SUNIL KUMAR DAHIYA Vs. UNION OF INDIA

JUDGEMENT

(1.) The present writ petition has been filed challenging the impugned order of the NCLT dated 10th October, 2019 by which the NCLT has proceeded under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter, "IBC"), appointed an Interim Resolution Professional (hereinafter, "IRP") and declared a moratorium in terms of Section 14 of the IBC.

(2.) The Petitioner is the ex-Director/Promoter of the company - M/s Vigneshwara Developers Private Ltd. (hereinafter, "VDPL"), in respect of which the IRP has been appointed. The grievance of the Petitioner is that there were a number of investors in VDPL, who had preferred petitions under Sections 529 (A) and 530 of the Companies Act, 1956 before this Court.

(3.) The aforesaid petitions were admitted by the Company Court on 22nd July, 2016 and the Official Liquidator of the Court was appointed as the Provisional Liquidator. During the pendency of these proceedings, the ex-directors of VDPL and Vigneshwara Developwell Pvt. Ltd. engaged in mediation proceedings with their creditors, with the express permission of the Company Court, to explore amicable resolution. The Company Court had referred a large number of investors to mediation. A settlement was arrived at under the aegis of the Delhi High Court Mediation Centre on 4th December 2017.