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2023 (4) TMI 1200 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAIEnforcement of Security Interest for recovery of its Outstanding Dues - Seeking to nullify the Security Interest created to and in favour of the Petitioner/ Appellant and L & T Infra Investment - grievance of the Petitioner/ Appellant, is that the Adjudicating Authority (National Company Law Tribunal, Division Bench – II, Chennai), without considering the Concept of Relief Period, mentioned under Section 46 (1) (i) and /or Section 46 (1) (ii) of IBC and without considering the Contentions/ Objections, raised by the Suspended Directors - HELD THAT:- In the instant case, the Petitioner/ Appellant, although, being a Secured Financial Creditor of the Respondent Nos. 1 & 4/ Corporate Debtors, and not arrayed as Party, in the Petition, in IA(IBC)/400(CHE)/2021 and that the Petitioner/ Appellant, has filed the instant Comp. App (AT) (CH) (INS.) No. 325 of 2022, as an Aggrieved Person, yet this Tribunal, is of the earnest opinion that the Resolution Applicant of RPPL, had taken over the Corporate Debtor (ofcourse with a clean slate), after Approval, of its Resolution Plan, by the Adjudicating Authority / Tribunal, and in that perspective, the Petitioner/ Appellant, has No Locus Standi, to challenge the said Plan, or Corporate Insolvency and Resolution Process Proceedings of the Corporate Debtor. As such, the filing of an IA No.696 of 2022 in Comp. App (AT) (CH) (INS.) No. 325 of 2022, seeking Leave, to prefer the instant Appeal, before this Tribunal, cannot be sought for, with an inordinate and inexplicable delay, in the considered opinion of this Tribunal. It must be borne in mind, that when RISPL, itself, had no Rights, in the Properties, the aspect of any Rights, having been vested on the same, to and in favour of the Petitioner/ Appellant, by the Security, created by RISPL, will not arise. In any event, the Impugned Order, dated 30/05/2022 in IA(IBC)/400(CHE)/2021 in IBA/1099/2019, passed by the Adjudicating Authority / National Company Law Tribunal, Division Bench – II, Chennai, does not take away the Rights of Petitioner/ Appellant, in any manner. This Tribunal, on a careful consideration of the divergent contentions advanced on either side, all the more, when RISPL, itself , had no rights in the Properties in question, any Rights, having been vested on the same, to and in favour of the Petitioner / Appellant, by Security, created by RISPL, does not arise, bearing in mind, a crystalline fact that the Rights of the Petitioner / Appellant, are not taken away, by means of the Impugned Order, dated 30/05/2022, in IA(IBC)/400(CHE)/2021 in IBA/1099/2019 (on the File of the Adjudicating Authority / National Company Law Tribunal, Division Bench – II, Chennai), comes to a consequent conclusion, that the IA No. 696 of 2022 in Comp. App (AT) (CH) (INS.) No. 325 of 2022, preferred by the Petitioner / Appellant, (seeking Leave to prefer the instant Appeal), is Ex facie, not maintainable, and it fails. Petition dismissed.
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