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Judgment
The Appellant preferred this Appeal against the order dated 06.09.2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Court No. III) in I.A No. 2714 (ND)/2021 in IB No. 581 (ND)/ 2020, whereby allowed the Application of Unsuccessful Resolution Applicant and deferred the approval of resolution plan on certain conditions.
Brief facts of this case are that the resolution plan submitted by the Successful Resolution Applicant (Appellant herein) has been unanimously approved by the CoC and the Resolution Professional (RP) has filed an Application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39 (4) Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 seeking approval of resolution plan submitted by the Appellant. Unsuccessful Resolution Applicant i.e. Amanat Randhawa Hotels Pvt. Ltd. preferred an Application (I.A. No. 2763 of 2021) on 23.06.2021 before the Adjudicating Authority seeking direction to consider their Expression of Interest (EOI). Which is filed after last date of submission of EOI. Ld. Adjudicating Authority vide order dated 08.07.2021 dismissed the Application. Unsuccessful Resolution Applicant has filed an Appeal i.e. CA (AT) (Ins) No. 701 of 2021 before this Appellate Tribunal against that order. Thereafter, Unsuccessful Resolution Applicant has filed another Application I.A. No. 2714 of 2021 with the prayer that during the pendency of their Appeal the proceedings for approval of resolution plan may be stayed. Ld. Adjudicating Authority vide order dated 06.09.2021 allowed the Application on following conditions:
"1. Amanat Randhawa Hotels Pvt. Limited shall pay Rs. 10 crores to R.P. of the Corporate Debtor within seven working days and the same shall stand forfeited to the credit of Resolution Professional for the benefit of the Corporate Debtor in the event of dismissal of its appeal preferred before NCLAT.
Apart from payment of above amount of Rs. 10 crores, an amount of Rs. 50 crores shall be paid by Amanat Randhawa Hotels Pvt. Limited on or before 23.09.2021 and it is a refundable deposit which will not carry any interest.
So, in view of the above, the present application filed by the Resolution Professional stands posted to 28.09.2021."
Against the order dated 06.09.2021, Unsuccessful Resolution Applicant has preferred an Appeal CA (AT) (Ins) No. 785 of 2021 before this Appellate Tribunal and the same order has been challenged by the Successful Resolution Applicant 'Sarabjit Singh' in the present Appeal. The Coordinate Bench of this Appellate Tribunal heard both the Appeals together, filed by the Unsuccessful Resolution Applicant and vide Judgment dated 07.10.2021 dismissed both the Appeals.
Ld. Counsel for the Appellant submits that in the light of the aforesaid Judgment the impugned order dated 06.09.2021 is liable to the set aside.
Ld. Counsels appearing on behalf of the Respondent No. 1 (RP) and Respondent No. 2 (COC) have no objection in allowing the prayer.
We have carefully examined the facts of this case. Now, the impugned order dated 06.09.2021 is not in existence due to two reasons. (i) As informed the Unsuccessful Resolution Applicant has not fulfilled the conditions as stated above in Para 2 of this order (ii) The impugned order has been passed only till decision of the Appeal CA (AT) (Ins) No. 701 of 2021, the Coordinate Bench has dismissed this Appeal vide Judgment dated 07.10.2021.
In such circumstances, we are of the view that now the impugned order dated 06.09.2021 is not in existence. Therefore, the Adjudicating Authority is free to consider the Application (I.A. No. 2714 of 2021) filed by the RP, seeking approval of resolution plan.
Thus, the Appeal is disposed of. However, no order as to costs.