2023 (3) TMI 244

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.... Sinha, Mr. Rahul Gupta, Mr. Vikas, Mr. Ritesh Sharma, Ms. Damini, Mr. Harman Sandhu, Mr. Siddharth Aggarwal Advocates for R1&2. Ms. Pooja Mahajan, Mr. Savar Mahajan, Ms. Vinita Sasidharan, Ms. Shreya Mahalwar, Advocate for R3. JUDGMENT ASHOK BHUSHAN, J: 1. This Appeal has been filed against an Order dated 02.02.2023 passed in I.A./656/ND/2023 in IB/571/PB/2021 by National Company Law Tribunal, New Delhi, Court IV (hereinafter referred to as "The Adjudicating Authority"). The Order passed is as follows: "Heard the preliminary submissions made by the Ld. Counsel for the petitioner and the Ld. Counsel for the Resolution Professional as well as the Ld. Counsel for the CoC. This matter requires detailed considerations of various provisio....

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....t. Ltd. a subsidiary company of the Corporate Debtor. The Resolution Professional was authorized by the Committee of Creditors to take all steps necessary that may be required for changing the management of "ARIA", including nominating directors to the Board of ARIA. On the resolution, e-voting took place. 3. Application I.A./656/2023 was filed before the Adjudicating Authority praying for following reliefs: "A. Quash and/or set aside the Illegal resolutions (as defined above) passed in the 5th COC meeting of the Corporate Debtor i.e., Item No. B2; B. Quash the illegal decision of the COC as passed in the 5th COC meeting as Item No. A5; C. Pass an ex-parte ad interim order staying the decision and/or Resolutions passed in the 5th C....

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....Order dated 02.02.2023 was passed after hearing elaborate arguments by the Adjudicating Authority on 01.02.2023 and 02.02.2023. On 15.02.2023 which was a date fixed, the Appellant took one day time for filing Reply hence hearing could not take place and now the Adjudicating Authority has fixed the Application for hearing on 01st and 2nd March, 2023. The direction of the Adjudicating Authority not to take steps to implement the resolution is only to protect the status quo, the order has been passed by the Adjudicating Authority in the midst of the hearing which needs no interference in this Appeal. 7. We have considered the submissions of Learned Sr. Counsel for the parties and have perused the record. 8. We have noticed the prayers which ....

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....d for is granted. The interim order granted in this matter shall continue till the next date of hearing. ...." 9. No exception can be taken to the order passed by the Adjudicating Authority on 15.02.2023 extending the interim order and fixing the next date on 01st and 2nd March, 2023. We thus are of the view that at the stage when the Adjudicating Authority is seized of the application I.A. 656/2023 and had already fixed date on 1st and 2nd March, 2023 for hearing of the application, this Appeal need not to be entertained. 10. Learned Counsel for both the parties has relied on Judgment of Hon'ble Supreme Court in [1990 (Supp.) SCC 727] "Wander Ltd. and Another Vs. Antox India P. Ltd." where Hon'ble Supreme Court laid down following in....