Disposed

Edelweiss Asset Reconstruction Company Ltd. v. Hindusthan National Glass and Industries Ltd.

DRAT17 Jun 2022REGULAR APPEAL/88/2017

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal stayed the proceedings in Appeal No. 88 of 2017 arising from an order of the Debt Recovery Tribunal. The stay follows the declaration of moratorium under Sections 13 and 15 of the Insolvency and Bankruptcy Code, 2016 by the National Company Law Tribunal in a parallel insolvency proceeding against the same corporate debtor.

What did the court decide?

Proceedings in the appeal stayed as per provisions of Section 14 of the Insolvency and Bankruptcy Code, 2016.

Edelweiss Asset Reconstruction Company Ltd. versus… — Insolvency and Bankruptcy | DRAT (2022)

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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

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(Appeal No. 88 of 2017)

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(Arising out of O.A. 452 of 2015 in DRT-1, Kolkata)

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THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON

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17.6.2022 Edelweiss Asset Reconstruction Company Limited … Appellant -VsHindusthan National Glass And Industries Limited & Others … Respondents Mr. Rajeev Maity, Learned Counsel for Appellant Mr. Vikram Wadhra with Ms. Vidushi Chokhani, Learned Counsel for Respondent No. 1 Mr. Subrata Kumar Sinha, Learned Counsel for Respondents No. 2, 3, 5, 6, 7, 8 and 13

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Mr. Kuldip Mallik and Mr. Kh. Samsul Haque led by Mr. Jayabrata Basu Ray, Learned Counsel for Respondents

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THE APPELLATE TRIBUNAL :

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Heard the Learned Counsel for the parties. The instant appeal is arising out of an order dated 24^th February, 2017 passed by DRT-1, Kolkata in O.A. 452 of 2015 in the matter of HBSC -vs- Hindustan National Glass & Industries Limited & Others whereby the Learned DRT dismissed the O.A. holding to be premature.

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Learned Counsel for Respondents No. 2, 3, 5, 6, 7, 8 and 13 files Affidavit-in-Opposition; taken on record.

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Learned Counsel for the Appellant places the order of the Hon’ble National Company Law Tribunal passed in C.P. (IB) No. 369/KB/2020 in the matter of DBS Bank Limited -vs- Hindusthan National Glass & Industries Limited dated 22^nd October, 2021 passed in an application under Section 7 of

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the Insolvency and Bankruptcy Code, 2016 (in short IBC 2016) read with Rule 4 of Insolvency and Bankruptcy Code, 2016 wherein an application, under Section 7 of the Insolvency and Bankruptcy Code, 2016, was admitted and moratorium was declared in accordance with Sections 13 and 15 of the I & B Code, 2016.

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Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following:

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a) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority;

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b) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right to beneficial interest therein;

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c) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation an Reconstruction of Financial Assets and Enforcement Security Interest Act, 2002 (54 of 2002);

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d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.

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The Hon’ble NCLT having declared the moratorium, the proceedings of this appeal, in accordance with the provisions of Section 13 of the I & B Code, 2016, is stayed.

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List the matter on 30^th September, 2022.

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Dated: 17^th June, 2022 03/ac

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(Anil Kumar Srivastava,J) Chairperson

Edelweiss Asset Reconstruction Company Ltd. v. Hindusthan National Glass and Industries Ltd.

Case brief

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Edelweiss Asset Reconstruction Company Ltd. v. Hindusthan National Glass and Industries Ltd.

Case brief

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