National Company Law Appellate Tribunal
Bhd Industries Ltd vs Mars Remedies Pvt. Ltd on 13 July, 2022
Author: Ashok Bhushan
Bench: Ashok Bhushan
1
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
PRINCIPAL BENCH, NEW DELHI
Company Appeal (AT) (Insolvency) No. 743 of 2022
IN THE MATTER OF:
BDH Industries Ltd. ...Appellant
Versus
Mars Remedies Pvt. Ltd. ...Respondent
Present:
For Appellant: PCA Kairav Trivedi
For Respondent:
ORDER
(Virtual Mode) 13.07.2022: This Appeal has been filed against the Order dated 22nd April, 2022 passed by the Adjudicating Authority by which the Adjudicating Authority has adjourned the Appeal for 12th May, 2022. The Learned Counsel for the Appellant submits that against the earlier Order passed by the Adjudicating Authority, Company Appeal (AT) Ins. No. 936 of 2020 was filed, which Appeal was decided by this Tribunal on 07th February, 2022 where following Order was passed in Paragraph 27:
"27. We find that letter dated 27.12. 2011 sent by MRPL to BDH Industries is an adequate proof of financial assistance being sought by MRPL/Corporate Debtor from BDH Industries/financial creditor which was agreed to 2 and disbursed by the Appellant/Financial Creditor to the Respondent/Corporate Debtor. In the face of such a document as proof of loan being given to the corporate debtor, we hold that Appellant/BDH Industries satisfies all the necessary ingredients of being a financial creditor under the IBC and the amount given by it to the Respondent is in the nature of a financial debt. As discussed earlier this debt is in default and payable to the Appellant, and hence section 7 application ought to have been admitted. The appeal, therefore, succeeds and in the result, we set aside the Impugned Order of the Adjudicating Authority dated 24.6.2020 and direct that the Adjudicating Authority shall, within a period of fifteen days of this order, pass order as required under law for initiating Corporate Insolvency Resolution Process against the Respondent/Mars Remedies Private Limited and other consequential actions as provided in IBC."
2. It is submitted that after this Appellate Tribunal's Order was placed before the Adjudicating Authority, the Adjudicating Authority passed two Orders on 17th March, 2022 and thereafter on 22nd April, 2022. The time allowed by this Appellate Tribunal to pass the Order has long expired, the Adjudicating Authority is not proceeding to pass any Order in accordance with the Order of Company Appeal (AT) Ins. No. 743 of 2022 3 this Tribunal. He further submits that adjournment was sought by the Corporate Debtor on the ground that they have filed an Appeal before the Hon'ble Supreme Court. He has made enquiry and found that Appeal is laying in defect and even in 90 days but the defect has been rectified. All these facts may be brought in the notice of the Adjudicating Authority. We, at this stage, are not inclined to entertain this Appeal.
3. With these observations, the Appeal is disposed of.
[Justice Ashok Bhushan] Chairperson [Justice M. Satyanarayana Murthy] Member (Judicial) [Mr. Barun Mitra] Member (Technical) Basant/nn Company Appeal (AT) Ins. No. 743 of 2022