2024 (9) TMI 1917

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....by the Learned Adjudicating Authority / National Company Law Tribunal, Chennai Bench, wherein the Learned Adjudicating Authority had passed the order to the following effect: - "In this case, Counsel for RP as well as Suspended Director stated that Hon'ble High Court of Madras has granted status quo on CIRP. Therefore matters are posted for hearing on 30.09.2024". The interpretation which has been given by the Learned Adjudicating Authority, to the orders which has been passed by the Hon'ble High Court of Judicature at Madras is an interpretation, given to the Interim Order, as if the Hon'ble High Court has granted the status quo order and as such the status quo order has to be read qua the proceedings of the CIRP also. The Appe....

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.... an order that, no third-party interest would be created with regards to the rights and in respect of the property in question, therein, when it refers to the non-creation of a right in relation to the third party, it would always be read to be in relation to the property in question, would exclusively confined to the properties which were the subject matter of proceedings under Section 19, ultimately in the appellate proceedings under Section 20 of the Recovery of Debts and Bankruptcy Act of 1993. The said order was subsequently extended and alleging that, there was non-compliance of the same. The Contempt Petition was filed being Contempt Petition No.1260/2022, when the Contempt Petition was taken up based on the statement made by the Cou....

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....t of Madras, quite in its specific terms of the order, as passed on 04.12.2019 and if it is to be read in consonance to the order of 28.01.2022, where in the contempt jurisdiction the status quo order was passed that, was exclusively confined in relation to the aspect of alienation which was the subject matter of consideration in the Interim Order, passed by the writ jurisdiction on 04.12.2019. None of the orders passed either in the writ jurisdiction or in the contempt proceedings had there been any specific directions that, there would be a stay of the proceedings of the CIRP and quite logically too that, could not have been because the Hon'ble High Court of Madras was seized with the Judgment which was emanating from the proceeding under....

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.... 'Order of Ad-interim Injunction', as prayed for, till 21.01.2020, was granted, and it was made clear that till the 'Disposal' of the 'Writ Petition', the 'Writ Petitioners', shall not 'create any Third Party Rights', in respect of the 'Properties, in question', this 'Tribunal', is of the earnest opinion that there was no 'embargo' upon the 'Adjudicating Authority' / 'Tribunal', in not 'proceeding with the IBA/49/2019' (Filed by the '1st Respondent / Bank / Financial Creditor')". This Tribunal while dealing with the impact of Section 7 proceedings has taken into consideration the effect of the Interim Order dated 04.12.2019, as it was passed in Writ Petition No.33866/2019 and in Writ Petition No.33396/2019 and while dealing with the effe....