O R D E R
22.03.2023: Heard learned Counsel for the parties.
2. This appeal has been filed against an order dated 13.02.2023 by which the Adjudicating Authority (NCLT, Allahabad) before admission of Section 7 application, passed an order retraining Corporate Debtor from alienating or creating any third party interests/rights on the assets of the Corporate Debtor secured in favour Debenture Trustee till further orders.
3. Learned Counsel for the Appellant submits that the order was passed only on the ground that certain information was not provided by the Appellant to the Debenture Trustee. It is stated that the Appellant is ready to provide information to the Debenture Trustee and also submitted an One Time Settlement (OTS) proposal to the Debenture Trustee.
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Company Appeal (AT)(Insolvency) No. 259 of 2023 Page 2 of 2
4. Learned Counsel for the Respondent submits that in the present matter, in Section 7 Notice was issued in October, 2022, Reply by the Corporate Debtor could be filed by 01.03.2023 and the next date has been fixed on 10.04.2023.
5. We are of the view that since the Tribunal has already fixed 10.04.2023 as the next date of hearing, it is appropriate that the Appellant may request the Adjudicating Authority to hear the Application, in the event the settlement is not reached as contended by the Counsel for the Appellant.
6. We are, thus of the opinion that no ground has been made out to entertain the appeal at this stage. We further note the submissions of the Appellant that the order impugned does not restrain the Appellant from taking steps in bringing relevant investments without creating 3rdParty interest which has already been restrained by the Adjudicating Authority. With these observations, we dispose of the appeal.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
akc/nn
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