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Judgment
Heard Learned Counsel for the Appellant.
This Appeal has been filed against the Order dated 16th June, 2022. By which Order, the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench, Cuttack) has rejected the I.A. (IB) No. 77/CB/2022 filed in CP(IB) No. 63/CB/2021. The Applicant has filed Section 9 Application against the Corporate Debtor on 10.04.2021, subsequently the Application I.A. (IB) No. 77/CB/2022 was filed in March, 2022 which has been dismissed by the Impugned Order.
By the Application, Applicant sought a restraint order on the Corporate Debtor from selling his plant and machinery. The Adjudicating Authority has considered the Application and noted in the Order that Corporate Debtor has passed a Resolution on 22nd December, 2021 to sell unused, scraped, outdated, obsolete plants and machineries of the Corporate Debtor which Resolution was approved, relying on the said Resolution, the Adjudicating Authority rejected the Application I.A.(IB) No. 77/CB/2022.
Learned Counsel for the Appellant contends that Section 9 Application is pending consideration for long time and in event the Corporate Debtor is allowed to sell everything, the Appellant may not receive his dues since he has filed Section 9 Application for default committed by the Corporate Debtor.
Considering the submissions of Learned Counsel for the Appellant, we are of the view that no grounds have been made out to interfere with the Order impugned. The Adjudicating Authority relied on the Resolution dated 22nd December, 2021 of the Board of Directors in refusing to pass any restraint order. We are of the view that Section 9 Application which is pending, may be heard and decided by the Adjudicating Authority at an early date. We further grant liberty to Appellant to file any other Application for Interim Relief in event the Corporate Debtor proceed to sell immovable property.
Subject to above, this Appeal is dismissed.