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Judgment
ORDER
25.07.2023: This Appeal is directed against the Order dated 01.03.2011 by which an application filed by the Resolution Professional of the Corporate Debtor under Section 43(1) and 66 of the Insolvency & Bankruptcy Board of India alleging preferential act, undervalued and fraudulent transactions by Respondent No. 2 to 4 has been dismissed on the ground that after the approval of the Resolution Plan the tribunal does not have the jurisdiction to entertain and decide the avoidance application and in this regard reliance has been placed upon a Single Bench judgment of the Delhi High Court rendered in the case of M/s Venus Recruiter Private Limited Vs. Union of India & Ors. dated 26.03.2020.
Counsel for the parties, ad idem that the impugned order, based upon a Single Bench Judgement of the Delhi High Court rendered in the case of M/s Venus Recruiter Private Limited (supra) is unsustainable because the judgment in the case of M/s Venus Recruiter Private Limited (supra) rendered by the Single Judge has been reversed by the Division Bench of the Delhi High Court itself which is reported as Tata Steel BSL Limited Vs. Venus Recruiter Private Limited & Ors. 2023 SCC Online Delhi 155.
Since the applications filed by the Resolution Professional was dismissed on the ground of lack of jurisdiction by the Learned Tribunal, therefore, the present appeal is hereby allowed in terms of the order passed by the Division Bench in Tata Steel BSL Limited (supra) and the matter is remanded back to the Learned Tribunal to decide it again in accordance with law.
The parties are directed to appear before the Learned Tribunal on 31st August, 2023.