SHAJI PURUSHOTHAMAN Vs. UNION OF INDIA AND ORS.

JUDGEMENT

(1.) The petitioner, who claims to be the suspended Managing Director of M/s.Empee Distilleries Limited, came forward to file this writ petition by making a challenge to the common order passed by the National Company Law Tribunal, Chennai dtd. 20/1/2020 made in MA/780/2019 and MA/1250/2019 of CP/280/IB/2018.

(2.) The petitioner, in the affidavit filed in support of this writ petition, would aver among other things that a petition in CP/280/IB/2018 under Sec. 7 of the Insolvency and Bankruptcy Code, 2016 [in short "IBC"] was filed by the 4 th respondent, namely Union Bank of India (petitioning creditor) before the National Company Law Tribunal [in short "NCLT"] at Chennai. The petitioner would state that pendency of the said petition, a sum of Rs.50.00 lakhs was paid to the 4 th respondent on 27/8/2018 and a further sum of Rs.50.00 lakhs was paid on 19/9/2018 and thereby reducing the total outstanding due with accumulated interest to a sum of Rs.9,18,20,789.00 and it was also followed by very many requests to the 4 th respondent to restructure the said debt.

(3.) NCLT, Chennai, vide order dtd. 1/11/2018 in CP/280/IB/2018 had initiated Corporate Insolvency Resolution Process in respect of the said company and moratorium was declared and an Interim Resolution Professional [IRP] was appointed and some orders were also passed. The said order, which was the subject matter before the National Company Law Appellate Tribunal [in short "NCLAT"] at New Delhi was also upheld, vide orders dtd. 29/3/2019 and 15/4/2019 respectively in CA(AT)(Insolv.)Nos.690/2018 and 742/2018 and Review Application Nos.07/2019 and 08/2019. The petitioner, challenging the legality of the said order, filed Special Leave Petition, which was entertained and converted as Civil Appeal and vide order dtd. 14/6/2019 in Civil Appeal Diary No.20571 of 2019, taking note of the submission that the petitioner is ready and willing to clear the outstanding dues of the secured creditor / 4 th respondent herein within a period of 15 days, time has been granted and accordingly, liberty was granted to move the NCLT within a period of two weeks from the date of the order in terms of the said request with a further direction to NCLT to consider and decide the same expeditiously in accordance with law.