1
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 1741 OF 2023
ADANI POWER LIMITED APPELLANT(s)
VERSUS
SHAPOORJI PALLONJI AND CO. PVT. LTD. & ORS. RESPONDENT(s)
O R D E R
Paragraphs 19 and 20 of the judgment under challenge, dated 23.02.2023 passed by the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi read as under:
"19. For all the foregoing reasons, we are of the considered view that there is no illegality in the Order of the 'Approval of the Resolution Plan' by the Adjudicating Authority and we do not see any reason to set aside the Resolution Plan per se except for observing that the RP ought not to have made a 'Contingent Provision' with respect to the Appellant herein having regard to the specific facts of this case, which would be subject to the result of the Arbitration Proceedings.
20. Having observed so, liberty is being given to the Appellant herein to pursue all contentions available to them in the pending Arbitration Proceedings and the same be decided in the said proceedings on its own merits in accordance with law. This Appeal is disposed of with the aforenoted observations. No order as to costs. It is to be noted that keeping in view the peculiar facts of the attendant case on hand, this
2
Order is being passed." In our opinion, there is no ambiguity in the above observations and directions recorded by the NCLAT, as they reflect that the Resolution Plan, as approved, is binding on all and cannot be made subject matter of arbitration or any other proceedings. The claim of respondent no. 1 - Shapoorji Pallonji and Co. Pvt. Ltd. has been categorized by the Resolution Professional as a 'contingent liability'. Respondent no. 1 - -Shapoorji Pallonji and Co. Pvt. Ltd. may continue with the arbitration proceedings for adjudication of its claim and quantification thereof, if they so wish and choose to do so.
However, the claim even if allowed in favour of M/s Shapoorji Pallonji and Co. Pvt. Ltd. will have no bearing on the rights and obligations of the appellant - M/s. Adani Power Limited, which are in terms of the Resolution Plan. It has been held by the judgment dated 23.02.2023, that the appellant cannot be saddled with any liability except what is mentioned in the Resolution Plan. Recording the aforesaid, the appeal is dismissed on the ground that the appellant has no grievance.
Pending application(s), if any, shall stand disposed of.
..................J.
(SANJIV KHANNA)
..................J.
(M.M. SUNDRESH)
NEW DELHI;
MARCH 24, 2023.
3
ITEM NO.34 COURT NO.7 SECTION XVII
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Civil Appeal No. 1741/2023 ADANI POWER LIMITED APPELLANT(s)
VERSUS
SHAPOORJI PALLONJI AND CO. PVT. LTD. & ORS. RESPONDENT(s)
(IA No. 54738/2023 - APPROPRIATE ORDERS/DIRECTIONS, IA No. 54252/2023 - EX-PARTE STAY, IA No. 54251/2023 - EXEMPTION FROM
FILING C/C OF THE IMPUGNED JUDGMENT and IA No. 54704/2023 - PERMISSION TO FILE ADDITIONAL DOCUMENTS/FACTS/ANNEXURES) Date : 24-03-2023 This matter was called on for hearing today.
CORAM :
HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE M.M. SUNDRESH For Appellant(s)
Mr. Neeraj Kishan Kaul, Sr. Adv. Mr. Mahesh Agarwal, Adv. Mr. Arshit Anand, Adv. Mr. Himanshu Satija, Adv. Mr. Shivam Shukla, Adv. Mr. E. C. Agrawala, AOR For Respondent(s)
Mr. Shubhanshu Gupta, Adv. Mr. P.V. Yogeswaran, AOR UPON hearing the counsel the Court made the following
O R D E R
The appeal is dismissed, in terms of the signed order. Pending application(s), if any, shall stand disposed of.
(DEEPAK GUGLANI) (R.S. NARAYANAN)
AR-cum-PS COURT MASTER (NSH) (signed order is placed on the file)
Comments