appellant stated that he is aggrieved by the Impugned Order dated 26.8.2021 in I.A. No. 3710/2021 in CP (IB) No. 575/ND/2017, wherein the Appellant (Applicant before NCLT, New Delhi) had prayed for the following relief which was not granted by the Adjudicating Authority:-
"a. That this Hon'ble Tribunal be pleased to take the additional documents annexed along with this application and averments made in para 4 on record for the purposes of adjudication upon the I.A. No. 412/2021."
He has claimed that the Appellant was denied permission vide the Impugned Order in IA No. 3710/2021 to place certain documents on the record of IA No. 412/2021, which was under consideration of the Adjudicating Authority. Upon being asked as to which are the concerned documents, the Learned Counsel for Appellant showed the letter dated 19.8.2021 of Small Industrial Development Bank of India (in short SIDBI) (attached at page 164 of the Appeal Paperbook) to claim that since SIDBI has accepted a settlement with erstwhile Corporate Debtor M/s. Delicious Coco Water Private Limited, it should be taken on record by the Adjudicating Authority and considered IA No. 412 of 2021.
The Learned Counsel for R-1 (Liquidator of Delicious Coco Water Private Limited) has vehemently opposed the admission of Appeal stating that the liquidation in the matter has been going on for about 2 years now, and since SIDBI has accepted the settlement offer of M/s. Delicious Coco Water Private Limited subject to the outcome of the application filed by the Corporate Debtor under Section 230 of the Companies Act, 2013, there is no need to admit this Appeal. He has further submitted that it would cause unnecessary delay liquidation proceedings and hence the Appeal should not be admitted.
We think it desirable to hear SIDBI, which had purportedly issued letter dated August 19, 2021 referred to by the Learned Counsel of the Appellant in the matter. Since SIDBI was not present, the Learned Counsel for Appellant offered to request SIDBI's counsel to appear before the Tribunal today itself and requested for the matter to be passed over till later in the day.
The matter was again taken up after sometime, when the Learned Counsel for Appellant stated that SIDBI's Counsel is not in a position to appear before this Tribunal.
We have taken note of the Impugned Order (pp.26-28 of the Appeal PaperBook) relating to IA No. 3710 of 2021, wherein the Adjudicating Authority has recorded that IA No. 412 of 2021 was already heard and reserved for orders on 6.8.2021. IA No. 3710/2021 was filed after 6.8.2021 and hence the Adjudicating Authority did not permit the Applicant-Appellant to bring the additional documents on record. Moreover on perusal of SIDBI's letter dated 19.8.2021(supra), we find that SIDBI has accepted the offer of settlement subject to the decision of NCLT in the application under Section 230 of the Companies Act, 2013, wherein it has also stated that liquidation proceedings of the Corporate Debtor may continue. We are, therefore, not inclined to admit the Appeal.