TMI Blog2022 (4) TMI 264X X X X Extracts X X X X X X X X Extracts X X X X ..... Patil, for RA JUDGEMENT Justice Anant Bijay Singh ( J ) 1. The Appellant- M/s R.S Wire Industries, Through its Proprietor Mrs. Rakhi Merani preferred this Appeal being aggrieved and dissatisfied by the Order dated 07.07.2021 passed by the National Company Law Tribunal, Court-I, Mumbai Bench in I.A. 417/2021, I.A. 424/ 2021, I.A. 578/ 2021, I.A. 896/ 2021, I.A. 899/ 2021 I.A 902/ 2021 in CP (IB) 3641/MB/2018, whereby, the Learned Adjudicating Authority had dismissed the aforesaid I.A s in view of the Resolution Plan dated 25.03.2021 stating that nothing survives in these Applications and hereby the applications stands dismissed. 2. The brief facts of the case are as follows:- That the CIRP was proceeded against the Trans-fab Power India Private Limited vide Order dated 30.08.2019 passed by the Learned NCLT, Mumbai Bench. In CP (IB) 3641/MB/2018 on 25.09.2018 an application was filed under Section 9 of the Insolvency Bankruptcy Code, 2016 (I B Code) by Amod Stampings Private Limited against Trans-Fab Power India Private Limited, Corporate Debtor vide Order dated 30.08.2019. The Corporate Insolvency Resolution Process (CIRP) was initiated by Amod Stampings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plan. It is against this order of cursory dismissal without any adjudication hence the applications made infructuous without any fault of the Appellants who left without any remedy. It was further submitted that the foundation of the Resolution Plan itself is erroneous and unsteady in as much as the same fails to take into account the fact that as on the date of the passage of the said plan, the applications against the rejection of claim by RP was pending and without considering the I.A s filed on behalf of the Appellant the Resolution Plan was accepted. 4. Submissions on behalf of the Respondent No. 1: Learned Counsel for the Respondent No. 1 during course of oral arguments and in their Written Submissions submitted that the NCLT, Mumbai Bench, while passing the Impugned Order had rightly dismissed the applications filed by the Appellants as infructuous and not maintainable in view of the approval of the Resolution Plan on 25th March, 2021. Further, the Order approving the Resolution Plan is binding on the Appellant and cannot be challenged in view of Section 31 of the Code which provides that once the Resolution Plan is approved, the same shall be binding on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Plan was approved and also been executed and we do not file any merits in the Impugned Order accordingly the Appeal is hereby dismissed. COMPANY APPEAL (AT) (INSOLVENCY) NO. 602 OF 2021: 1. The Appellant- M/s K Copper Products, Through its Proprietor Mr. Kiran S/o. Kanhaiyalal Merani preferred this Appeal being aggrieved and dissatisfied by the Order dated 07.07.2021 passed by the National Company Law Tribunal, Court-I, Mumbai Bench in I.A. 417/2021, I.A. 424/ 2021, I.A. 578/ 2021, I.A. 896/ 2021, I.A. 899/ 2021 I.A 902/ 2021 in CP (IB) 3641/MB/2018, whereby, the Learned Adjudicating Authority had dismissed the aforesaid I.A s in view of the Resolution Plan dated 25.03.2021, nothing survives in these Applications and hereby the applications stands dismissed. 2. The brief facts of the case are as follows:- a. That the CIRP was proceeded against the Trans-fab Power India Private Limited vide Order dated 30.08.2019 passed by the Learned NCLT, Mumbai Bench. b. In CP (IB) 3641/MB/2018 on 25.09.2018 an application was filed under Section 9 of the Insolvency Bankruptcy Code, 2016 (I B Code) by Amod Stampings Private Limited against Trans-Fab Power India Private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2/- was accepted out of the total claim of the Appellant by the Respondent. 6. The Appellant on 16.02.2021 aggrieved by the action of the Respondent filed in I.A. 417/2021 in C.P. No. 3641 (IB)/MB/2018 titled as M/s K Copper Products v s. Trans-Fab Power India Pvt. Ltd. before the Learned Adjudicating Authority. The copy of the said Order is marked as Annexure A-6 of the Appeal Paper Book at Page- 58 to 74. 7. Thereafter, The Appellant filed new Interlocutory Application i.e. I.A. No. 902/2021 in I.A 417/2021 to include Resolution Applicants a party respondent. 8. That on 07.07.2021 the Learned Adjudicating Authority was pleased to dismissed I.A. 417/2021 and I.A 902/2021 in C.P. No. 3641 (IB)/MB/2018 titled as K Copper Products vs. Trans-Fab Power India Private Limited Ors. As being infructuous. Submission on behalf of the Respondent No. 1: 9. Learned Counsel for the Respondent No. 1/ Resolution Professional of the Corporate Debtor in his Reply Affidavit and also during his of oral arguments and in his Written Submissions have stated as follows:- The Hon ble NCLT, Mumbai Bench vide Impugned Order dated 07.07.2021 had rightly dismissed the Applications fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia Private Limited vide Order dated 30.08.2019 passed by the Learned NCLT, Mumbai Bench. b. In CP (IB) 3641/MB/2018 on 25.09.2018 an application was filed under Section 9 of the Insolvency Bankruptcy Code, 2016 (I B Code) by Amod Stampings Private Limited against Trans-Fab Power India Private Limited, Corporate Debtor vide Order dated 30.08.2019. c. The Corporate Insolvency Resolution Process (CIRP) was initiated by Amod Stampings Private Limited against Trans-Fab Power India Private Limited, Corporate Debtor. Copy of the Order is annexed as Annexure-A-2 at Page- 37 to 41 in Appeal Paper Book. d. Further, the case of the Appellant is that the Appellant herein sold, supplied and delivered to the Respondent copper wire under their invoice and the Corporate Debtor received the goods without raising any objections rendering part payment of ₹ 84,50,000/- and availing credit for ₹ 1,48,95,497/- in discharge of its liability. The Corporate Debtor issued cheques which when presented were dishonoured and under Section 138 of Negotiable Instruments Act, 1882 Appellant issued legal notice and subsequently filed complaint. During the pendency of the trial, the CIRP pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provides that once the Resolution Plan is approved, the same shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders. FINDINGS 8. The Judgement of the Hon ble Supreme Court of India passed in Ghanashyam Mishra and Sons Private Limited vs. Edelweiss Asset Reconstruction Company Limited is applicable to the facts of this case. The relevant portion of the aforenoted judgement is reproduced as hereunder :- 95. That once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan. 9. The Resolution Plan was approved by the H ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
