Indiabulls Housing Finance Limited v. Iirf India Realty Xii Limited
2022-12-12
ABHAY S.OKA, SANJAY KISHAN KAUL
body2022
DigiLaw.ai
ORDER Taken on Board. 1. This is an appeal by respondent No.1/original appellant in CA No.7050/2022. 2. Issue notice. 3. Notice is accepted by learned counsel for the respondent. 4. We have heard learned counsel for parties in this appeal along with hearing Miscellaneous Application No.2064/2022 in Civil Appeal No.7050/2022. 5. The appeal seeks to assail the order dated 06.12.2022 by which the status quo order passed by a Bench of National Company Law Appellate Tribunal (NCLAT). This was in a proceeding relating to removal of the Resolution Professional and his replacement by another Resolution Professional. 6. We may notice that in the Civil Appeal No.7050/2022 which was already disposed of by us certain directions were passed for the monies to be deposited and sale deeds to be executed. 7. We fail to appreciate how a status quo order could have been passed by a Bench of the NCLAT seeking to impede the implementation of the order of this Court. If there was a grievance about the implementation of the order of the Court, only this Court could have got into it. We consider the conduct of the Bench not only inappropriate but almost bordering on contempt. 8. We strongly deprecate the order passed by the NCLAT Bench. 9. We thus, set aside the order of status quo in those proceedings and insofar as that appeal i.e. Company Appeal (AT) (INS.) No.1472/2020, is concerned, the same be placed before a Bench presided over by the Chairman. 10. The Civil Appeal accordingly stands disposed of.