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TMI Blog2020 (8) TMI 426X X X X Extracts X X X X X X X X Extracts X X X X ..... of the order dated 11th July, 2019 in I.A. No. 399 of 2019 in/with CP(IB) No. 388/NCLT/AHM/2018 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench), Ahmedabad. Brief Facts: 2. Learned Counsel for the Appellant submitted that the Appellant initially filed Company Petition(IB) No. 157 of 2017 under Section 7 of Insolvency and Bankruptcy Code, 2016 (in short 'IBC') in prescribed Form-1 before the Adjudicating Authority i.e., National Company Law Tribunal, Ahmedabad Bench, Ahmedabad against 2nd Respondent herein who is Corporate Debtor. 3. While so, 1st Respondent herein filed Company Petition No. CP(IB) No. 388/NCLT/AHM/2018 under Section 7 of IBC before the same Adjudicating Authority against the same 2nd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellant filed Caveat Petition before the Adjudicating Authority anticipating any order in CP(IB) No. 388/NCLT/AHM/2018 without hearing them. However, the learned Adjudicating Authority directed the Petitioner as well as the Registry to serve notice on the parties and directed to list the matter on 21.08.2019. It is submitted that the representative of the Appellant was present in the Court Room when this order was passed by the Adjudicating Authority. 7. While so, the 3rd Respondent herein i.e., Interim Resolution Professional filed I.A. No. 399 of 2019 in CP(IB) No. 388/NCLT/AHM/2018 under Section 12 A of IBC seeking withdrawal of CP(IB) No. 388/NCLT/AHM/2018. While passing the order, the Adjudicating Authority observed that 1st Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een deprived of. He requested the Bench to allow the Appeal by setting aside withdrawal of Company Petition. 9. Learned Counsel appearing for the 1st Respondent submitted that after admission of CP(IB) No. 388/NCLT/AHM/2018 on 31.05.2019, Interim Resolution Professional issued public announcement on 07.06.2019 and the last date for submission of claim was 21.06.2019. The Appellant filed its claim in Form-C on 28.06.2019 after constitution of Committee of Creditors. Moreover, the Appellant claimed as Unsecured Creditor and the claim was defective and not supported by requisite documents as per Regulation 8(b) of the Adjudicating Authority Regulation in spite of reminders by Interim Resolution Professional. Therefore, the claim of the Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the claim. The Appellant submitted that modified claim was submitted on 09.07.2019. Interim Resolution Professional conducted its duties as per law and constituted Committee of Creditors on 05.07.2019 wherein the Committee of Creditors took a decision with 100% voting to file Application seeking withdrawal of Company Petition bearing No. CP(IB) No. 388/NCLT/AHM/2018. FINDINGS: 11. Heard learned Counsel appearing for the respective parties, perused pleadings and documents filed in their support. It is a fact that the Appellant filed Company Petition under Section 7 of IBC before the Adjudicating Authority in the year 2017 itself. Subsequently, 1st Respondent herein filed CP(IB) No. 388/NCLT/AHM/2018 against the same Corporate Debtor and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellant filed the Application under Section 7 IBC before the Adjudicating Authority against M/s Cure Life Care Pvt. Ltd. prior in point of time. Subsequently, Respondent No. 1 also filed Petition under Section 7 IBC before the Adjudicating Authority against the same Corporate Debtor i.e. M/s Cure Life Care Pvt. Ltd. The said Application was admitted on 31.05.2019. On admission of the petition, the Appellant's Petition became infructuous for the reason that Corporate Insolvency Resolution Process was initiated against the same Corporate Debtor. Learned Adjudicating Authority gave liberty to the Appellant to file their claim. However, the claim of the Appellant has not been considered by Interim Resolution Professional. 1st Respondent is aw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor which were incomplete when Appellant filed CP(IB) No. 157/7/NCLT/AHM/2017 or when CP(IB) No. 388/NCLT/AHM/2018 of Respondent No. 1 was admitted. Moratorium applied since 31.5.2019 and Respondent No. 1 took disadvantage with regard to the only Asset to itself take all the advantage of the asset and then withdrew the Proceeding on 11.07.2019. It is argued that even the Sale Certificate was issued later, on 16.07.2019 as seen from Diary No. 18979 (page -39) although Sale Confirmation letter (page-34) was issued on 23.05.2019 and Respondent No. 1 took away 25% of the consideration. Learned Counsel for Appellant claims Appellant feels cheated in the circumstances and asking to restore his own CP(IB) No. 157/7/NCLT/AHM/2017 will not help. And ..... X X X X Extracts X X X X X X X X Extracts X X X X
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