SUNIL TANDON Vs. UNION OF INDIA

JUDGEMENT

(1.) By way of the present petition filed under Article 226 of the Constitution of India, the Petitioner, an erstwhile independent Non-Executive Director in respondent no.3 company, assails order dtd. 8/7/2021 ("Impugned Order") and letter dtd. 16/7/2021 ("Impugned Letter") issued by respondent no.1 and all consequential actions emanating therefrom, which includes the filing of C.P. No. 295/MB/2021 before the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, and the order passed by the said Bench on 31/8/2021 against the petitioner and other persons.

(2.) The brief facts leading to the filing of the present petition are that the respondent no.3 company, of which the petitioner is an erstwhile independent Non-Executive Director till 18/5/2018, is a part of a group of companies associated with the flagship company i.e. Videocon Industries Ltd. and was admitted under the IBC Framework and thereafter, made subject to the corporate insolvency resolution process (CIRP) before the NCLT, Mumbai Bench on 31/8/2018. The respondent no.3 company is, therefore, being represented in the present petition by the Resolution Professional ("RP") appointed by the NCLT, Mumbai Bench.

(3.) As 12 other companies of Videocon Industries Ltd. group were also undergoing CIRP, the NLCT, Mumbai vide its order dtd. 8/8/2019, consolidated the insolvency process of all the Videocon group companies, including the respondent no.3. On 8/6/2021, the resolution plan filed by Twin Star Technologies Ltd. for the consolidated CIRP of all the Videocon Group companies was approved by the NCLT, Mumbai Bench. Upon the said order being assailed by way of Company Appeal Nos. (AT) (Insolvency) 503 and 505 of 2021, the National Company Law Appellate Tribunal (NCLAT), on 19/7/2021, stayed the said order. Aggrieved thereby, Twin Star Technologies Limited approached the Supreme Court by way of Civil Appeal Nos. 4626 and 4593 of 2021, which came to be dismissed on 13/8/2021.