TaxTMI 
TaxTMI 
2026 (10) TMI 399
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....l. 2. It is stated that the appellant's head office is based at New Delhi. The appellant received oral information about the impugned judgment having been pronounced. After the said information, the appellant sought details from the erstwhile counsel regarding the grounds/ reasoning of the judgment, however, appellant was informed that such details will only be available once a copy of the impugned judgment is made available by the learned Trial Court. 3. It is stated that, though, the judgment was pronounced on 16.12.2025, but due to the onset of the court holidays, the learned counsel for the appellant was unable to apply for a certified copy. Once the court opened after holidays in January, 2026, the application was made for obtaining a certified copy of the impugned judgment. The impugned judgment was made available to the appellant on 24.01.2026. It is submitted that the appellant had to consult at various stages as regards the steps required to be taken in the matter. In the middle of February, 2026 the Board of Directors of the appellant decided to file an appeal. It is in course of these processes, the delay of 27 days has occurred. 4. Relying upon the judgment of ....
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....the contract provision. Admittedly, the plaintiff was carrying out work at the facilities of defendant No. 1 (Defendant 1st party in the suit) as sub-contractor of the defendant no. 4 (Defendant 2nd party in the suit). 11. The plaintiff claimed that some direct payments were also made to the plaintiff by defendant No. 1 which was to be adjusted from the running account bill of the subject package. Thus, the direct payment to the plaintiff was made out of the amount due to the contractor. 12. The cause of action arose to the plaintiff when the plaintiff was informed that the defendant 1st party had terminated the contract with the defendant 2nd party. The plaintiff requested defendant 1st party to clear its outstanding dues for the works executed by the plaintiff in the capacity of sub-contractor. The plaintiff claimed that despite several request made to the defendant 1st party and defendant 2nd party to clear its dues, the payments were not made. The defendant 1st party had also seized the gate passes for carrying the machinery, raw materials, equipments etc. of the plaintiff. 13. In the aforementioned facts, the plaintiff filed a title suit giving rise to Title Suit No. ....
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....tems elaborated in Sch-II are lying idle and useless and rent of theirs are being paid and they are without any proper care, so by passing of each day, heavy loss is being incurring day by day to the plaintiff, so this concerned should kindly be taken care of as plaintiff has been suffering by passing of each day." 14. It is pertinent to note that the Title Suit No.330 of 2015 was transferred to the Court of learned Principal District Judge-cum-Commercial Court, Muzaffarpur on 16.03.2019 and registered as Commercial Case No. 01 of 2019. 15. It appears that during the pendency of the title suit, the defendant no. 4 company faced an insolvency proceedings. A company petition bearing number (1B-197(PB)/2017) was registered in the National Company Law Tribunal, New Delhi (In short hereinafter 'NCLT'). In the said insolvency proceeding, a Resolution Professional was appointed but the resolution plan approved vide order dated 15.05.2019 passed in CA No. 503 (PB)/ 2019 in C.P. No. 1B-197(PB)/ 2017 failed. Thereafter, the Resolution Professional filed an application under Section 60(5) read with Section 33 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'Code'....
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....f the company as if it had been made out on the joint petition of creditors and contributories. 279. Stay of Suits, etc., on Winding up Order- (1) When a winding up order has been passed or a provisional liquidator has been appointed, no suit or other legal proceeding shall be commenced, or if pending at the date of the winding up order, shall be proceeded with, by or against the company, except with the leave of the Tribunal and subject to such terms as the Tribunal may impose: Provided that any application to the Tribunal seeking leave under this section shall be disposed of by the Tribunal within sixty days. (2) Nothing in sub-section (1)shall apply to any proceeding pending in appeal before the Supreme Court or a High Court." 21. The insolvency and Bankruptcy Code, 2016 came into existence w.e.f. 28.05.2016. The objective of this Code is to consolidate and amend the laws relating to re-organization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such person and to promote entrepreneurship, etc. The Code sought to provide for designating the NCLT....
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....an, including at any time before the preparation of the information memorandum.] (3) Where the resolution plan approved by the Adjudicating Authority [under section 31 or under sub-section (1) of section 54L,] is contravened by the concerned corporate debtor, any person other than the corporate debtor, whose interests are prejudicially affected by such contravention, may make an application to the Adjudicating Authority for a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). [Inserted by Act No. 26 of 2021.]. (4) On receipt of an application under sub-section (3), if the Adjudicating Authority determines that the corporate debtor has contravened the provisions of the resolution plan, it shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). (5) Subject to section 52, when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the corporate debtor: Provided that a suit or other legal proceeding may be instituted by the liquidator, on behalf of the corporate debtor, with the prior approval....