Supreme Court - Daily Orders
Ramkrishna Forgings Limited vs Ravindra Loonkar, Resolution ... on 28 February, 2022
Bench: Dinesh Maheshwari, Vikram Nath
1
ITEM NO.8 Court 14 (Video Conferencing) SECTION XVII
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Civil Appeal No.1527/2022
RAMKRISHNA FORGINGS LIMITED Appellant(s)
VERSUS
RAVINDRA LOONKAR, RESOLUTION
PROFESSION OF ACIL LIMITED & ANR. Respondent(s)
(FOR ADMISSION and IA No.25464/2022-EX-PARTE STAY and IA No.25463/2022-GRANT OF FURTHER RELIEF) Date : 28-02-2022 This appeal was called on for hearing today. CORAM :
HON'BLE MR. JUSTICE DINESH MAHESHWARI HON'BLE MR. JUSTICE VIKRAM NATH For Appellant(s) Mr. Shyam Divan, Sr. Adv.
Mr. Krishnendu Datta, Sr. Adv.
Mr. Prateek Kumar, Adv.
Ms. Sneha Janakiraman, Adv.
Ms. Raveena Rai, Adv.
Ms. Smriti Nair, Adv.
Ms. Anshula Laroiya, Adv.
M/S. Khaitan & Co., AOR For Respondent(s) Mr. Arvind Nayar, Sr. Adv.
Mr. Rajive R. Raj, Adv.
Mr. Akhil Saxena, Adv.
Mr. Sandeep Chauhan, Adv.
Mr. Rajesh Kumar Chaurasia, AOR Mr. Dilip Kumar, Adv.
Mr. Niranjana Das, Adv.
Mr. Sumant Batra, Adv.
Mr. Abhishek Sharma, Adv.
Ms. Ashly Cherian, Adv.
Ms. Anisha Mahajan, Adv.
Mr. Alok Tripathi, AOR Signature Not Verified Digitally signed by Dr. Mukesh Nasa Date: 2022.03.02 UPON hearing the counsel the Court made the following 17:56:16 IST Reason: O R D E R Mr. Shyam Divan, learned senior counsel for the appellant contends that the Adjudicating Authority (National Company Law 2 Tribunal, New Delhi Principal Bench) has committed a jurisdictional error in passing the order dated 01.09.2021 while expressing its dissatisfaction about fair value of the assets of the Company and then, ordering revaluation of the assets despite the fact that the resolution plan in question was approved by a majority of 88.56% of the voting share in the Committee of Creditors; and the Appellate Tribunal has also erred in approving the order so passed by the Adjudicating Authority.
The matter requires consideration. Admit.
Issue notice.
Mr. Sumant Batra, learned counsel appears for respondent No.1 and Mr. Arvind Nayar, learned senior counsel with Mr. Rajesh Kumar Chaurasia appears for the respondent No. 2. Looking to the short point involved, it appears appropriate to take up this matter for final hearing at an early date. Learned counsel for the parties may complete their pleadings before the matter is taken up for hearing on the next date. List the matter for final hearing on 11.04.2022. In the meanwhile and until further orders, further proceedings in CP(IB)- 170(PB)/2018 before the National Company Tribunal, New Delhi Principal Bench shall remain stayed. (SHRADDHA MISHRA) (RANJANA SHAILEY) SENIOR PERSONAL ASSISTANT BRANCH OFFICER