TMI Blog2023 (3) TMI 244X X X X Extracts X X X X X X X X Extracts X X X X ..... r to ensure that the applicant s rights are not adversely affected, the resolution passed in the 5th CoC meeting of the Corporate Debtor vide Item No. B2 may not be further acted upon by the Respondents . Parties in the application were heard on 01st and 2nd February, 2023 which is apparent from the proceedings brought before this Tribunal and fixed 15.02.2023 for hearing which hearing could not take place and date was fixed by the Adjudicating Authority for hearing on 01st and 2nd March, 2023 on the application. No exception can be taken to the order passed by the Adjudicating Authority on 15.02.2023 extending the interim order and fixing the next date on 01st and 2nd March, 2023 - at the stage when the Adjudicating Authority is seized ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... K BHUSHAN, J: 1. This Appeal has been filed against an Order dated 02.02.2023 passed in I.A./656/ND/2023 in IB/571/PB/2021 by National Company Law Tribunal, New Delhi, Court IV (hereinafter referred to as The Adjudicating Authority ). The Order passed is as follows: Heard the preliminary submissions made by the Ld. Counsel for the petitioner and the Ld. Counsel for the Resolution Professional as well as the Ld. Counsel for the CoC. This matter requires detailed considerations of various provisions of IBC. In order to determine the entitlement for the relief sought in this matter. Further, as the respondents are present and received advance copy of the petition and also made submissions during the course of the hearing, there is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directors to the Board of ARIA. On the resolution, e-voting took place. 3. Application I.A./656/2023 was filed before the Adjudicating Authority praying for following reliefs: A. Quash and/or set aside the Illegal resolutions (as defined above) passed in the 5th COC meeting of the Corporate Debtor i.e., Item No. B2; B. Quash the illegal decision of the COC as passed in the 5th COC meeting as Item No. A5; C. Pass an ex-parte ad interim order staying the decision and/or Resolutions passed in the 5th COC meeting for change of management of the Applicant No. 1 i.e., Item No. A5 and Item No. B2; D. Pass an ex-parte ad interim order in terms of prayer A and B; E. Pass any other order/orders as may as deemed necess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly hence hearing could not take place and now the Adjudicating Authority has fixed the Application for hearing on 01st and 2nd March, 2023. The direction of the Adjudicating Authority not to take steps to implement the resolution is only to protect the status quo, the order has been passed by the Adjudicating Authority in the midst of the hearing which needs no interference in this Appeal. 7. We have considered the submissions of Learned Sr. Counsel for the parties and have perused the record. 8. We have noticed the prayers which have been made in the IA/656/2023. The impugned order does not grant any interim relief in terms of any of the reliefs prayed in the I.A./656/2023. The limited direction issued by the Adjudicating Authority i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.2023 extending the interim order and fixing the next date on 01st and 2nd March, 2023. We thus are of the view that at the stage when the Adjudicating Authority is seized of the application I.A. 656/2023 and had already fixed date on 1st and 2nd March, 2023 for hearing of the application, this Appeal need not to be entertained. 10. Learned Counsel for both the parties has relied on Judgment of Hon ble Supreme Court in [1990 (Supp.) SCC 727] Wander Ltd. and Another Vs. Antox India P. Ltd. where Hon ble Supreme Court laid down following in paragraph 14: 14. The appeals before the Division Bench were against the exercise of discretion by the Single Judge. In such appeals, the appellate court will not interfere with the exercise of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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