Delhi High Court - Orders
Akme Projects Limited Through Its ... vs Yes Bank Ltd & Anr on 2 March, 2021
Author: Vipin Sanghi
Bench: Vipin Sanghi, Rekha Palli
$~29
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 2783/2021
AKME PROJECTS LIMITED THROUGH ITS RESOLUTION
PROFESSIONAL ..... Petitioner
Through Mr.Muneesh Malhotra, Sr.Adv. with
Mr.Viram V Miwhas, Ms.Manpreeet Kaur,
Mr.Aditya Malhotra, Advs.
versus
YES BANK LTD & ANR. ..... Respondent
Through Mr.Neeraj Yadav, Adv for R-1.
Mr.Saket Sikri, Adv for R-2.
CORAM:
HON'BLE MR. JUSTICE VIPIN SANGHI
HON'BLE MS. JUSTICE REKHA PALLI
ORDER
% 02.03.2021 C.M.No.8352/2021 Exemption allowed, subject to all just exceptions. The application stands disposed of.
W.P.(C) 2783/2021 Issue notice. Learned counsel for the respondents accept notice. The limited prayer sought by the petitioner in the present writ petition is for a direction to the learned DRAT to decide appeal no.72/2020 filed by the respondent no.2 in a time bound manner, preferably on a day to day basis.
The petitioner is the Resolution Professional of the company namely AKME Projects Limited, which is undergoing the Corporate Insolvency Resolution Process(CIRP) under the orders of the NCLT. It is pointed out that the time for completion of the said process now stands extended to 07.06.2021 and the urgency made out by the petitioner is that the decision in Signature Not Verified Digitally Signed By:SAURABH RAWAT Signing Date:03.03.2021 17:43:37 the aforesaid pending appeal before the learned DRAT could have a bearing on the conclusion of the said resolution process. The appeal is stated to have been filed by the respondent no.2, which is the auction purchaser, who is seeking to have auction sale in his favour nullified on several grounds.
Learned counsel for the respondent no.2, Mr.Sikri, submits that the petitioner has conceded various relevant facts in the writ petition. It has not only failed to disclose the fact that its appeal before the DRAT already stands disposed of as also that there are proceedings pending before the Punjab and Haryana High Court on the aspect whether the land in question, on which the project was to be set up, has been acquired under the Land Acquisition Act or not. Be that as it may, we are of the considered view that an early disposal of the appeal pending before the DRAT being appeal no.72/2020 is essential to ensure clarity with regard to the resolution plan that is being formulated in respect of AKME Projects Limited.
We, therefore, dispose of this petition with request to the learned DRAT to consider the urgency in the matter and make an endeavour to dispose of the same in its entirety on 15.03.2021, the date on which it is listed before the DRAT.
The petition stands disposed of.
VIPIN SANGHI, J REKHA PALLI, J MARCH 2, 2021 sr Signature Not Verified Digitally Signed By:SAURABH RAWAT Signing Date:03.03.2021 17:43:37