Bombay High Court
Ramachandran Subramanian Liquidator ... vs Ultratech Cements Limited on 6 December, 2022
Author: Bharati Dangre
Bench: Bharati Dangre
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
IN ITS COMMERCIAL DIVISION
COMMERCIAL ARBITRATION APPLICATION (L) NO.16042 OF 2022
Ramchandran Subrjamanian .. Applicant
Liquidator of Tecpro Systems Ltd.
Versus
Ultratech Cements Limited .. Respondent
WITH
COMMERCIAL ARBITRATION APPLICATION (L) NO.16068 OF 2022
Ramchandran Subrjamanian .. Applicant
Liquidator of Tecpro Systems Ltd.
Versus
Ultratech Cements Limited .. Respondent
...
Ms.Kainaz Irani i/b Mr.Abhishek Bhaduri for the Applicant.
Mr.Vijay Purohit with Mr.Pratik Jhaveri, Mr.Virendra Vikram
and Mr.Samkit Jain i/b P & A Law Offces for the Respondent.
...
CORAM: BHARATI DANGRE, J.
DATED : 06th DECEMBER, 2022 P.C:-
1. On 23/11/2022, a preliminary objection was raised about the maintainability of the present proceedings at the instance M.M.Salgaonkar ::: Uploaded on - 08/12/2022 ::: Downloaded on - 09/12/2022 07:58:17 ::: 2/3 41-42 CARAPL-16042-22.odt of the liquidator of Tecpro Systems Ltd. in the wake of sub-
section(5) of Section 33 in Chapter 3 of the IB Code. My attention was also invited to the permissions, which were obtained by the liquidator of Tecpro Systems Ltd. from the NCLT, when they wanted to initiate and pursue the legal proceedings in the matters emanating out of contracts executed between the Corporate Debtor and certain companies. Today, an attempt is made to fll up the lacuna and the learned counsel has produced on record an order passed by the NCLT, New Delhi Bench on 30/11/2022, on an application fled by Edelweiss Asset Reconstruction Company Ltd.
The application fled under Section 35(1)(K) read with the Proviso of Section 33(5) of the IB Code resulted into the permission being granted to the liquidator to initiate the proceedings against Ultratech Cement Limited. Copy of the said order is taken on record and it is marked 'X' for identifcation.
Attention of the learned counsel is invited to the provision contained in sub-section (5) of Section 33, which contemplate that when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against M.M.Salgaonkar ::: Uploaded on - 08/12/2022 ::: Downloaded on - 09/12/2022 07:58:17 ::: 3/3 41-42 CARAPL-16042-22.odt the corporate debtor. The proviso appended, however, carves out an exception, but the specifc wordings used therein are "with the prior approval of the adjudicating authority". Admittedly, the institution of the proceedings by the liquidator is prior to 30/11/2022, when the permission to initiate the proceedings is granted by the NCLT.
2. In the wake of the aforesaid, the learned counsel for the applicant seeks permission to withdraw the applications, by reserving the liberty to take appropriate steps, as may be permissible in law.
Permission granted. The applications stand disposed off as withdrawn, with liberty as prayed for.
( SMT. BHARATI DANGRE, J.) M.M.Salgaonkar ::: Uploaded on - 08/12/2022 ::: Downloaded on - 09/12/2022 07:58:17 :::