2024 (12) TMI 1773

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....Chawla and Ms. Ananya, Advocates for R-1. Mr. Udit Gupta, Ms. Amarnath Sahoo and Ms. Deepshika Kumar, Advocates for R-2. ORDER Per: Justice Rakesh Kumar Jain (J) (Oral) This Appeal is directed against an Order dated 04.09.2020, by which an Application bearing I.A. No. 139/2019 filed by KEC International Ltd. (Respondent No. 1) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, (Code) for a direction to the Resolution Professional (RP) of the Corporate Debtor M/s. Diamond Power Infrastructure Limited to hand over the goods of the Applicant (raw material/semi-finished/finished to Respondent No. 1 within the time bound manner has been allowed. 2. Shorn of unnecessary details, a Job Work Agreement dated 04.11.2017 w....

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....e goods were handed over by RP to Respondent No. 1 on 28.10.2020. 6. Mr. Hussain appearing on behalf of the Appellant has however submitted that the ED filed a statutory Appeal under Section 42 of the Act before the Hon'ble High Court of Gujarat at Ahmedabad bearing First Appeal No. 5180/2019 to challenge the Order dated 18.02.2019, by which, the Appellate Authority of the PMLA had quashed the Order dated 24.04.2018 and 01.10.2018. 7. In the Appeal, an Interim Order was passed on 02.12.2020, which read thus: "7. In the aforesaid view, the order dated 18th June, 2019 passed by the Appellate Tribunal, PMLA, New Delhi, which is impugned in this appeal whereby attachment of the properties of M/s. DPIL is released shall remain sta....

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.... Respondent No. 1 before the Order of stay by the High Court but despite adjournments given in this regard, no concrete Reply has been given, therefore, this Court has decided to adjudicate this issue as to whether, in the given facts and circumstances, the Appeal should continue or not. 12. We have heard the Counsel for the Parties and perused the record with their able assistance. 13. The issue travels in a narrow compass as to whether the Order dated 02.12.2020, passed by the Hon'ble High Court of Gujarat, staying the operation of 18.06.2019, shall have any impact, after the Order dated 04.09.2020 has been passed and the goods have been received by Respondent No. 1 in terms of the said Order. In this regard it is suffice to mention....

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....ted September 04, 2020 passed by the Hon'ble National Company Law Tribunal, Ahmedabad Bench ("NCLT") and subsequently on October 21, 2020 upon the application(s) filed by KEC International Limited in IA No. 139/2019 and Resolution Professional of Diamond Power Infrastructure Limited ("Corporate Debtor") in IA 587/2020 respectively whereby, the Hon'ble NCLT was pleased to direct the Resolution Professional of Corporate Debtor to handover the goods of KEC International Limited lying in the possession of Corporate Debtor. Pursuant to the aforementioned order(s), Mr. Bhuvan Madan, the Resolution Professional is pleased to handover identified goods pertaining to KEC International Limited (raw material/semi-finished/finished) which w....