"Cont’d…/ NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI I.A. No. 6616 of 2024 & 645 of 2025 in Company Appeal (AT) (Insolvency) No. 1019 of 2024 IN THE MATTER OF: STCI Finance Ltd. …Appellant Versus IMP Powers Ltd. & Ors. …Respondent Present: For Appellant : Mr. Arun Kathpalia, Sr. Advocate with Ms. Surekha Raman, Ms. Diksha Gupta, Advocates. For Respondent : Mr. Gopal Jain, Sr. Advocate with Mr. Samaksh Goyal, Advocate for R-1 and R-2. Mr. Malak Bhatt, Ms. Nitya Prabhakar, Advocates for SRA. Mr. Abhijeet Sinha, Sr. Advocate with Mr. Prafful Saini, Mr. Harshit Khare, Mr. Aditya Shukla, Advocates for SBI and other creditors. O R D E R (Hybrid Mode) 19.02.2025: I.A. No. 6616 of 2024: This is an application filed by the Appellant praying for revival of the appeal which was disposed of by our judgment and order dated 06.08.2024. The Appellant’s case is that the Appellant is first pari pasu charge holder with State Bank of India of the assets of the Corporate Debtor which is in liquidation and in the liquidation e- auction was held. Appellant has filed an IA before the Adjudicating Authority which was decided on 22.04.2024, in which IA the Appellant has challenged the e-auction as well as action of the Liquidator. The application was rejected, against which Company Appeal (AT) (Ins.) No.1019 of 2024 came to be filed. 2 I.A. No.6616 of 2024 in Company Appeal (AT) (Insolvency) No.1019 of 2024 When the appeal was taken up, learned counsel for the Liquidator brought before the Court that Liquidator has filed an affidavit where amount of admitted claim of the Appellant is being offered. Considering the aforesaid, this appeal was not decided on merits and the appeal was disposed of by order dated 06.08.2024. In Paras 6 and 7 of the order following has been stated: “6. In view of the stand now taken by the liquidator by filing an affidavit before the Adjudicating Authority, we are of the view that there is no necessity of considering any issue which has arisen in this appeal. The appellant having been offered to pay the amount of Rs. 39,30,54,422/-. We see no reason to keep the appeal pending. The appeal is disposed of. We make it clear that we have not entered into any issue on merits. 7. In view of the amount having been deposited by the Successful Bidder and the amount which has to be distributed already been crystallized, we are of the view that Adjudicating Authority may consider the issuing of direction for issuance of sale certificate.” 2. Subsequent to the passing of the order dated 06.08.2024, when the matter went back before the Adjudicating Authority, with respect to distribution although the Liquidator remained stick with his stand in the affidavit, however, the other creditors who are also Secured Creditors raised objection to the distribution proposed by the Liquidator in its affidavit and the Adjudicating Authority took a view that question of distribution is still open 3 I.A. No.6616 of 2024 in Company Appeal (AT) (Insolvency) No.1019 of 2024 to be considered. In above circumstances, this application has been filed for reviving the appeal. 3. Liquidator has filed a reply opposing the application. Learned counsel for the Liquidator submits that the Appellant has consented to the issuance of the Sale Certificate which fact is recorded in the order dated 20.08.2024 of the Adjudicating Authority, which is at page 65 of the Reply, hence, in event the appeal is revived, the appeal be revived only with regard to question of distribution to the Appellant and other issues may not be kept open. 4. Learned counsel for the other Banks including State Bank of India submits that the Banks have no objection in appeal being revived. It is submitted that against the order dated 20.08.2024, Appellant has already filed an appeal being Company Appeal (AT) (Ins.) No.1657 of 2024, which is also listed today and all issues need to be decided in accordance with law. 5. Learned counsel for the Appellant has also referred to order passed by this Tribunal on 23.08.2024 in Company Appeal (AT) (Ins.) No.1657 of 2024, where it was observed that issuance of Sale Certificate shall abide by the result of the appeal. 6. We have considered the submissions of learned counsel for the parties and perused the record. 7. Company Appeal (AT) (Ins.) No.1019 of 2024 was disposed of by judgment of this Tribunal on 06.08.2024. A perusal of judgment of this 4 I.A. No.6616 of 2024 in Company Appeal (AT) (Insolvency) No.1019 of 2024 Tribunal indicates that this Tribunal did not entered into the issues raised in the appeal and relying on affidavit which was filed by the Liquidator where entire amount admitted of the Appellant was proposed to be distributed, appeal was closed referring to the affidavit, which has been noticed in Paras 4 and 5 of the order. In Para 6 of the order, it is clearly mentioned that “we are of the view that there is no necessity of considering any issue which has arisen in this appeal” and further this Tribunal clarified that “We make it clear that we have not entered into any issue on merits”. Due to subsequent events, which have been noticed above, especially the issue regarding distribution to other creditors being open for consideration, we are of the view that appeal deserve to be revived. 8. In so far as the submission of the learned counsel for the Liquidator that the appeal be revived only qua question of distribution, at this stage we are not expressing any view on scope and ambit of the appeal which is subject to final decision in the appeal after hearing the parties. In above view of the matter, we revive the appeal, recall order dated 06.08.2024 and direct this appeal to be listed along with Company Appeal (AT) (Ins.) No.1657 of 2024. 9. In this appeal, SRA and other creditors may also be impleaded. Let Amended Memo be filed by the Appellant within one week. All the Respondents are also granted two weeks’ time to file Reply to the Appeal, if any. Rejoinder be filed within two weeks thereafter. We make it clear that by revival of the appeal, we have not expressed any opinion on any of the issues raised in the appeal. 5 I.A. No.6616 of 2024 in Company Appeal (AT) (Insolvency) No.1019 of 2024 10. List this appeal along with Company Appeal (AT) (Ins.) No.1657 of 2024 on 17.04.2025 at 02:00 PM. [Justice Ashok Bhushan] Chairperson [Barun Mitra] Member (Technical) [Arun Baroka] Member (Technical) Archana/nn "