Sapna

PRESENT:

For the Applicant

:Mr. Arjun Sheth, Advocate

For the Respondent

:Mr. Navin Pahwa, Sr. Adv. a.w. Mr. Ravi Pahwa, Adv.

ORDER

We heard learned counsel for the RP and learned senior counsel for the

Respondent. There appear some contested issues, hence we allow the Suspended

Management to oppose this application by filing detailed reply by giving copy to the

RP and RP is directed to file rejoinder.

We also make it clear that if Suspended Management has any allegations

against the sole CoC Member i.e. P.N.B, the Suspended Management could make

a party in IA and serve notice to them.

Matter stands adjourned to 03.01.2023.

IA/10(AHM)2022 in IA/387(AHM)2021

This application is filed by the RP for taking contempt actions against the

Suspended Management because in spite of directions from this Adjudicating

Authority ,they did not cooperate.

IN THE NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD

DIVISION BENCH

COURT - 1

ITEM No.122. IA/105(AHM)2022

ITEM No. 123.- IA/10(AHM)2022 in IA/387(AHM)2021 in

CP(IB) 173 of 2019

Proceedings under Section 7 IBC

IN THE MATTER OF:

Punjab National Bank

V/s

Mithilanchal Industries Pvt Ltd

........Applicant

........Respondent

Order delivered on ..29/11/2022

Coram:

Dr. Madan B. Gosavi, Hon’ble Member(J)

Kaushalendra Kumar Singh, Hon’ble Member(T)

Sapna

We heard learned counsel for the parties. In fact, we have already passed the

order of liquidation of the Corporate Debtor because there was no sufficient

information to resolve the Corporate Debtor in CIRP. In such situation, we do not find

fit to proceed in contempt proceeding against the Suspended Management. In view

of this, IA/10(AHM)2022 in IA/387(AHM)2021 stands disposed of.

-SD-

-SD-

KAUSHALENDRA KUMAR SINGH

DR. MADAN B GOSAVI

MEMBER (TECHNICAL)

MEMBER (JUDICIAL)

ITEM No.122. IA/105(AHM)2022

ITEM No. 123.- IA/10(AHM)2022 in IA/387(AHM)2021 in

CP(IB) 173 of 2019