w w w . L a w y e r S e r v i c e s . i n



Panch Tatva Promoters Pvt. Ltd. v/s GPT Steel Industries Ltd. (Through Resolution Professional) & Others


Company & Directors' Information:- GPT STEEL INDUSTRIES LIMITED [Active] CIN = U27104GJ2003PLC043070

Company & Directors' Information:- S A L STEEL LIMITED [Active] CIN = L29199GJ2003PLC043148

Company & Directors' Information:- M M S STEEL PRIVATE LIMITED [Active] CIN = U27109TZ1996PTC006849

Company & Directors' Information:- PANCH TATVA PROMOTERS PRIVATE LIMITED [Active] CIN = U45200DL2010PTC208355

Company & Directors' Information:- G. O. STEEL PRIVATE LIMITED [Active] CIN = U27100PB2007PTC031033

Company & Directors' Information:- C P S STEEL INDIA PRIVATE LIMITED [Active] CIN = U27104TZ2003PTC010552

Company & Directors' Information:- J M G STEEL PRIVATE LIMITED [Strike Off] CIN = U27105BR1992PTC004985

Company & Directors' Information:- S R B PROMOTERS PRIVATE LIMITED [Active] CIN = U45400DL2007PTC167407

Company & Directors' Information:- A K C STEEL INDUSTRIES LTD [Active] CIN = L27109WB1957PLC023360

Company & Directors' Information:- H L STEEL PVT LTD [Active] CIN = U27107AS1992PTC003726

Company & Directors' Information:- AMP INDUSTRIES LIMITED [Active] CIN = L51909AS1985PLC002332

Company & Directors' Information:- K V M STEEL PRIVATE LIMITED [Active] CIN = U29141DL1988PTC031248

Company & Directors' Information:- K STEEL PRIVATE LIMITED [Strike Off] CIN = U27104JH1973PTC000998

Company & Directors' Information:- R. J. STEEL PRIVATE LIMITED [Active] CIN = U28112MH2009PTC193047

Company & Directors' Information:- G S PROMOTERS PVT LTD [Active] CIN = U74899DL1988PTC032652

Company & Directors' Information:- M M STEEL PRIVATE LIMITED [Active] CIN = U27107MH2001PTC131270

Company & Directors' Information:- H. R. STEEL INDUSTRIES PRIVATE LIMITED [Active] CIN = U67120WB1989PTC047666

Company & Directors' Information:- S K P STEEL INDUSTRIES PRIVATE LIMITED [Active] CIN = U27310WB1997PTC085261

Company & Directors' Information:- R K C PROMOTERS PVT LTD. [Active] CIN = U70101WB1989PTC046790

Company & Directors' Information:- A D STEEL INDUSTRIES PRIVATE LIMITED [Active] CIN = U27300GJ2020PTC119118

Company & Directors' Information:- L B PROMOTERS PRIVATE LIMITED [Active] CIN = U45203DL2002PTC116345

Company & Directors' Information:- S K PROMOTERS PVT LTD [Active] CIN = U45201WB1995PTC068056

Company & Directors' Information:- B L STEEL PVT LTD [Active] CIN = U51909WB1981PTC034021

Company & Directors' Information:- R K G STEEL PRIVATE LIMITED [Active] CIN = U27109DL2004PTC128852

Company & Directors' Information:- V B STEEL PRIVATE LIMITED [Active] CIN = U28112MH2010PTC211691

Company & Directors' Information:- I B STEEL COMPANY PRIVATE LIMITED [Strike Off] CIN = U28910MH2010PTC211344

Company & Directors' Information:- P G C PROMOTERS (INDIA) PRIVATE LIMITED [Active] CIN = U45201TZ2007PTC013954

Company & Directors' Information:- A M R STEEL INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U27100MH2010PTC203176

Company & Directors' Information:- S P PROMOTERS PVT LTD [Active] CIN = U70101DL1999PTC101359

Company & Directors' Information:- Y D STEEL PRIVATE LIMITED [Strike Off] CIN = U27109WB1997PTC086155

