Dismissed

In the matter of Greesha Laboratories Pvt. Ltd. Ia (Ibc) 507-2022 in Company Petition IB-197-2021]

NCLT10 Jul 2023

Case brief

AI extract

What is this about?

The Tribunal rejected a Company Petition filed under Section 10 of the IBC, 2016 for lack of maintainability. The plot was originally with APIIC, but jurisdiction shifted to TSIIC after state bifurcation. Since TSIIC was not impleaded despite being a necessary party, the application was rejected.

What did the court decide?

Rejection of the Company Petition with liberty to file a proper Application by impleading TSIIC.

In the matter of Greesha Laboratories Pvt. Ltd. Ia (Ibc)… — Insolvency and Bankruptcy | NCLT (2023)

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S.No.1

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IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – 1 ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

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10-07-2023 AT 10:30 AM

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IA (IBC) 507/2022 in Company Petition IB/197/2021 u/s. 10 of IBC, 2016

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IN THE MATTER OF: Greesha Laboratories Pvt Ltd

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…Petitioner

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C O R A M:-

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DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL) SH. CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)

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O R D E R

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It is found from the record that this Tribunal vide its order dated 19.09.2022 directed the Resolution Professional take notice to TSIIC within a week, through registered post acknowledgment due and further ordered that counter if any by TSIIC shall be filed by next hearing date and posted the matter to 28.10.2022. However, the Resolution Professional has not filed any record of proof of service of notice to TSIIC.

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The plot in dispute has been allotted to the corporate debtor by APIIC. However, after bifurcation of state of AP and after formation of Telangana State, it appears that the subject plot was under the jurisdiction of TSIIC. However, TSIIC is not made party to the Application, instead APIIC (Telangana Division) has been made party to this Application. The APIIC (Telangana Division) in its counter stated that “ Greesha Laboratories Private Limited pertains to Telangana region(TSIIC Ltd.,). Accordingly, this respondent (APIIC) do not have the details of the amounts to be received as all the assets and liabilities pertaining to the zones located in Telangana are appointed to TSIIC Ltd., on location basis as on the date of bifurcation i.e. 01.06.2014. Hence prayed to dismiss the Application against the Respondent No.6 and implead TSIIC Limited as necessary respondent to the Company Application”.

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Therefore, TSIIC is necessary and proper party for adjudication of the Application. Since TSIIC is not made party to this Application, this Application is liable to be rejected as not maintainable. Hence, the same is hereby rejected. However giving liberty to the Applicant to file proper Application by impleading TSIIC.

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Sd/- MEMBER (T)

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Sd/- MEMBER (J)

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Swapna

In the matter of Greesha Laboratories Pvt. Ltd. Ia (Ibc) 507-2022 in Company Petition IB-197-2021]

Case brief

What is this about?

What did the court decide?

In the matter of Greesha Laboratories Pvt. Ltd. Ia (Ibc) 507-2022 in Company Petition IB-197-2021]

Case brief

What is this about?

What did the court decide?

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