TMI Blog2023 (2) TMI 1257X X X X Extracts X X X X X X X X Extracts X X X X ..... execution of any judgment, decree or order in any Court of law, Tribunal, Arbitration Panel or other authority. It does not prohibit any proceedings by the corporate debtor. This Court in Reliance Communication Ltd. v. Rajendra P. Bansal [ 2023 (2) TMI 45 - BOMBAY HIGH COURT] held that a bare perusal of section 14(1) makes it clear that subclause (a) only prohibits the institution or continuation of suits or proceedings against the corporate debtor. This clearly would not be attracted in the present case as the present proceedings are an appeal filed by the corporate debtor. That being so, the moratorium can never apply to the present First Appeal since it is filed by the corporate debtor Therefore, in our view, the Tribunal was not c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f record, we find that assessment was framed in the hands of Essar Teleholding Limited. On 09/12/2019, name of Essar Teleholdings was changed to Nirjala Teleholdings. Thereafter, by virtue of order, dated 27/06/2022, passed by the National Company Law Tribunal, Division Bench-II, Chennai [CP(CAA)/22/CHE/2022 in CA (CAA) 54 (CHE)/2021], Nirjala Technologies Limited got merged with Imperial Consultants and Securities Limited. Nov, vide order dated 13/04/2023, the petition preferred by the financial creditor (i.e. Beacon Trusteeship Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short 'IBC') has been admitted by the National Company Law Tribunal, Special Bench-I, Chennai [CP(IB)/27/CHE/2023] and Interim R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 7 of IBC the directors of Imperial Consultants and Securities Limited have become functus officio. The Interim Resolution Professional (IRP) or the Resolution Professional (RP), as the case may be, appointed would now be empowered to pursue all the litigations pertaining to the Assessee-Company in consultation with the Committee of Creditors. Accordinglym liberty is granted to IRP/RP appointed to pursue, after complying the provisions of IBC, the present matter either by filling application for recall of the order or by filing fresh appeal as per law. 5. In result, the cross appeals are dismissed. 2. Clause (a) of Sub-section (1) of Section 14 of the Insolvency and Bankruptcy Code, 2016 ( IBC ) only prohibits the institution o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (d) A bare perusal of section 14(1) makes it clear that subclause (a) only prohibits the institution or continuation of suits or proceedings against the corporate debtor. This clearly would not be attracted in the present case as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as it were', of the committee of creditors, all the matters are proceeded with. The resolution plans are received by the resolution professional and the resolution plan which is finally approved by the committee of creditors and still further at the hands of the adjudicating authority, would result in the curtains being wrung down on the moratorium under section 31(3). During this entire period, what is noteworthy is that while in law and in form, the corporate debtor continues to exist and represented by the interim resolution professional to begin with and the resolution professional thereafter, the erstwhile management of the corporate debtor is displaced. When the resolution plan is approved, a new management takes over. All this is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply for recall of the impugned order. The Tribunal has missed the fact that the appeal itself has been filed through the Resolution Professional. The cause title of the appeal filed by Petitioner reads as under: Imperial Consultants and Securities Limited, (For and behalf of merged Company M/s Nirjala Technologies Ltd.) Essar House, 11, K. Marg, Mahluxmi, Mumbai 400034 [PAN: AAACS4448K] Through Resolution Professional C/o Resolve-IPE Private Limited, 1003, Satra Plaza, Sector 19D, Vashi, Navi Mumbai 400703 .. Appellant 5. Therefore, in our view, the Tribunal should not have dismissed Petitioner s appeal. The impugned order to that extent is quashed and set aside. The appeal b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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