Company & Directors' Information:- J S C STEEL PRIVATE LIMITED [Active] CIN = U27106UP2013PTC061568

Company & Directors' Information:- S. M. STEEL PRIVATE LIMITED [Active] CIN = U51101MH2013PTC239811

Company & Directors' Information:- R K P STEEL LTD [Active] CIN = L27109WB1980PLC033206

Company & Directors' Information:- C P STEEL PRIVATE LIMITED [Active] CIN = U27100WB2008PTC127447

Company & Directors' Information:- K K M PROMOTERS PRIVATE LIMITED [Active] CIN = U45201DL2005PTC135635

Company & Directors' Information:- A. K. J. STEEL PRIVATE LIMITED [Active] CIN = U28112WB2010PTC144880

Company & Directors' Information:- C D STEEL PVT LTD [Under Liquidation] CIN = U27109WB1981PTC034340

Company & Directors' Information:- T M S STEEL PRIVATE LIMITED [Strike Off] CIN = U02710TZ1996PTC007498

Company & Directors' Information:- A R STEEL INDUSTRIES PRIVATE LIMITED [Active] CIN = U27104TN1995PTC030382

Company & Directors' Information:- S G PROMOTERS PRIVATE LIMITED [Active] CIN = U45201WB1998PTC087232

Company & Directors' Information:- P M R STEEL PRIVATE LIMITED [Active] CIN = U51102DL2003PTC122675

Company & Directors' Information:- C T STEEL PVT LTD [Active] CIN = U27109WB2005PTC106634

Company & Directors' Information:- B P STEEL INDUSTRIES PRIVATE LIMITED [Active] CIN = U28900MH1959PTC011426

Company & Directors' Information:- P G STEEL PVT LTD [Strike Off] CIN = U24111AS1998PTC005409

Company & Directors' Information:- A AND S STEEL PRIVATE LIMITED [Active] CIN = U63090DL1987PTC027835

Company & Directors' Information:- K S STEEL INDUSTRIES PRIVATE LIMITED [Active] CIN = U27320OR1993PTC003340

Company & Directors' Information:- K N PROMOTERS (INDIA) PRIVATE LIMITED [Active] CIN = U70101DL2003PTC120503

Company & Directors' Information:- A S STEEL INDUSTRIES PVT LTD [Strike Off] CIN = U27209WB1983PTC035796

Company & Directors' Information:- K R PROMOTERS PRIVATE LIMITED [Active] CIN = U70101DL2005PTC133666

Company & Directors' Information:- P B PROMOTERS PRIVATE LIMITED [Active] CIN = U45400WB2009PTC133928

Company & Directors' Information:- S. V. PROMOTERS PRIVATE LIMITED [Active] CIN = U45200DL2008PTC174803

Company & Directors' Information:- J S STEEL PRIVATE LIMITED [Active] CIN = U52190CT1978PTC001432

Company & Directors' Information:- A AND B PROMOTERS PRIVATE LIMITED [Active] CIN = U70101DL1998PTC092360

Company & Directors' Information:- K M PROMOTERS PVT. LTD. [Active] CIN = U70109WB1988PTC045522

Company & Directors' Information:- P S S PROMOTERS PRIVATE LIMITED [Active] CIN = U45400DL2011PTC214532

Company & Directors' Information:- P P PROMOTERS PVT LTD [Active] CIN = U70101WB1988PTC044297

Company & Directors' Information:- U M STEEL PRIVATE LIMITED [Strike Off] CIN = U27209TN1986PTC013670

Company & Directors' Information:- E & G STEEL INDIA PRIVATE LIMITED [Strike Off] CIN = U28113PN2009PTC134643

Company & Directors' Information:- N K STEEL INDUSTRIES PVT LTD [Strike Off] CIN = U27205WB1980PTC033122

Company & Directors' Information:- L N STEEL PRIVATE LIMITED [Active] CIN = U27310WB2007PTC118206

Company & Directors' Information:- K. D. W. STEEL PRIVATE LIMITED [Active] CIN = U28910UP2011PTC043976

Company & Directors' Information:- J B STEEL INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74999MH1954PTC009352

