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TMI Blog2023 (6) TMI 851X X X X Extracts X X X X X X X X Extracts X X X X ..... a, Mr. R. Rampal, Advocates. For Respondent : Mr. Dhaval Despande, A. Arsiwala, Advocates for R- 1. Ms. Anjali Sharma, Advocate for R-2/IRP. ORDER Justice Anant Bijay Singh; Company Appeal (AT) (Insolvency) No. 79 of 2021 and I.A. No. 434 of 2023 preferred by the Appellant under Section 61 of the Insolvency and Bankruptcy Code, 2016 (for short IBC) being aggrieved and dissatisfied by the order dated 18.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court III) in I.A. 33/2021 and I.A. 2489/2020 in C.P. (IB)/4135(MB)2018 wherein the Adjudicating Authority passed the following order: " The matter is taken up through virtual hearing. Mr. Sandeep H. Parikh a/w Mr. Rahul Karnik, counsel for the applicant and Mr. Jinal Rathi, counsel for the respondent are present. Mr. Mehant J. Mehta, Resolution Professional along with his counsel, Mr. Ashish Jha is also present. Resolution Professional seeks a week time to file reply in I.A. 33/2021. Time is granted. List this matter on 02.02.2021 for filing reply." 2. The instant Appeal was filed on 30.01.2021 and was taken up for admission on 08.02.2021, on that date, the instant Appeal w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s status quo as on today prevailing in the matter should be maintained. 8. In Company Appeal (AT) (Insolvency) No. 644 of 2019 parties may file Brief Written Submissions not more than four pages along with Case Laws, if any, within two weeks. 9. In Company Appeal (AT) (Insolvency) No. 644 of 2019 one I.A. No. 2106 of 2019 filed on behalf of the Applicant i.e. S.B.I. for impleadment as a necessary party. We direct the registry to list the I.A. No. 2106 of 2019 along with Company Appeal (AT) (Insolvency) No. 644 of 2019 on the next date. 10. List these Appeals 'For Admission (After Notice)' on 16th March, 2021 along with I.A. No. 2106 of 2019 in Company Appeal (AT) (Insolvency) No. 644 of 2019. 11. The Registry is directed to send the copy of this order to the Ld. Adjudicating Authority, National Company Law Tribunal, Mumbai Bench, Court III." 3. Further, I.A. No. 640 of 2021 in Company Appeal (AT) (Insolvency) No. 79 of 2021 has been filed on 17.03.2021 under Rule 11 of the NCLAT Rules, 2016 on behalf of the Applicant i.e. State Bank of India for being impleaded as a necessary party. 4. Contempt Case (AT) No. 10 of 2021 in Company Appeal (AT) (Insolvency) No. 79 of 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken up for admission on 04.01.2022, on that date, the aforesaid appeal was directed to be listed on 05.01.2022 along with Company Appeal (AT) (Insolvency) No. 644 of 2019 and Company Appeal (AT) (Insolvency) No. 79 of 2019 before the Court No. 3. 7. It is further relevant to note that Company Appeal (AT) (Insolvency) No. 644 of 2019 along with IAs was heard in terms of the direction given by the Hon'ble Supreme Court and judgment was delivered on 16.11.2022 dismissing the Company Appeal (AT) (Insolvency) No. 644 of 2019. 8. Thereafter, I.A. No. 434 of 2023 in Company Appeal (AT) (Insolvency) No. 79 of 2021 was filed by the Respondent No. 1 under Rule 11 of the NCLAT Rules, 2016 seeking directions to vacate the interim order dated 12.02.2021 passed in the present appeal, to allow the corporate insolvency resolution process of the Corporate Debtor, Lok Housing and Constructions Ltd. to proceed. Thereafter, Counsel for the Appellant filed Reply to the aforesaid IA. 9. Learned Sr. Counsel for the Appellant during the course of argument placed the order dated 04.05.2023 passed by the Hon'ble Bombay High Court wherein the Hon'ble Bombay High Court passed the following order: "On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions including liberty to the Petitioner to file an application for an early hearing, we do not deem it appropriate to keep monitoring the proceedings before NCLT which is the Court of competent jurisdiction. Once NCLT has taken up the proceedings for consideration, we have no doubt that it will proceed to conclude the same giving it priority if it deserves, subject to workload before NCLT. 4. The writ petition is accordingly disposed of." 10. It is further submitted that if the status quo order dated 12.02.2021 will be vacated, the Respondent No. 1 will immediately go ahead with the issuance of Form G containing all the properties and the newspaper publication of the same would immediately make M/s Godrej Properties lose confidence which would cause grave prejudice to the Corporate Debtor and Appellant and would derail any possibility of settlement of dues. 11. It is further submitted that the main matter is coming before the NCLT on 15.06.2023, therefore, interim protection may be continued and the instant matters may be disposed of with a request to the NCLT to decide the main matter. 12. On the other hand, Counsel for the Respondents/Applicant in IA No. 434 of 2023 subm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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