ORDER :

SUNDER MOHAN, J.

PRAYER: This Civil Revision Petition has been filed under Article 227 of the Constitution of India challenging the order passed by the National Company Law Tribunal, Chennai Bench I dated 22.08.2022 passed in M.A.No.17 of 2022 in CP(IB)/282/CHE/2021 on the file of the National Company Law Tribunal, Chennai Bench I and consequently, set aside the order dated 19.04.2022 initiating CIRP in CP(IB)/283/CHE/2021 on the file of the National Company Law Tribunal, Chennai Bench I.

This Civil Revision Petition has been filed challenging the order passed by the National Company Law Tribunal dated 22.08.2022 in M.A.No.17 of 2022 in CP(IB)/282/CHE/2021 and to consequently set aside the order dated 19.04.2022 initiating C.I.R.P. (Corporate Insolvency Resolution Process) in CP(IB)/282/CHE/2021 on the file of the National Company Law Tribunal, Chennai Bench I.

2.Heard Mr.R.Parthasarathy, learned counsel for the petitioner, Mr.P.H.Aravind Pandian, learned counsel for the first respondent and Mr.Anant Merathia, learned counsel for the second respondent.

3. The averments in the petition would show that, the petitioner has preferred an appeal before the NCLAT against the order dated 22.08.2022 passed in M.A.No.17 of 2022. The petitioner has also filed an appeal against the order initiating C.I.R.P. (Corporate Insolvency Resolution Process) dated 19.04.2022 before the National Company Law Appellate Tribunal in Comp. Appeal (AT)(CH)(Ins)No.169 of 2022. The Appellate Tribunal had not granted stay of the order of the National Company Law Tribunal initiating the C.I.R.P. (Corporate Insolvency Resolution Process). The petitioner had filed application in M.A.No.17 of 2022 stating that certain additional facts came to her knowledge after the order was passed by the Tribunal on 19.04.2022. The said application was filed stating that the order dated 19.04.2022 was obtained by the financial creditor by playing fraud on the Court and the alleged outstanding amount was less than the threshold limit of Rs.1,00,00,000/- (Rupees one crore only).

4 (a) Mr.R.Parthasarathy, learned counsel for the petitioner submitted that he is aware of the decisions of this court which held that a petition under Article 227 of Constitution of India cannot be entertained when there is an appellate remedy. But he would submit that in the facts of the instant case since the appellate remedy is not efficacious, the above Civil Revision Petition can be entertained.

(b) The learned counsel submitted that on the application filed by the Financial Creditor (first respondent herein) against the Corporate Debtor namely M/s.Geetha Musical Instrument Manufacturers and Exports Pvt. Ltd., for a prayer to initiate Corporate Insolvency Resolution Process (CIRP), the Company Law Tribunal passed an order on 19.04.2022, admitting the application and directed the Insolvency Resolution Professional, the 2nd respondent herein to conduct Corporate Insolvency Resolution Process (CIRP). The petitioner filed an appeal as a shareholder of the Corporate Debtor before the NCLAT (National Company Law Appellate Tribunal). Thereafter she filed application in M.A.No.17 of 2022 in which the petitioner had made allegations of fraud in the disbursal of loan to third parties of which one company was closely linked to the Financial Creditor and has brought to the notice of the Tribunal about the fact that the outstanding amount payable by the corporate debtor is less than the threshold limit of Rs.1,00,00,000/-.

(c) The learned counsel submitted that the order passed by the Tribunal in M.A.No.17 of 2022 was in violation of principles of natural justice. The National Company Law Tribunal did not give opportunity to the petitioner's counsel to make submissions. That apart, the case was posted on 22.08.2022 for filing of counter and since the respondent did not file counter on that day, the counsels for either side thought that the matter got adjourned. That is the reason why the respondent filed their