Bombay High Court
Supreme Infrastructure India Limited vs The Registrar, National Company Law ... on 1 February, 2024
Author: B. P. Colabawalla
Bench: B. P. Colabawalla
2024:BHC-OS:1800-DB
501.WPL.3569.24.DOC
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION(L)NO. 3569 OF 2024
Supreme Infrastructure India Ltd ..Petitioner
Versus
The Registrar,
National Company Law Tribunal
Mumbai Bench & Anr ..Respondents
ANJALI Digitally signed by
ANJALI TUSHAR
TUSHAR ASWALE
Date: 2024.02.01
ASWALE 17:16:20 +0530
Mr.Ravi Kadam, Senior Advocate, with Mr.Rohan
Cama, Rohan Agrawal, Malhar Zatakia, Sujit Lahoti,
Shrushti Relekar, A. Khetan, Trisha Banerjee, Preeti
Shukla, Megnesh Biradwarkar i/b Sujit Lahoti &
Associates, Advocates for the Petitioner.
Mr.Gaurav Joshi, Senior Advocate, with Anamika
Singh, Nasrin Shaikh, Kushal Boolchandani i/b Indus
Law, Advocates for Respondent No.2.
CORAM : B. P. COLABAWALLA &
SOMASEKHAR SUNDARESAN, JJ.
DATE : FEBRUARY 1, 2024
P.C.
The above Writ Petition is filed impugning the
proceedings (the impugned action) in Company Petition No.1312
of 2022 filed by Respondent No.2 (ICICI Bank Ltd) before the
Hon'ble National Company Law Tribunal, Mumbai Bench, Court-
VI under Section 7 of the Insolvency and Bankruptcy Code, 2016
(for short "IBC, 2016"). The only grievance in the present
Petition canvassed before us is that, in a Petition filed by the
Petitioner under Section 230 of the Companies Act, 2013 (power
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501.WPL.3569.24.DOC
to compromise or make arrangements with creditors and
members), the NCLT, Mumbai Bench, Court-II, in Company
Application No.653 of 2022, vide its order dated 23 rd December,
2022, inter alia directed that all proceedings filed/initiated by any
Financial Creditor of the Petitioner Company before the NCLT,
would be stayed till the time the results of the meeting with
Financial Creditors is placed before the NCLT and the scheme is
finally heard and disposed of. It is the grievance of the Petitioner
that, despite this order passed by the NCLT, Mumbai Bench,
Court-II, the NCLT Mumbai Bench, Court-VI is proceeding with
the Section 7 Petition (of the IBC, 2016) filed by the 2 nd
Respondent Bank (ICICI Bank Ltd). It has been brought to our
notice that the stay order passed by the NCLT, Mumbai Bench,
Court-II was specifically brought to the notice of the NCLT,
Mumbai Bench, Court-VI and despite that the matter is
proceeding. It is in fact stated that the matter is fully heard and
the judgment is reserved yesterday. The apprehension of the
Petitioner is that, once the order is pronounced and if the Section
7 Petition is admitted, then, their scheme will virtually become
infructuous. It has also been pointed out to us, and it is common
ground between the parties, that the 2nd Respondent Bank has
approached the NCLT, Mumbai Bench, Court-II and filed a Recall
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501.WPL.3569.24.DOC
Application of the order dated 23rd December, 2022. That Recall
Application is numbered as IA (Companies Act)/133/2023 In C. A.
(CAA)/153(MB) 2022. This Recall Application has been heard and
the judgment is reserved therein as far back as on 12 th September,
2023.
2 Considering these facts, we dispose of the above Writ
Petition by requesting NCLT, Mumbai Bench, Court-II to pass
judgment in the Recall Application filed by the 2nd Respondent
Bank (ICICI Bank Ltd) as expeditiously as possible, and in any
event on or before 7th March, 2024.
3 Until the judgment in the Recall Application is
pronounced, the NCLT, Mumbai Bench, Court-VI shall not
proceed to pronounce its judgment/order in the Section 7 Petition
filed by the 2nd Respondent Bank (ICICI Bank Ltd). We make it
clear that in the event the Recall Application filed by the 2 nd
Respondent Bank is dismissed, then, the NCLT, Mumbai Bench,
Court-VI shall not proceed with the Section 7 Petition filed by the
2nd Respondent Bank subject to any orders passed by the NCLAT.
In the event the Recall Application succeeds and the stay is
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501.WPL.3569.24.DOC
vacated, then, the NCLT, Mumbai Bench, Court-VI is free to pass
whatever orders it seems fit in accordance with law.
4 We must hasten to add that we have passed these
orders only to ensure that judicial discipline should be maintained
in all proceedings.
5 Nothing stated in this order shall preclude the
President of the NCLT to decide the Reference referred to it
pursuant to the order dated 8th August, 2023 passed by the NCLT,
Mumbai Bench, Court-IV in CP (IB)/1275 (MB)2022.
6 The Writ Petition is disposed of in the aforesaid
terms. However, there shall be no order as to costs.
7 This order will be digitally signed by the Private
Secretary/ Personal Assistant of this Court. All concerned will act
on production by fax or email of a digitally signed copy of this
order.
[SOMASEKHAR SUNDARESAN, J.] [ B. P. COLABAWALLA, J.]
FEBRUARY 1, 2024
Aswale
