THE NATIONAL COMPANY LAW TRIBUNAL

CHANDIGARH BENCH, COURT-II CHANDIGARH

(Exercising powers of Adjudicating Authority under

The Insolvency and Bankruptcy Code, 2016)

CA No.229 of 2024

In CA No.271 of 2022

In CP/50(CH)2010

Under Section 420(2), 424(3) of the Companies Act, 2013 and Rule 154 read with Rule 11 of the National

Company Law Tribunal Rules, 2016

IN THE MATTER OF:

Machinen Umwelttechnik Transportanlagen Gesekkschaft Gmbh

... Petitioner/Applicant

Versus

Vardhman Polytex Limited & Anr.

…………………………………..... Respondent

AND IN THE MATTER OF CA NO.299/2024:

Vardhman Polytex Limited Having its Registered Office:

Vardhman Park, Chandigarh Road,

Ludhiana, Punjab-141123, India

………………………………..… Applicant

Vs.

1. Machinen Umwelttechnik Transportanlagen Gesekkschaft Gmbh

Having Office at:

Schieszstattgasse 49, POB-118,

A-200 Stockerau, Austria

………………………………….… Respondent No.1

2. F.M. Haemmerle Textiles Limited

Having its Registered Office:

Office no.4, 2nd Floor, Guru Har Rai Complex,

Industrial Estate Road, Near Manju Cinema, Dholewal,

Ludhiana, Punjab, India-141003

Also at:

Kagal MIDC Road, Kagal 5 star MIDC Industrial Area, Halsavade, Talandage, Maharashtra-416236 ……..………... Respondent No.2 Judgment delivered on: 02.01.2025 Coram: HON’BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL)

HON’BLE MR. UMESH KUMAR SHUKLA, MEMBER (TECHNICAL)

Present:

For the Applicant: Mr. U.K. Chaudhary, Senior Advocate with Mr.

Mansumyer Singh and Mr. Nahush Jain, Advocates For the Respondent: Mr. Rohit Sood, Advocate Per : Harnam Singh Thakur, Member (Judicial)

: Umesh Kumar Shukla, Member (Technical)

JUDGEMENT

The present Company Application (hereinafter referred to as the “CA”)

No. 229 of 2024 has been filed under Section 420(2) read with 424(3) of the Companies Act, 2013 (hereinafter referred to as the “Act” ) and Rule 154 read with Rule 11 of the National Company Law Tribunal Rules, 2016, (hereinafter referred to as the “NCLT Rules”) by Vardhman Polytex Limited (hereinafter referred to as the “VPL” or “Applicant” or “Judgment Debtor No.1”) against Machinen Umwelttechnik Transportanlagen Gesekkschaft Gmbh (hereinafter referred to as the “Respondent No.1” or “MUT” or “Decree Holder”) and F.M. Haemmerle Textiles Limited (hereinafter referred to as the “Respondent No.2” or “FMH” or “Judgment Debtor No.2”) for recall and modification of the order dated 12.09.2024 passed by this Tribunal in CA No. 271/2002 to the extent that the Respondent No.2 cannot be given up in the execution proceedings pending in CA No.271/2022 by the Applicant, and accepted or allowed by this Tribunal as the same is impermissible in law. The Applicant has prayed to allow the Application to recall and modify the order dated 12.09.2024 passed by this Tribunal in the execution application. FACTS OF THE CASE

2. The brief facts of the case, as mentioned in the Application, are:

(i) The Applicant/VPL is a company incorporated under the Companies Act, 1956 (hereinafter referred to as the “erstwhile Act”) and inter alia is engaged in the business of manufacturing, selling and exporting of yarn and piece dyed shirting fabrics and home textile fabrics. The VPL is also the Judgment Debtor No.1 in the CA No. 271 of 2022 (ii) The Respondent No.1/MUT is the Decree holder and Respondent No.2/FMH is the Judgment Debtor No.2 in the in the execution proceedings pending in CA No. 271 of 2022.

(iii) The Respondent No.1/MUT filed a Company Petition bearing CP No.50/2010 and CP No.118/2010 under Sections 397-398 under Sections 397-398 of the erstwhile Act, primarily against the affairs of FMH and the relief was sought against him and other Respondents.

(iv) The Respondent No.2/FMH filed Petition bearing CP No. 12/2010 under Sections 397-398 of the erstwhile Act against Respondent No.1/MUT & Ors.

(v) The Petition bearing CP No.40/2010 was also filed by the Applicant/VPL against the acts/ omissions of Respondent No.1/MUT in the affairs of Respondent No.2/FMH.

(vi) All of the said Petitions came to be decided by the erstwhile Hon’ble Company Law Board (h