2022 (7) TMI 101

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....The Jeypore Sugar Co. Ltd. This 'Tribunal' has heard Mr. Virender Ganda, the Learned Senior Counsel appearing for the Respondent Nos.1 and 2. Mr. P. Wilson, the Learned Senior Counsel appearing for the Respondent No.13 / 'Successful Bidder' is also heard by this 'Tribunal' in the 'Instant Company Appeal (AT)(CH)(INS) No.236/2022. According to the 'Appellant' / 'Liquidator', the Appellant has a good prima facie case on 'merits', in view of the fact that the 'Impugned Order' dated 03.06.2022 in IA(IBC)579/CHE/2022 in CP/1307/IB/2018 passed by the 'Adjudicating Authority' (National Company Law Tribunal, Division Bench - II, Chennai), is without due consideration of the relevant material facts and against the 'objectives' of the Insolvency & B....

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....ct circumstances' of the 'Case'. Moreover, if the 'Interim Order' passed by the 'Adjudicating Authority' (National Company Law Tribunal, Division Bench - II, Chennai) dated 03.06.2022 is vacated by this 'Tribunal', then, it will be against the 'interest of the Corporate Debtor'. Mr. Wilson, the Learned Counsel appearing for the 13th Respondent / Successful Bidder submits that the 'Successful Bidder' had paid a sum of Rs.2,30,00,000/- (Rupees Two Crore and Thirty Lakh Only) and in fact, the 'Committee of Creditors' had also found that the 'Iron Scraps' were lying and as such, the 'Interim Order', certainly was against the interest and well being of the Respondent No.13. The 'Other Grievance' of the Learned Senior Counsel for the Responden....

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....ing Respondents' 'Replies' / 'Responses' / 'Counters' 'filed' / 'to be filed' and also the 'Rejoinder', if any, filed by the 'Appellant' / 'Liquidator' and only thereafter is to pass a 'Reasoned' / 'Speaking' Order in a qualitative and quantitative term by adhering to the 'principles of Natural Justice' in the letter and spirit. It is made clear that without providing an adequate opportunity of 'Hearing', at any cost, the 'Adjudicating Authority' (National Company Law Tribunal, Division Bench - II, Chennai) shall not pass an 'Order' in IA(IBC)579/CHE/2022 in CP/1307/IB/2018, on its file. Besides this, the 'other Respondents' for whom the 'Notices' were ordered by the 'Adjudicating Authority' (National Company Law Tribunal, Division Bench -....