Delhi High Court - Orders
Rattan India Power Ltd vs Bharat Heavy Electricals Ltd on 8 February, 2023
Author: Prateek Jalan
Bench: Prateek Jalan
$~23, 24, 26 and 27
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P. (COMM) 372/2017 & I.A. 12098/2017
RATTAN INDIA POWER LTD. ..... Petitioner
Through: Mr. Tanmaya Mehta, Mr.
Devyansh H. Rathi & Ms. Prachi
Vashisht, Advocates.
versus
BHARAT HEAVY ELECTRICALS LTD. ..... Respondent
Through: Mr. Akhil Sibal, Senior Advocate
with Mr. Punit Dutt Tyagi, Ms.
Debashree Mukherjee, Ms. Sanya
Kumar and Ms. Nisha Jain,
Advocates.
+ O.M.P. (COMM) 373/2017 & I.As. 12102/2017, 12165/2017
SINNAR THERMAL POWER LIMITED ..... Petitioner
Through: Ms. Prachi Vasisht, Mr. Kushagra
Pandit and Mr. Suraj, Advocates.
versus
BHARAT HEAVY ELECTRICALS LTD. ..... Respondent
Through: Mr. Punit Dutt Tyagi and Ms.
Nisha Jha, Advocates.
+ OMP (ENF.) (COMM.) 149/2017 & EX.APPL.(OS) 99/2022,
I.As. 13749-50/2017
BHARAT HEAVY ELECTRICALS LTD. ..... Decree Holder
Through: Mr. Punit Dutt Tyagi and Ms.
Nisha Jha, Advocates.
Signature Not Verified
Digitally Signed
By:SHITU NAGPAL O.M.P. (COMM) 372/2017 and connected matters Page 1 of 4
Signing Date:09.02.2023
12:09:37
versus
RATTAN INDIA POWER LTD. ..... Judgement Debtor
Through: Mr. Tanmaya Mehta, Mr.
Devyansh H. Rathi & Ms. Prachi
Vashisht, Advocates.
+ OMP (ENF.) (COMM.) 150/2017 & EX.APPL.(OS) 83/2022,
I.A. 13753/2017
BHARAT HEAVY ELECTRICALS LTD. ..... Decree Holder
Through: Mr. Punit Dutt Tyagi and Ms.
Nisha Jha, Advocates.
versus
SINNAR THERMAL POWER LIMITED ..... Judgement Debtor
Through: Ms. Prachi Vasisht, Mr. Kushagra
Pandit and Mr. Suraj, Advocates.
CORAM:
HON'BLE MR. JUSTICE PRATEEK JALAN
ORDER
% 08.02.2023 O.M.P. (COMM) 373/2017 & OMP (ENF.) (COMM.) 150/2017
1. The petitioner in O.M.P. (COMM) 373/2017, Sinnar Thermal Power Limited ["Sinnar"], is subject to Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal ["NCLT"]. By an order dated 19.09.2022, the NCLT admitted the CIRP against Sinnar, and appointed an Interim Resolution Professional ["IRP"]. By an order dated 21.09.2022, the IRP was requested to appear in the present proceedings.
Signature Not Verified Digitally Signed By:SHITU NAGPAL O.M.P. (COMM) 372/2017 and connected matters Page 2 of 4 Signing Date:09.02.2023 12:09:37The IRP has, however, informed Ms. Prachi Vasisht, learned counsel for the ex-management of Sinnar, that the order of the NCLT has been challenged before the National Company Law Appellate Tribunal ["NCLAT"], in which the NCLAT, by order dated 26.09.2022, has restrained the IRP from taking any steps pursuant to the impugned order of the NCLT dated 19.09.2022.
2. In these circumstances, it appears that the moratorium in respect of proceedings against Sinnar continues, but Sinnar can neither be represented through its ex management, nor through the IRP.
3. List on 18.04.2023.
O.M.P. (COMM) 372/2017 & OMP (ENF.) (COMM.) 149/2017
1. Although these proceedings also arise out of a common award, the petitioner in O.M.P. (COMM) 372/2017- Rattan India Power Limited ["Rattan"], is the holding company of Sinnar. Mr. Punit Dutt Tyagi, learned counsel for Bharat Heavy Electricals Limited, submits that there is no impediment to the enforcement of the award against Rattan.
2. Mr. Tyagi draws my attention to a document annexed alongwith EX.APPL.(OS) 99/2022 which is a copy of the earnings update submitted by Rattan to the National Stock Exchange on 18.06.2021. It pertains to the financial year ending 31.03.2021. Mr. Tyagi submits that Rattan has reported profits for serval quarters, which appears to be a significantly different financial position from the position disclosed in the affidavit of assets filed prior in time by Rattan in these proceedings.
3. Rattan is directed to file a reply to this application with four weeks, giving details of its present financial position, including its assets and income. It will also place on record copies of its audited accounts for the Signature Not Verified Digitally Signed By:SHITU NAGPAL O.M.P. (COMM) 372/2017 and connected matters Page 3 of 4 Signing Date:09.02.2023 12:09:37 financial years ending 31.03.2021 and 31.03.2022. Rattan will ensure that full details of its bank accounts, including the names of the banks alongwith the concerned branches, as well as the details of its secured creditors and the amounts owing to each of them. Affidavit be filed within four weeks.
4. List on 18.04.2023.
PRATEEK JALAN, J FEBRUARY 8, 2023 'vp/pv'/ Signature Not Verified Digitally Signed By:SHITU NAGPAL O.M.P. (COMM) 372/2017 and connected matters Page 4 of 4 Signing Date:09.02.2023 12:09:37