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TMI Blog2024 (9) TMI 1325X X X X Extracts X X X X X X X X Extracts X X X X ..... any to CIRP, the learned NCLT, in its order dated 16 October 2023, imposed a moratorium in the following terms: "3. The moratorium under section 14 of the IBC, 2016 is declared for prohibiting all of the following in terms of Section 14 (1) of the IBC, 2016: a. the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. transferring, encumbering, alienating or disposing of by the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount which should be deposited is an amount of Rs. 2,28,49,880/- as was noticed in Paragraph 16 of the impugned order. He submits that with regard to sale of vehicles, there is no issue between the parties. It is submitted that vehicles are still in the custody of the Corporate Debtor which statement is denied by the Counsel for the Appellant. Submissions advanced by both the parties need scrutiny. 3. Issue Notice. Learned Counsel accepts notice on behalf of Respondents. Let a Reply be filed within three weeks. The Appellant may deposit an amount of Rs. 1,49,89,587/- by way of Fixed Deposit in favour of 'Registrar, National Company Law Appellate Tribunal, New Delhi' within three weeks from today. 4. Learned Counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osit is obviously a pre-condition for the appeal, and nothing more. 7. Ms. Kaadambari Singh has also placed reliance on the judgment of a coordinate Bench of this Court in SSMP Industries Ltd v Perkan Food Processors Pvt Ltd (2019) 177 DRJ 473, specifically drawing attention to para 9 of the said decision which read thus: "9. The nature of a counter claim is such that it requires proper pleadings to be filed, defences and stands of both parties to be considered, evidence to be recorded and then issues have to be adjudicated. The proceedings before NCLT are summary in nature and the RP does not conduct a trial. The RP merely determines what payment can be made towards the claims raised, subject to availability of funds. The NCLT/RP cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st the corporate debtor, whereas a counter claim is a counter claim by the corporate debtor. 9. The decision in SSMP Industries is therefore clearly distinguishable. 10. Ms. Kaadambari Singh also submits that this is a petition filed at a referral stage and that, therefore, the assets of the respondent are not threatened in any way. 11. This submission, again, completely begs the issue at hand. The moratorium imposed by the NCLT specifically restrains institution and continuation of any proceedings including arbitral proceedings against the respondent. The prayer in this petition is specifically for institution of arbitral proceedings against the respondent. It cannot, therefore, be granted while the moratorium is in place. 12. As such ..... X X X X Extracts X X X X X X X X Extracts X X X X
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