AMIRA PURE FOODS PRIVATE LIMITED Vs. CANARA BANK

JUDGEMENT

(1.) Exemption allowed, subject to all just exceptions. W.P.(C) No.5467/2019 1. Issue notice. Mr. Vijay Kumar, Advocate accepts notice for respondent no.1; Mr. Anshul Sehgal, Advocate for respondent no.2 and Ms. Hina Bhargava, Advocate for respondent no.3.

(2.) The petitioner, who is the corporate debtor, has approached this Court though the Interim Resolution Professional/Resolution Professional (hereinafter referred to as "IRP/RP") appointed by National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 with the prayer to set aside the order dated 22.04.2019 passed by learned Debt Recovery Appellate Tribunal (DRAT) in Miscellaneous Appeal No.548/2018, arising out of OA No.569/2018. The petitioner/corporate debtor had been proceeded against by the respondent/Canara Bank before the Debt Recovery Tribunal (DRT) under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, by preferring the aforesaid OA No.569/2018. Arising from those proceedings, the matter reached the DRAT. The DRAT vide its order dated 15.11.2018, appointed respondent nos.2 and 3 as Joint Court Commissioners to inter alia take over the assets of the petitioner, including the perishable assets, i.e. grains, as also its other assets. Soon thereafter, in proceedings before the NCLT, in relation to the petitioner company, the IRP/RP was appointed on 11.12.2018. With a view to fulfil its mandate in a time bound manner, as prescribed under the Insolvency and Bankruptcy Code, 2017, the IPR/RP approached the DRAT for taking over the godowns/properties of the Corporate Debtor, including its plant, machinery, mortgaged properties and stocks of grain etc., and prayed for an early hearing. Pertinently, the Canara Bank, which is the lender and the initiator of the Original Application, also consented to the said application being allowed. However, the DRAT did not consider the application for early hearing moved by the IRP/RP and the proceedings were adjourned. Consequently, the corporate debtor acting through the IRP/RP, preferred W.P(C) No.3619/2019 before this Court, which writ petition was disposed of by us vide order dated 01.04.2009 in the following terms:-

(3.) The DRAT has now passed the impugned order dated 22.04.2019 and has taken the view that in the light of the moratorium imposed by Section 14 of the Insolvency and Bankruptcy Code, 2016, the continuation of the proceedings against the corporate debtor are prohibited. The operative part of the impugned order reads as follows:-