9911796707
TMI Blog2019 (1) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... Manu Singhvi and Mr. Ramji Srinivasan, Senior Advocates with Mr. V.P Singh, Ms. Roopali Singh, Ms. Jasmine Khakarnis, Mr. Avishkar Singhvi, Mr. Tushar Bhardwaj, Ms. Sayobani Basi And Mr. Naveen Hegde, Advocates JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. The Appellant- 'SICOM Limited', one of the 'Financial Creditors', has preferred this appeal against order dated 11th June, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, whereby and whereunder, the Interlocutory Application preferred by 'Alok Employees Benefit and Welfare Trust and Anr.' under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ('I&B Code' for short) has been allowed and the application preferred by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - "ORDER Reply filed by the Respondent/Alok employees. Heard at length, Learned Senior Counsel for the Applicant and Learned Counsel for the Intervener, on the issue of interim direction to be issued by this court during the pendency of IAs No. 135/2018, 136/2018 and 145/2018, the Learned Counsel for the Applicant has contended that if such direction is not given in respect of IA 145/2018, then there would be legal hardship for continuance with the Management of the company during such transitional period and there can be a vacuum in Management of Corporate Debtor Company while RP's application for liquidation of Corporate Debtor company is still under consideration and is sub-judice before this Bench. We considered the peculiar circumst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on (4) of Section 30 which has come into force from 6th June, 2018 will also be applicable to all cases which were pending for adjudication and where no order of liquidation under Section 33 has been passed. 9. We have heard learned counsel appearing on behalf of the parties and perused the records. 10. Amended sub-section (4) of Section 30 reads as follows: "30. Submission of resolution plan. - (4) The committee of creditors may approve a resolution plan by a vote of not less than seventy-five per cent. of voting share of the financial creditors, after considering its feasibility and viability, and such other requirements as may be specified by the Board: Provided that the committee of creditors shall not approve a resolution plan, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in absence of any allegation that the sole 'Resolution Applicant' is ineligible under Section 29A of the 'I&B Code', we hold that the Adjudicating Authority rightly asked the 'Resolution Professional' to place the matter before the 'Committee of Creditors' in terms of amended subsection (4) of Section 30 for its consideration in accordance with the said provision. 13. For the reasons aforesaid, we affirm the impugned order dated 11th June, 2018. 14. However, in the facts and circumstances of the case, we exclude the period of pendency of this appeal i.e. from 9th July, 2018 till the date of this judgment, apart from the exclusion of period already allowed by the Adjudicating Authority for the purpose of counting the period of 270 days. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
