Bombay High Court
Ramchandran Subrjamanian Liquidator ... vs Ultratech Cements Limited on 23 November, 2022
Author: Bharati Dangre
Bench: Bharati Dangre
1/2 39 CARAP(L).16042.22.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
IN ITS COMMERCIAL DIVISION
COMMERCIAL ARBITRATION APPLICATION (L)NO.16042
OF 2022
WITH
COMMERCIAL ARBITRATION APPLICATION (L)NO.16068
OF 2022
Ramchandran Subramanian Liquidator .. Applicant
of Tecpro systems ltd
Versus
Ultratech Cements Limited .. Respondent
Ms. Kainaz Irani i/b Mr. Abhishek Bhaduri for the Applicant.
Mr. Vijay Purohit a/w Mr. Pratik Jhaveri, Mr. Samkit Jain i/b P & A
Law Offices for the Respondent.
CORAM: BHARATI DANGRE, J.
DATED : 23rd NOVEMBER, 2022 P.C:-
1. The learned counsel for the respondent raise a preliminary objection about maintainability of the present proceedings at the instance of the liquidator of TecPro Systems Ltd, on the premise of sub-section (5) of Section 33 in Chapter 3 of the IBC Code. He would also invite my attention to Section 35, which confer the powers and cast duties upon the liquidator, which include clause (k) i.e. power to institute or defend any suit, prosecution or other legal proceedings, civil or criminal, in the name of on behalf of the corporate debtor.
Ashish Mhaske ::: Uploaded on - 25/11/2022 ::: Downloaded on - 26/11/2022 09:28:46 ::: 2/2 39 CARAP(L).16042.22.doc The counsel has specifically relied upon an order obtained by the TecPro Systems Ltd, from the NCLT, New Delhi in form of IA No. 2913 of 2021, when they wanted to institute and pursue the legal proceedings in the matters emanating out of contracts executed between the Corporate Debtor and certain companies.
2. The response of the learned counsel for the applicant is the order appointing the applicant as a liquidator, and by particularly inviting my attention to clause (g), it is sought to be argued that the applicant i.e. the liquidator is vested with the power to investigate the financial affairs of the corporate debtor in accordance with provisions of Section 35 (1) of the Code.
I am afraid whether it would cover a specific power conferred upon the applicant to institute the proceedings on behalf of the corporate debtor / TecPro Systems Ltd. In the wake of the specific bar under Section 33, let the counsel for the applicant appraise herself of the legal position and also the basis for approaching NCLT while seeking necessary orders for filing the proceedings.
3. List the application for hearing on 6/12/2022.
( SMT. BHARATI DANGRE, J.) Ashish Mhaske ::: Uploaded on - 25/11/2022 ::: Downloaded on - 26/11/2022 09:28:46 :::