TMI Blog2021 (6) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... 2021 in Company Petition No. 1385 of 2017 - - - Dated:- 21-6-2021 - Janab Mohammed Ajmal, Member (J) And V. Nallasenapathy, Member (T) For the Appellant : Prateek Seksaria, Tushad Kakalia, Raghavi Sharma, D.J. Kakalia, i/b Mulla Mulla and Craigie Blunt Caroe For the Respondents : Vikram Nankani, Senior Counsel, Ameet Naik, Madhu Gadodia, Deepak Deshmukh and Swati Singh i/b Naik Naik Co. ORDER V. Nallasenapathy, Member (T) 1. This is an Application filed by one of the erstwhile directors of Reliance Infratel Ltd. (Corporate Debtor/RITL), seeking following prayers: (a) The Applicant be joined as a party Respondent in the proceedings in IA No. 1110 of 2021 filed by Reliance Projects and Property Management Ser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e proceedings in pursuance of such purported declaration. The Hon'ble Delhi High Court was pleased to pass the following order dated 06.01.2021: 7. In view of the above, it is directed that the respondents shall maintain status quo until the next date of hearing. The respondents are free to issue a show cause notice to the petitioners and respondent nos. 3 to 5, and to give them a hearing, through video conferencing, if necessary. The respondents may also pass a reasoned order in accordance with law. The respondent nos. 1 and 2 are also at liberty to take any steps in the nature of investigation by filing complaint proceedings against the petitioners or respondent nos. 3 to 5, independent of the impugned action declaring the accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opy can only be sent to participants because they are vitally interested in the outcome of such resolution plan, and may, as persons aggrieved, file an appeal from the Adjudicating Authority's order to the Appellate Tribunal Under Section 61 of the Code. Quite apart from this, Section 60(5)(c) is also very wide, and a member of the erstwhile Board of Directors also has an independent right to approach the Adjudicating Authority, which must then hear such person before it is satisfied that such resolution plan can pass muster Under Section 31 of the Code. 9. It is submitted that the Applicant herein is vitally interest in this case and the impleadment does not cause any prejudice to anybody. 10. The submission of the Respondent i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution plan implementation. f. IA No. 1110 of 2021 was filed seeking (i) complete copy of Forensic Audit Report dated 15.10.2020, on the basis of which the banks have declared the account of RITL as Fraud , under RBI Master circular on Frauds dated 01.07.2016; (ii) copies of the communications exchanged by R3 to R5 therein with the RBI in relation to declaring the account of RITL as 'fraud', (iii) direction to the Respondents therein to provide copies of any or all complaints filed by the Respondents therein with the CBI, Enforcement Directorate (ED) or any other investigating or regulatory agencies, inter alia against RITL. The said Application has been filed only to get the requisite information which will aid in expeditious ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . But the present Applicant would not be concerned as far as the prayers made in the earlier Application. The decision in that Application would have nothing to do with the Applicant. It is not necessary to hear the erstwhile director or promoter of the Corporate Debtor. The Applicant in the earlier Application is seeking the reports and details for the smooth implementation of the resolution plan. Hence we feel that there is no necessity to implead the Applicant in the earlier Application (IA No. 1110 of 2021). D. The judgment relied on by the Applicant is entirely on a different context and does not support the contention of the Applicant. E. Hence this Application is rejected on contest. No costs. - - TaxTMI - TMITax - C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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