MARS ART STUDIO Vs. SHIRDI INDUSTRIES LIMITED

JUDGEMENT

(1.) This Interim Application seeks setting aside the warrant of attachment in respect of the current account no. 1112016583 (the "said current account") with Kotak Mahindra Bank, Shivaji Park Branch, situate at Saraswat Bhawan, Prabhadevi, Mumbai-400 028, standing in the name of the Applicant to the extent of Rs.8,73,159.70

(2.) Mr. Dwivedi, learned Counsel for the Applicant would submit that earlier the Respondent had filed Petition on 4/3/2016, before the Micro and Small Enterprises Facilitation Council (the "MSEFC"), MMR Region, Mumbai, for recovery of sum of Rs.2,87,500.00. The Applicant was thereafter, subjected to the Corporate Insolvency Resolution process and by order dtd. 12/12/2017, passed by the National Company Law Tribunal ( the "NCLT"), Mumbai Bench, the resolution plan submitted by the Insolvency Resolution Professional entitling the Respondent to 15% of the claim amount was approved. Thereafter, perhaps unknown to the MSEFC, the Applicant was directed by award dtd. 3/3/2018, passed by the MSEFC, to pay the Respondent a sum of Rs.2,87,500.00along with interest till realisation of the amount by the Respondent.

(3.) Thereafter, the Respondent called upon to Applicant to pay the outstanding amount. After receipt of the said communication, the Applicant sent a letter dtd. 21/5/2018, to the Respondent and thereafter, the Respondent called upon the Applicant to furnish copy of the order dtd. 12/12/2017, along with the resolution plan.