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Supreme CourtDivision Bench(2019) 12 SC CK 0229

Ultratech Cement Ltd vs Tonnu Ram (Since Deceased) Through His Legal Heirs

Supreme Court Of India · Decided on 16 December 2019

HON’BLE JUDGES
A.M. Khanwilkar, J · Dinesh Maheshwari, J
RESULT
Disposed Of
CASE NUMBER
Special Leave Petition (Civil) Diary No(s). 42997 Of 2019

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Judgment

8 paragraphs · 358 words

Delay condoned.

Learned counsel for the petitioner has invited our attention to the assertion made in the application filed before the Executing Court to contend that the apprehension entertained by the petitioner that the High Court's order in question will be misconstrued and misapplied as having determined the issue about the liability of the petitioner for recovery of the amount due and payable by respondent No.4- M/s. Jaiprakash Industries has come true. That is despite the scheme sanctioned by the Company Court/NCLT which clearly extricates the petitioner from such liability, coupled with the fact that the respondent No.4- M/s. Jaiprakash Industries accepts its liability.

Going by the impugned judgment, in our view, it merely decides singular issue regarding impleading the petitioner as party to the proceedings pending before the High Court as a proper party. No more and no less. It cannot be construed as permitting third party to pursue claim for recovery against the petitioner in disregard of the scheme of arrangement propounded by the NCLT in respect of respondent No.4- M/s. Jaiprakash Industries.

Despite this clear position, if any third party intends to pursue remedy against the petitioner, the Executing Court would be duty bound to examine the purport of the stated scheme propounded by the NCLT and pass orders strictly in consonance therewith. It would be open to the petitioner to invite attention of the Executing Court or any other Forum about the relevant provisions in the scheme in support of the argument that the liability to pay the dues will remain that of respondent No.4- M/s. Jaiprakash Industries as per the stated scheme.

We hope and trust that all aspects and contentions available to the concerned parties will be considered by the Executing Court in its right perspective.

Having said so, we do not deem it necessary to issue a formal notice to the respondents but if they have any grievance, they can file a formal application which will be considered on its own merits.

Besides this, nothing more is required to be said in this Special Leave Petition. The Special Leave Petition is disposed of accordingly.

Pending applications, if any, stand disposed of.