Company & Directors' Information:- R. N. STEEL PRIVATE LIMITED [Active] CIN = U27100WB2007PTC116588

Company & Directors' Information:- G R S PROMOTERS PRIVATE LIMITED [Active] CIN = U45400DL2008PTC173244

Company & Directors' Information:- C S R PROMOTERS PRIVATE LIMITED [Active] CIN = U85110KA1988PTC008882

Company & Directors' Information:- P M STEEL PRIVATE LIMITED [Active] CIN = U27105MP1982PTC001915

Company & Directors' Information:- M R STEEL (INDIA) PRIVATE LIMITED [Active] CIN = U27100TG2013PTC088808

Company & Directors' Information:- B N STEEL INDUSTRIES PVT LTD [Active] CIN = U27109WB1959PTC024368

Company & Directors' Information:- C K STEEL PVT LTD [Active] CIN = U29150WB1975PTC030259

Company & Directors' Information:- S A P PROMOTERS PRIVATE LIMITED [Converted to LLP] CIN = U70101TZ2007PTC013412

Company & Directors' Information:- T K PROMOTERS PRIVATE LIMITED [Active] CIN = U45201WB1999PTC088906

Company & Directors' Information:- A M Q STEEL PRIVATE LIMITED [Strike Off] CIN = U27310UP2012PTC053823

Company & Directors' Information:- A. F. PROMOTERS PRIVATE LIMITED [Active] CIN = U45400WB2008PTC124258

Company & Directors' Information:- M K PROMOTERS PRIVATE LIMITED [Converted to LLP] CIN = U45201DL2002PTC113995

Company & Directors' Information:- K STEEL & COMPANY PVT LTD [Strike Off] CIN = U51909WB1991PTC053960

Company & Directors' Information:- R D PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U67120WB1997PTC086002

Company & Directors' Information:- N S STEEL PVT LTD [Strike Off] CIN = U27106PB1980PTC004266

Company & Directors' Information:- R S PROMOTERS INDIA PVT. LTD. [Strike Off] CIN = U45201DL1987PTC027425

Company & Directors' Information:- S V M PROMOTERS PRIVATE LIMITED [Active] CIN = U45201UP1997PTC021479

Company & Directors' Information:- R M STEEL INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1981PTC011723

Company & Directors' Information:- J G PROMOTERS PVT LTD [Strike Off] CIN = U51109WB1983PTC036971

Company & Directors' Information:- C S PROMOTERS INDIA PRIVATE LIMITED [Active] CIN = U70200TZ2010PTC016559

Company & Directors' Information:- A & A PROMOTERS PVT. LTD. [Strike Off] CIN = U74210WB1991PTC052850

Company & Directors' Information:- B N PROMOTERS PRIVATE LIMITED [Active] CIN = U45201DL1996PTC081045

Company & Directors' Information:- N P PROMOTERS PRIVATE LIMITED [Active] CIN = U74899DL1997PTC090762

Company & Directors' Information:- J M V PROMOTERS PVT LTD [Active] CIN = U45202PB2006PTC029797

Company & Directors' Information:- R. L. PROMOTERS PRIVATE LIMITED [Active] CIN = U70109DL2006PTC152909

Company & Directors' Information:- A R PROMOTERS PRIVATE LIMITED [Active] CIN = U70101DL1996PTC082993

Company & Directors' Information:- S B PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U45201WB1998PTC086815

Company & Directors' Information:- R C STEEL PVT LTD [Strike Off] CIN = U28112AS1980PTC001811

Company & Directors' Information:- S P S PROMOTERS LIMITED [Strike Off] CIN = U45201TN1995PLC033611

Company & Directors' Information:- M K G STEEL PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC066480

Company & Directors' Information:- M R P PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U45201TN2005PTC058436

Company & Directors' Information:- INDIA STEEL INDUSTRIES PVT LTD [Strike Off] CIN = U28111WB1959PTC024156

Company & Directors' Information:- P D STEEL PRIVATE LIMITED [Strike Off] CIN = U74899DL1989PTC038426

Company & Directors' Information:- C P PROMOTERS PRIVATE LIMITED [Active] CIN = U45201UP2008PTC036460

