9911796707
TMI Blog2021 (2) TMI 161X X X X Extracts X X X X X X X X Extracts X X X X ..... facts of this case are that Corporate Insolvency Resolution Process of Merchem Limited (the 'Corporate Debtor') initiated on 15.01.2018, pursuant to admission of Section 9 Application (CP (IB)689/2017[Chennai Bench]) filed by an Operational Creditor Mr. Pradeep M.R. The Committee of Creditors in this matter has unanimously resolved to accept the resolution plan of M/s. Acme Chem Limited (referred to as "RPIF"). Accordingly, the Resolution Professional has filed an application MA No. 515 of 2018 under Section 30 (6) of the Insolvency & Bankruptcy Code, 2016 (I&B Code) for approval of Resolution Plan and the same was approved by the NCLT Chennai Bench on 23.01.2019. 3. Meanwhile, MA/10/KOB/2020 was filed by the Corporate Debtor against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in. (b) The Applicant (R3 in MA/10/KOB/2019) chose not to appear before this Bench in the said MA despite several notices. Hence, he was set ex parte vide order dated 12.02.2020. (c) This Bench, after hearing both the parties, vide order dated 26.2.2020 allowed the MA/10/KOB/2020 with the following directions: "14. That the Assignment Agreement dated 15.11.2017 was undervalued, malafide and fraudulently executed by the Respondent Nos. 2 & 3 with an intent to defraud the Creditors under Section 49 read with Section 45 (2) of the I & B Code, and therefore declared as null and void and set aside. i. The Trademark 'MERCURE' with Trademark Application No: 1825812 under Certificate No. 1174972 dated 25.06.2014, be vested back with the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmitted that he was shocked to receive a copy of the final order dated 26.02.2020 passed in MA/10/KOB/2019, dispatched on 02.03.2020. On further enquiry, he had obtained knowledge that they had been set ex parte on 12.02.2020. Thereafter, the Covid 19 National lock down had begun, and the Applicant could not file the requisite Application with the time prescribed under Article 123 of the Limitation Act, 1963. Hence he had preferred MA/(Diary No.978/2020) in MA/10/KOB/2019, which was filed on 7th July 2020 for the limited purpose to set aside the ex-pare order dated 12.02.2020 in MA/10/KOB/2019 and subsequent proceedings thereon, and with a prayer to afford the Applicant an opportunity to file pleadings and advance arguments in the said appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er passed in MA/10/KOB/2019 on 12.02.2020, the same cannot be withdrawn, recalled or reviewed now, as the Final Orders have been pronounced on 26.02.2020 and this Tribunal has consequently become functus officio in so far as MA/10/KOB/2019 is concerned. 9. Respondent No.1 also contended that the objective of the Applicant to set aside the anterior impugned Order dated 12.02.2020 is to overturn the Final Order dated 26.02.2020 in the self-same MA/10/KOB/2020 proceedings and attempt to revive the proceedings de novo. Consequent to the order dated 12.02.2020, final order dated 26.02.2020 in MA/10/KOB/2019 was passed after hearing the parties who have appeared. The same cannot now be overturned under the guise of seeking to set aside the Order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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