TMI Blog2018 (10) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... sdictional issues before the learned adjudicating authority with liberty to challenge the order passed by the adjudicating authority, if need arises and if so advised. Petitioner states that this order of consent, on instructions from the competent authority, may not be treated as a precedent and is on the peculiar facts of this case. It is clarified that since the parties consented to the adjudicating authority hearing the jurisdictional issues in the first instance this Court has not given any finding on merits or the questions raised by the parties in the present appeal or the appeal before the Tribunal. Parties are further directed to appear before the adjudicating authority on 10th September, 2018 who will decide the preliminary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the CBI M/s.Global Infrastructures Holding Limited (in short GIHL) and now known as GSHL approached STC seeking assistance in terms of providing finance facility by establishing Letters of Credit for purchasing raw material required for their newly acquired steel plants in Philippines and Bosnia. As per the STC guidelines, vide circular No.173 dated 27th July, 2000 whenever considered necessary a credit rating from any specialized agency was required to be called but without calling any report with regard to financial health of the association credit facility was extended. The then Marketing Manager and the General Manager of the STC did not call for the report before putting up the proposal for financing or signing the agreement dated 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... promoter companies were the subsidiary companies of GSHL and Pramod Kumar Mittal was the chairman and promoter of BAL. During investigation it was revealed that Pramod Kumar Mittal was a non-Executive Chairman and promoter of BAL holding 5,710 shares and GSHL was also one of the promoters holding 34,020 shares of the company. 4. Pursuant to the registration of FIR and ECIR against Pramod Kumar Mittal and GSHL/GSPI a provisional attachment order was passed against the immovable/fixed assets of BAL to the extent of 30.35% i.e. proportionate share of Pramod Kumar Mittal and GSHL. Pursuant to the provisional attachment order a show cause notice was issued to the respondent dated 5th February, 2018 on a satisfaction of the adjudicating autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n GSHL and GSPI and BAL being not an accused, the adjudicating authority had no jurisdiction to issue a show cause notice or list the matter for final hearing without deciding the preliminary objection of jurisdiction. Further, BAL was neither a party to the settlement proceedings nor the Award nor the Court proceedings. 6. Question of jurisdiction having been raised by BAL the learned Appellant Tribunal vide order dated 23rd May, 2018 entertained the appeal and listed it for hearing on 17th July, 2018 for final disposal directing parties to file their written synopsis. The order dated 23rd May, 2018 passed by the Appellate Tribunal listing the appeal filed by BAL before it for hearing and disposal on 17th July, 2018 is under challenge b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts of this case. It is clarified that since the parties consented to the adjudicating authority hearing the jurisdictional issues in the first instance this Court has not given any finding on merits or the questions raised by the parties in the present appeal or the appeal before the Tribunal. 11. Parties are further directed to appear before the adjudicating authority on 10th September, 2018 who will decide the preliminary issues and the objections qua jurisdiction raised by the respondent in the first instance. In case the parties want to file any additional pleadings or place additional evidence on record before the adjudicating authority the same be done before the next date fixed before it. 12. Appeal and the application are di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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