2021 (7) TMI 1425

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....ILLA ANNA LINDA V.J AJAY BEN JOSE MANJUNATH MENON R.GITHESH P.H.ARVINDH PANDIAN (SR.) ASG-SRI.P.VIJAYAKUMAR JUDGMENT [W.P.(C) Nos. 8257, 11233 & 12125 of 2021] The challenge in these original petitions is against the proceedings of the National Company Law Tribunal (NCLT), Kochi Bench. The essential facts are as under; For the sake of convenience, the parties and the Exhibits are referred to, as described in W.P.(C) No.8257 of 2021; The proceedings under challenge pertains to the Corporate Insolvency Resolution Process initiated under the Insolvency and Bankruptcy Code, 2016 ('the Code' for short) with respect to the 4th respondent; Corporate Debtor. The proceedings commenced at the instance of two Operational Creditors. Ext.P....

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....ective alternative remedy of appeal under Section 61 of the Code. In support of this contention, reliance is placed on the Division Bench decision of this Court in Sulochana Gupta and others v. RBG Enterprises Pvt. Ltd and others (judgment in W.A.No.1083 of 2020). The averment in the writ petitions that the appeals are not being taken up, as the NCLAT is on leave, is refuted. According to the learned Senior Counsel, the appeals are defective and will be taken up only after the defects are cured. It is pointed out that the NCLAT is functioning and the appeals filed by other Operational Creditors against Ext.P2 order had come up for admission. However, no stay or even status quo order was granted. It is contended that interference by the High....

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....on of the Resolution Plan will cause serious prejudice to the Corporate Debtor and its creditors. 7. As observed by the Apex Court in M/s. Innoventive Industries Ltd v. ICICI Bank [AIR 2017 SC 4084], the IBC, 2016 is a Single Unified Umbrella Code, covering the entire gamut of the law relating to insolvency resolution of corporate persons and others in a time bound manner. The code provides a three-tier mechanism namely, (i) the NCLT, which is the adjudicating authority (ii) the NCLAT, which is the appellate authority (iii) the Supreme Court, which is the final authority, for dealing with all issues that may arise in relation to the re-organisation and insolvency resolution of corporate persons. An order passed by the NCLT is appealable to....