TaxTMI 
TaxTMI 
2021 (5) TMI 339
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....nal be pleased to restrain Respondent no 3 herein (Regional Provident Fund Commissioner-1 Ahmedabad) from taking any coercive steps against the Applicants herein under the Resolution Plan approved vide order dated 27.02.2019 passed in IA 224 of 2018 in CP(IB) no 88 of 2017 be that pending the hearing and final disposal of this application, the Hon'ble Tribunal be pleased to restrain Respondent no 3 herein Regional Provident Fund Commissioner-1 Ahmedabad); d) That pending the hearing and the final disposal of this application, the Hon'ble Tribunal be pleased to restrain Respondent no. 3 herein (Regional Provident Fund Commissioner-1 Ahmedabad) from taking any coercive steps against the Applicants here in under the Resolution Plan approved vide order dated 27.02.2019 passed in IA 224 of 2018 in CP(IB) no. 88 of 2017 2. The brief facts of the case are: 2.1 CP(IB) 88 of 2017 filed by an Operational Creditor against the Corporate Debtor i.e. Rainbow Papers Limited was admitted by this Tribunal vide order dated 12.09.2017 pursuant to the public advertisement on 21.02.2018 by the Resolution Professional (hereinafter referred as "RP") for inviting Resolution Applicant and acco....
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....thority with some modification and accordingly the appeals were disposed off. 2.5 After the appeals was disposed of, Applicants took the necessary steps by getting a report made by GITCO Limited with respect to the plant of Rainbow Papers Limited with an object of assessing the condition of plant and machinery etc. It is submitted by the Applicant that some shocking facts were revealed from the report. Due to the false statements and concealments, a false and illusionary picture of the Corporate Debtor was presented to the Applicant. If the actual capacity has been stated in the information memorandum, the Applicant no 1, being one of the leading paper manufacturing company in India, would have opened up many other business strategies. Hence, it is with this belief the Applicants submitted their Resolution Plan but since with the actual capacity all this is not possible and the plan and the objectives of the Applicant no. 1 behind submitting the Resolution Plan are seriously jeopardized and also, there has been a serious violation of the law (as alleged in the application). 2.6 In view of the above, the Applicant submits that the order of approval of the Resolution Plan deserve....
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....it will cause great prejudice and irreparable harm to the Applicants while on the other hand, if the interim relief as prayed for, is granted no prejudice will be caused to Respondent no. 3. The Applicants further prayed that the Respondent 3 is required to be joined as a party in IA 230 of 2020. 3. On issuance of the notice, the Respondents appeared and filed their reply. While going through the reply filed by Respondent no 1 (CoC), it is observed that the Respondent no 1 has denied all the statements/averments made by the Applicants in the present application, the Respondent no. 1 herein is solely objecting on the maintainability of the application filed for recalling of the order dated 27.02.2019 as the Applicants have already exhausted their legal remedies with regard to the quantum and payment of the employee provident fund. Moreover, by virtue of the final decision given by the Hon'ble NCLAT and thereafter, by Hon'ble Apex Court, the present application seeking the present relief is not maintainable and is liable to be dismissed on this sole ground. 4. On receiving the notice, Respondent no 3 appeared and filed his reply denying all the facts stated, contentions and....
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....t application is misconceived, untenable in law and beyond the scope of jurisdiction of this Adjudicating Authority as any indulgence in the interim relief sought in the present application will amount to sitting in appeal against the order dated 19.12.2019 passed by the Hon'ble NCLAT. Accordingly the present application deserves to be dismissed with heavy cost with further direction to immediately comply with the order dated 19.12.2019. 7. Heard both sides at length, gone through the records and also seen the application and reply so filed by the parties. It is a matter of record that, the Applicant on approval of the Resolution Plan has failed to implement the Plan within the time frame as stipulated in the Resolution Plan. The order dated 27.02.2019 passed by this Adjudicating Authority has also been assailed before Hon'ble NCLAT, wherein Hon'ble NCLAT vide its order dated 19.12.2019 has partially modified the order. However, Resolution Applicant has preferred a Civil Appeal no. 1920 of 2020 before the Hon'ble Supreme Court against the impugned order dated 19.12.2019, so passed by Hon'ble NCLAT. The said Civil Appeal came to be dismissed by Hon'ble Supre....