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DIVISION BENCH

O-203

COURT - II

NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

KOLKATA

C.P. (IB)/140(KB)2021

IA(I.B.C)/981(KB)2021

CORAM: 1. HON’BLE MEMBER(J), SMT. BIDISHA BANERJEE

2. HON’BLE MEMBER(T), SHRI BALRAJ JOSHI

ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 17^TH FEBRUARY, 2023, 02:00 P.M

IN THE MATTER OF

ELECTROPARTS (INDIA) PRIVATE LIMITED

VS

VIDEOCON INFINITY INFRASTRUCTURE PRIVATE LIMITED

UNDER SECTION

IBC UNDER SEC 7

Counsel/Authorised Representative appeared physically/through video conference:

For IRP

:

Ms. Swaralipi Deb Roy, Adv.

Mr. Sanjeet Kumar Sharma, IRP in person

For Infinity Infotech Parks Ltd. :

Ms. Neha Somani, Adv.

O R D E R

1. Ld. Counsel for the IRP present. IRP is present in person. Ld. Authorised

Representative for the Infinity Infotech Parks Ltd. present.

2. By a detailed order dated 18/07/2022 passed in IA(IBC)/907(KB)2021, which was

heard on 18/04/2022, this Adjudicating Authority had ordered that the “CIRP stands

vitiated and terminated” and the said IA(IBC)/907(KB)2021 was disposed of. The

operative portion of the said order dated 18/07/2022 is extracted hereunder:

“32.

We, therefore, pass the following orders: -

(a) The entire transaction as narrated in the Section 7application is

plainly imaginary, concocted and fraudulent. The CD does not

appear to have had any genuine liability towards the alleged FC

and the entire documentation has evidently been prepared by the

alleged FC in collusion with Videocon Group entities. The alleged

documents disclosed in the Supplementary Affidavit of the alleged

FC, far from helping its case, further demonstrate the fraudulent

nature of the documents.

(b) In the circumstances, the alleged FC is guilty of practicing and

committing fraud on this Tribunal and therefore, as per Section 65

of the Code, penalty of Rs.50 Lakh is imposed on the alleged FC

and the CIRP stands vitiated and terminated due to the fraud

committed. In any event, even apart from the aspect of fraud as

discussed above, the Section 7 petition was not maintainable due to

the prohibition in Section 10A of the Code.

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(c) There is no question of allowing any “settlement” to take place

based on the alleged documents disclosed in the Supplementary

Affidavit of the alleged Financial Creditor, since the same is

evidently a sham and a mala fide ruse to avoid scrutiny by this

Tribunal on the wholly fraudulent action of the alleged FC in

instituting the section 7 petition and initiation of CIRP based

thereon by practising fraud on the Tribunal. The story of settlement

also clearly appears to be an afterthought.

(d) Apart from the consequences under Section 65 of the Code, by

reason of which the CIRP stands vitiated and terminated and

penalty imposed on the alleged Financial Creditor as stated above,

in view of the glaringly fraudulent actions of the alleged Financial

Creditor as discussed above, it appears that the same would have

far reaching implications going even beyond this case and

therefore, it would be proper for a full investigation to be

conducted into the transaction set up by the alleged Financial

Creditor in the Section 7 petition. In view of the same, the Registry

of this Tribunal is directed to send a copy of this order to the

Secretary, Ministry of Corporate Affairs, Central Government for

further action at their end.”

3. IA(IBC)/981(KB)2021 was filed on 10/11/2021 to seek the following reliefs:

“A. Pass an order allowing the withdrawal of the CIRP on the basis of Form

FA filed by the non-Applicant herein;

B. Pass any other order or direction as this Hon’ble Tribunal may deem fit

And proper in the facts and circumstances of the present case.”

On 18/08/2022, IA(IBC)981(KB)2021 was taken up. The matter further came up on

subsequent dates being 26/09/2022, 22/11/2022, 30/12/2022 and appears today,

17/02/2023. At hearing, Ld. Counsel for the IRP would bring to our notice the order

dated 18/07/2022, extracted supra in IA(IBC)/907(KB)2021.

4. In view of the said order, whereby and