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2022 (6) TMI 6 - NATIONAL COMPANY LAW TRIBUNAL , KOCHI BENCHSeeking direction to Registrar, NCLT Kochi to take necessary steps in relation with the pending appeals filed under Section 42 of the Code which are served upon the Liquidator but not yet listed before this Bench - seeking commencement of distribution of assets/proceeds of sale as per Section 53 read with Regulation 42 Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 - HELD THAT:- As far as the 1st prayer of the Applicant to direct the Registry of this Tribunal to take necessary steps in relation to the pending appeals filed under Section 42 of the Code which is served upon the Liquidator but not yet listed before this Bench is concerned on verification of the records of this Registry, it is seen that the appeals stated to have been filed by the workmen have been returned to them being defective and that they have not re-presented them till date. Hence, there are no appeals pending consideration by this Tribunal. As regards the 2nd prayer to direct/permit commencement of distribution of assets/proceeds of sale as per Section 53 read with Regulation 42 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 is concerned, it is seen that the Hon'ble High Court while dismissing the OP(C) 484/2020 precluded the Applicant from the disbursement of any amount to any of the creditors of the Corporate Debtor till the time the pending appeals filed under Section 42 by the workmen/employees before this Tribunal were disposed of. Since all the appeals filed by the workmen/employees were dismissed by this Tribunal for the reasons stated therein, there is no bar in granting the prayer of the Applicant for commencement of distribution of assets/proceeds of sale as per Section 53 of IBC, 2016 read with Regulation 42 of IBBI (Liquidation Process) Regulations, 2016. The Applicant/Liquidator is permitted to proceed with the distribution of assets/proceeds of sale to the stakeholders on receipt of this order - application disposed off.
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