Company & Directors' Information:- A K STEEL PVT LTD [Strike Off] CIN = U99999DL1961PTC003566

Company & Directors' Information:- B T PROMOTERS PRIVATE LIMITED [Converted to LLP] CIN = U70102DL2003PTC123209

Company & Directors' Information:- I J PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U70101DL2005PTC139766

Company & Directors' Information:- PROFESSIONAL PROMOTERS INDIA PRIVATE LIMITED [Strike Off] CIN = U70101TZ2014PTC020196

Company & Directors' Information:- H S P STEEL PRIVATE LIMITED [Strike Off] CIN = U27100MH2013PTC242983

Company & Directors' Information:- R B R STEEL PRIVATE LIMITED [Active] CIN = U51103PB2013PTC037791

Company & Directors' Information:- D H STEEL PRIVATE LIMITED [Strike Off] CIN = U27109RJ2012PTC039742

Company & Directors' Information:- G K R PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U70109TN2011PTC080299

Company & Directors' Information:- G A PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U70200TN2015PTC100040

Company & Directors' Information:- D & D PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U74990MH2008PTC188858

Company & Directors' Information:- R A STEEL PRIVATE LIMITED [Active] CIN = U51909MH2014PTC253625

Company & Directors' Information:- S K R PROMOTERS PRIVATE LIMITED [Active] CIN = U70102TN2011PTC082010

Company & Directors' Information:- V L PROMOTERS PRIVATE LIMITED [Active] CIN = U45200TZ2010PTC019175

Company & Directors' Information:- M A PROMOTERS PVT LTD [Active] CIN = U70101WB1991PTC050681

Company & Directors' Information:- A B PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U22300CH2012PTC034110

Company & Directors' Information:- S L PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U70100CH2004PTC027297

Company & Directors' Information:- N. K. PROMOTERS PRIVATE LIMITED [Active] CIN = U55101DL2007PTC168775

Company & Directors' Information:- N. V. STEEL PRIVATE LIMITED [Strike Off] CIN = U27310DL2009PTC186541

Company & Directors' Information:- K. D. STEEL PRIVATE LIMITED [Strike Off] CIN = U28939DL2012PTC244467

Company & Directors' Information:- H & H PROMOTERS PRIVATE LIMITED [Active] CIN = U45400DL2011PTC222366

Company & Directors' Information:- J K PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U45400DL2013PTC249590

Company & Directors' Information:- N M PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U45201DL2004PTC127186

Company & Directors' Information:- A V PROMOTERS PRIVATE LIMITED [Active] CIN = U74899DL1996PTC080917

Company & Directors' Information:- A G PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U74899DL2005PTC142857

Company & Directors' Information:- N K T PROMOTERS PRIVATE LIMITED [Active] CIN = U70109DL2010PTC211869

Company & Directors' Information:- ON & ON PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U45200DL2008PTC174093

Company & Directors' Information:- B D PROMOTERS PRIVATE LIMITED [Active] CIN = U70100DL2010PTC205229

Company & Directors' Information:- L T PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U70101DL2009PTC190413

Company & Directors' Information:- S R A PROMOTERS PRIVATE LIMITED [Strike Off] CIN = U70100HR2012PTC044733

Company & Directors' Information:- STEEL INDIA PRIVATE LIMITED [Strike Off] CIN = U00349KA1958PTC001309

Company & Directors' Information:- K B PROMOTERS PVT LTD [Strike Off] CIN = U70109WB1990PTC048529

Company & Directors' Information:- STEEL CO PVT LTD [Strike Off] CIN = U51109WB1947PTC015981

Company & Directors' Information:- COMPANY PROMOTERS LIMITED [Dissolved] CIN = U99999MH1944PTC004189

    Company Appeal (AT) (Ins) No. 316 of 2020

    Decided On, 24 February 2020

    At, National Company Law Appellate Tribunal

    By, THE HONOURABLE MR. M. VENUGOPAL
    By, JUDICIAL MEMBER
    By, THE HONOURABLE MR. V.P. SINGH
    By, TECHNICAL MEMBER
    By, THE HONOURABLE MS. SHREESHA MERLA
    By, TECHNICAL MEMBER

    For the Appellants: Abhijit Sinha, Prachi Johri, Aditya Shukla, Advocates. For the Respondents: Tisham Rati Sen, Riddhi Sancheti, Aarti Kumar, Rony O John, Piyush Swami, Raghav Kakkar, Ritesh Tiwari, Vikas Sharma, Advocates.



