M.S.P Ramarao vs National Company Law ...
2021 Latest Caselaw 1429 Tel

Item No.13

     THE HON'BLE THE CHIEF JUSTICE HIMA KOHLI
                                  AND
      THE HON'BLE SRI JUSTICE B. VIJAYSEN REDDY

                 WRIT PETITION No.11557 of 2021

ORDER: (Per the Hon'ble the Chief Justice Hima Kohli)


1.    The present petition has been filed by the petitioner who claims

to be a director/promoter of the Corporate Debtor, assailing the order

dated 13.04.2018, passed by the respondent No.1/National Company

Law Tribunal, Hyderabad Bench and challenging the locus of the

respondent No.3 (petitioner before the NCLT) to file said the petition

on the plea that it is not a financial creditor, but only a secured

creditor.

2. On the first call, the matter was passed over at the request of

learned counsel for the petitioner. He was requested to examine the

recent decision of the Supreme Court in Ghanashyam Mishra and

Sons Private Limited v. Edelweiss Asset Reconstruction Company

Limited, reported as 2021 SCC OnLine SC 313 and address this

court on the maintainability of the present petition in the light of the

relief prayed.

3. On the second call, learned counsel for the petitioner seeks to

wriggle out of addressing arguments on the maintainability of the

present petition by requesting for a date. The said request is declined.

On some pushing and prodding, learned counsel for the petitioner

reluctantly concedes that the resolution plan in respect of the

Corporate Debtor was duly approved by the Adjudicating Authority

under Section 31(1) of the Insolvency and Bankruptcy Code, 2016, on

09.01.2021.

4. In view of the observation made by the Supreme Court in the

captioned decision that once a resolution plan is duly approved by the

Adjudicating Authority, the claims as provided in the resolution plan

shall stand frozen and will be binding on the Corporate Debtor and its

employees and such of the claims, which are not a part of the

resolution plan, shall stand extinguished and that no person will be

entitled to initiate or continue any proceedings in respect of claims,

which are not a part of the resolution plan, we decline to entertain the

present petition.

5. It is also noteworthy that the order impugned in this petition

was passed by the NCLT as long back as on 13.04.2018. No steps

have been taken by the petitioner over a span of three years to

challenge the said order. Admittedly, the respondent No.3/IFCI had

filed a claim before the Resolution Professional and the said claim has

been duly approved by the Committee of Creditors. Only after the

resolution plan has been drawn up, submitted and approved by the

NCLT, has the present petition been filed, solely to somehow delay

the pending proceeding before the NCLT.

6. In view of the judgment of the Supreme Court referred to

above, we decline to entertain the present petition, which is dismissed

along with the pending applications.

_________________ HIMA KOHLI, CJ

______________________ B. VIJAYSEN REDDY, J

30.04.2021 Lur