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Krystal Stone Exports Ltd. vs Stressed Assets Stabilization Fund ... on 18 April, 2023

Bench: A.S. Bopanna, Dipankar Datta

                                                1

     ITEM NO.22                            COURT NO.12                 SECTION XIV

                                  S U P R E M E C O U R T O F     I N D I A
                                          RECORD OF PROCEEDINGS

              Petition(s) for Special Leave to Appeal (C)          No(s).     23059/2017

     (Arising out of impugned final judgment and order dated 15-07-2016
     in WPC No. 5716/2016 passed by the High Court Of Delhi At New
     Delhi)

     KRYSTAL STONE EXPORTS LTD.                                        Petitioner(s)

                                                    VERSUS

     STRESSED ASSETS STABILIZATION FUND (SASF) & ORS.                  Respondent(s)

     (IA No. 84873/2017 - EXEMPTION FROM FILING O.T.)

     Date : 18-04-2023 These matters were called on for hearing today.

     CORAM :
                            HON'BLE MR. JUSTICE A.S. BOPANNA
                            HON'BLE MR. JUSTICE DIPANKAR DATTA

     For Petitioner(s)                Ms. Anjana Prakash, Sr. Adv.
                                      Ms. Kajal Kumari, Adv.
                                      Ms. Sundri, Adv.
                                      Mr. Shashank Deo Sudhi, Adv.
                                      Mr. Karan Singh Tanwar, Adv.
                                      Mr. Bijender P. Kumar, Adv.
                                      Mr. Kunwar Siddharth Singh, Adv.
                                      Mr. Narender Kumar Goyal, Adv.
                                      Mr. Ashutosh Chaturvedi, Adv.
                                      Mr. Jeetendra Kumar, Adv.
                                      Chandrakant Sukumar Sarkar, Adv.
                                      Mr. Vipin Sandu, Adv.
                                      M/S. Mukesh Kumar Singh And Co., AOR

     For Respondent(s)                Mr. Anand Varma, AOR
                                      Ms. Apoorva Pandey, Adv.



                             UPON hearing the counsel the Court made the following
                                                O R D E R

Signature Not Verified Heard the learned senior counsel for the petitioner as also Digitally signed by Nisha Khulbey Date: 2023.04.19 17:33:09 IST Reason: the learned counsel for the respondents.

We note, in the instant petition that the proceedings which were initiated before the Board for Industrial and Financial Reconstruction (for short ‘BIFR’) is the subject matter. The orders passed thereto on 11.07.2015 by BIFR, which was affirmed by the Appellate Authority for Industrial & Financial Reconstruction (for short’ AAIFR) on 18.01.2016 and ultimately, the Writ Petition being dismissed on 15.07.2016, is assailed herein.

In the meanwhile, much water has flown under the bridge and against the petitioner company proceedings before the NCLT has been initiated under the Insolvency and Bankruptcy Code (‘IBC’ for short) and the Resolution Professional has already been appointed.

In that view of the matter, in the instant proceedings we see no reason to proceed further in the matter. However, insofar as the appointment of the Resolution Professional under IBC, if, the company has availed its remedies in accordance with law, it would be open for them to put forth all contentions in the said proceedings. Leaving open that aspect of the matter, the instant petition is disposed of. However, the cost imposed by the AAIFR shall stand waived.

Pending application(s), if any, shall stand disposed of.

    (NISHA KHULBEY)                                       (RAM SUBHAG SINGH)
SENIOR PERSONAL ASSISTANT                                    BRANCH OFFICER