Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 175 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCHSeeking release of amount in no-lien account, in the name of members of CoC, with the Financial Creditor - recording of decision of withdrawal of Resolution Plan - HELD THAT:- Respondent Nos. 3 to 6 are the people who are really responsible for failure of CIRP process of M/s Unimetal Castings Ltd and the same Respondents are also part of the present Applicant M/s Globomet Engineering Pvt. Ltd. Therefore, it is very clear from the above conduct of the Applicant that the applicant is trying to take advantage of their own wrong and demanding refund only from COC by exonerating its own people from their personal liability. Therefore, the application is nothing but a collusive application filed by Applicant at the behest of Respondent Nos. 3 to 6. It is also observed that the applicant is altogether a third party who has nothing to do with the CIRP process of either of the Companies and the present Application under Section 60(5) of the Code is not legally maintainable. The argument of the learned counsel appearing for the Petitioners to the effect that arbitration clause is not a bar for filing the Application or instituting proceedings before the NCLT does not apply to the present case both on facts and law. Thus, this tribunal has no jurisdiction to decide the above contractual disputes arising between the parties out of the CIRP process of both the Companies more so under the above MOU and the above IA is liable to be dismissed on that score alone. Application dismissed.
|