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CaseIQ

Jaipur Metals Electricals Ltd.

Rajasthan High Court

Apr 26, 2018

Judgment

Subsequent
References

CaseIQ

Case Information

CITATION CODES

citation codes

CASE NO.

S.B. Company Petition No. 19/2009, S.B. Civil Writs No. 4156/1998, S.B. Civil Writs No. 504/2000, S.B. Civil Writs No. 3950/2000, S.B. Civil Writs No. 3963/2000, S.B. Civil Writs No. 3964/2000, S.B. Civil Writs No. 3965/2000, S.B. Civil Writs No. 3966/2000, S.B. Civil Writs No. 3967/2000, S.B. Civil Writs No. 3643/2007, S.B. Civil Writs No. 13608/2008, S.B. Company Appeal No. 6/2009, S.B. Company Appeal No. 7/2009, S.B. Company Appeal No. 8/2009, S.B. Writ Review No. 43/2018, S.B. Company Petition No. 19/2009, S.B. Civil Writs No. 4156/1998, S.B. Civil Writs No. 504/2000, S.B. Civil Writs No. 3950/2000, S.B. Civil Writs No. 3963/2000, S.B. Civil Writs No. 3964/2000, S.B. Civil Writs No. 3965/2000, S.B. Civil Writs No. 3966/2000, S.B. Civil Writs No. 3967/2000, S.B. Civil Writs No. 3643/2007, S.B. Civil Writs No. 13608/2008, S.B. Company Appeal No. 6/2009, S.B. Company Appeal No. 7/2009, S.B. Company Appeal No. 8/2009 and S.B. Writ Review No. 43/2018

Attorney(S)

Mr. Abhiroop Des Gupta

Mr. N.M. Lodha, AG with Mr. Kunal Jaiman

Mr. Swadeep Singh Hora

Mr. Rajendra Prasad, AAG with Mr. Surya Pratap Singh

Mr. Saurabh Jain on behalf of Mr. Anuroop Singhi

Mr. Devkrishan Purohit on behalf of Mr. Prem Kishan Sharma

Mr. R.C. Joshi

JUDGES

Sanjeev Prakash Sharma, J.

ACTS

Section 7 of the Code

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Sanjeev Prakash Sharma, J.:— Affidavit has been filed on behalf of the Interim Resolution Professional stated to have been appointed by National Company Law Tribunal under the Insolvency and Bankruptcy Code 2016.

2. It is stated therein that the respondent in the present proceedings namely Alchemist Asset Reconstruction Company Ltd. claiming to be secured creditor of JMEL, during the pendency of the present proceedings has filed a petition under Section 7 of the Code before the Principal Bench of National Company Law Tribunal vide order dated 13 April, 2018 has admitted the petition and appointed the Interim Resolution Professional.

3. The affidavit as well as the order passed by NCLT is taken on record. The present proceedings under way before this Court relating to the winding up proceedings referred to this Court by BIFR wherein the State Government has moved an application for revival/settlement. It is also pointed out that the possession of the JMEL is with the State Government. However, the Interim Resolution Professional claims that under the Code of 2016 he has assumed charge of the JMEL properties.

4. Prima facie, once the case was pending before this Court and the concerned applicant Alchemist was already party to this Court proceedings and was well aware of the proceedings going on with regard to the revival proceedings and also had put up its proposal, at the same time the claim of workmen was also being examined for which the valuation report has been directed to be conducted by the Official Liquidator; there was no occasion for intervention by NCLT in the matter. It appears that no notice was issued to the State Government nor workmen were given any opportunity before admitting the same under the Code of 2016.

5. Learned Additional General as well as Additional Advocate General state that they would like to file reply to the affidavit filed by the Interim Resolution Professional and pray for interim protection.

6. Taking into consideration the aforesaid aspect, implementation and effect of order passed by NCLT shall remain stayed and till question is decided whether Code of 2016 will over ride the present proceedings, till that date, the State Government shall not hand over the possession of building and material of of JMEL to the Interim Resolution Professional appointed by NCLT.

7. List on 3 May, 2018.