RAJENDRA PRASAD BANSAL Vs. RAJENDRA P. BANSAL

JUDGEMENT

(1.) The preliminary issue that falls for consideration in the present Interim Application is whether respondent can be allowed to withdraw the monies deposited by appellant pursuant to this Court's order dtd. 10/12/2012 towards stay of execution of the impugned judgment given that appellant is undergoing CIRP.

(2.) Appellant is a company incorporated under the provisions of the Companies Act, 1956 and is, inter alia, engaged in the business of telecommunication services. Appellant is undergoing Corporate Insolvency Resolution Process ("CIRP") under the Insolvency and Bankruptcy Code, 2016 ("IBC") pursuant to the order dtd. 15/5/2018 passed by the National Company Law Tribunal, Mumbai ("NCLT") in C.P. No.(I.B.) 1387 (MB) of 2017. Appellant is being represented in the present proceedings through its Resolution Professional.

(3.) Respondent in the abovementioned First Appeal, who is applicant in the Interim Application, is a former employee of appellant.