Judgment Text


M. Venugopal, Judicial Member

The Appellant/ Applicant has preferred the instant appeal before this Tribunal, as an 'Aggrieved Person' in regard to the impugned order dated 18.02.2020 in I.A. No. 116/ 2020 in CP (IB) No. 157/NCLT/AHM/2018.

2. The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench while passing the impugned order observed the following and directed the matter to be listed on 25.02.2020:-

"Order

The parties are represented through learned counsels.

COC as well as RP is present, and one of the Resolution Applicant who is Highest bidder-1 is present.

H-1 has filed reply to the Applicant in IA 116/2020. List the matter on 25.02.2020."

3. The Learned Counsel for the Appellant submits that the I.A. No. 116/2020 was heard on 13.02.2020 and again heard on 18.02.2020, but the matter was posted to 25.02.2020, without there any interim relief being granted. At this juncture, the Learned Counsel for the Appellant contends that the Applicant/ Appellant has furnished 'Revised Resolution Plan' which it believes would be considerably better than the third Respondent Resolution Plan and that in the interest of maximising the value of assets of the 'Corporate Debtor' for all stakeholders, and to provide an opportunity to the Appellant to resolve the Asset the 'Committee of Creditors' should be directed to consider its 'Resolution Plan'.

4. The real grievance of the Appellant is that the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench orally refused to grant any interim relief and posted the matter for consideration to 25.02.2020 i.e. after the end of 'Corporate Insolvency Resolution Process'. As such the Appellant is said to be an 'Aggrieved Person' in regard to the fact that the Adjudicating Authority had failed to exercise its jurisdiction in so far as not granting an 'interim orders' or passing any directions to the Resolution Professional/ Committee of Creditors.

5. The term 'Grievance' refers to substantial grievance. An order is to cause a person, a legal grievance by wrongfully depriving him of something as per decision of Hon'ble Supreme Court 'Adi Pherozshah Gandhi v. H. M. Seervai AIR 1971 SCP 385'.

6. It must be borne in mind that the power to hear an appeal from the orders of Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench is to be exercised, filed under Section 61of the I&B Code. An 'Appeal' arising out of an order in approving the 'Resolution Plan' is fettered by the grounds specified under Section 61 (3). Also that, an 'Appeal' can be filed under Section 61of the I&B Code when the Adjudicating Authority rejects a 'Resolution Plan'.

7. At this stage, this Tribunal on going through the impugned order dated 18.02.2020 in I.A. No. 116/2020 is of the considered view that the matter is still pending at large and wide open in I.A. No. 116/2020 before the Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench and viewed in this perspective the instant Appeal filed by the Appellant/Applicant is a premature and also an otiose one.

8. Considering the fact that the present Appeal is a premature and otiose one, at this stage, this Tribunal, simpliciter, without going into the merits of the subject matter of the issue and also not delving deep into the same and also not expressing any view one way or other, because of the reason that if any opinion in expressed then it may affect the interest of the parties in furtherance of substantial cause of justice directs the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench to dispose of the I.A. No. 116/2020 finally in CP (IB) 157/NCLT/AHM/2018, within a period of one week from the date of receipt of the copy of this order.

9. It is open to the respective parties to raise all factual and legal pleas before the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench which shall take into account of the same, in right earnest, and to pass a reasoned order within the time granted by t

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his Tribunal (after providing opportunity to the respective sides). It is made clear that the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench is to pass orders within the time determined by this court before approving over rejecting the 'Resolution Plan' of the Appellant in question. With the aforesaid observations and directions the Appeal stands disposed of. I.A No. 833 & 834 of 2020 are closed. No costs.
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