Union of India vs Infrastructure Leasing and Financial Services Ltd. & Ors

I.A. No. 1162 of 2023:

Heard  Learned  Counsel  for  the Applicant as well as Learned Counsel appearing for the Respondent.

By this application the applicant has prayed for following reliefs:

(A) Final Relief

i. direct that the claims of the Applicant will be prioritized over the claims of Respondent No. 2 and the amounts payable by Respondent No. 3 towards the claims of Respondent No. 2 should be first utilised towards payment of the debt of Respondent No. 3 under the Debentures and once the same is paid in full, balance amounts should only be paid to Respondent No. 2 by the Respondent No. 3;

ii. declare that the Applicant is a secured creditor of Respondent No. 3 and direct that the claims of the Applicant be re-categorized; accordingly, and

iii. pass any other or further orders/ directions as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of this case.

(B) Interim Relief

i. direct that Respondent No. 3 will be kept out of the scope of the Interim Distribution Order, or grant an ad-interim stay on the interim/ proposed or any other distribution of funds of Respondent No. 3, till the Application is finally heard and decided; and

ii. pass any other or further orders/ directions as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of this case.

We are of the view that for the reliefs which have been claimed, as per the Resolution Frame work applicant has to first file an appropriate application before the Adjudicating Authority in the concerned matter.

We are of the view that this application cannot be entertained by us in this appeal. The application stands dismissed with liberty aforesaid.