NDLI: Mr. Anand Rao Korada Resolution Professional Vs. M/s. Varsha Fabrics (p) Ltd. & Ors.

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	ss.7 13 payment of arrears and current salaries of the workmen 14 2016 Insolvency and Bankruptcy Code 231 and 238
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Insolvency and Bankruptcy Code, 2016 (31 of 2016)
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Insolvency and Bankruptcy Code, 2016 – ss.7, 13, 14, 231 and 238 – Respondent No.5 divested its 100% shareholding in respondent No.4 in favour of respondent Nos.1 to 3 – Respondent No.4 shut down its factory – Respondent No.13-Workers’ Union filed writ petition and sought payment of arrears and current salaries of the workmen – High Court directed Labour court to quantify the amount payable to workmen – During the pendency of the writ petition, a financial creditor filed petition u/s 7 of the IBC, 2016 before NCLT for initiation of the Corporate Insolvency Resolution Process (CRPF) against respondent No.4 – NCLT declared moratorium u/s.14 of the IBC – During the pendency of moratorium, in the pending writ petition High Court directed valuation of a land owned by respondent No.4 and passed the orders for carrying out auction of the assets of the respondent No.4 – Propriety of – Held: Not proper – In view of the provisions of the IBC, the High Court was not justified in passing the orders for carrying out auction of the assets of the respondent No.4, once the proceedings under the IBC had commenced and an order declaring moratorium was passed by the NCLT – Alienation of the assets of the respondent No.4 during the pendency of the proceedings under the IBC would jeopardise the interest of all the stakeholders – However, it is open for the respondent No.13 to file an application u/regulation 9 of the IBC for payment of arrears, salaries before the competent authority – Therefore, orders passed by the High Court set aside.
Judge	Hon'ble Ms. Justice Indu Malhotra
Neutral Citation	2019 INSC 1259
Petitioner	Mr. Anand Rao Korada Resolution Professional
Respondent	M/s. Varsha Fabrics (p) Ltd. & Ors.
SCR	[2019] 14 S.C.R. 695
Judgement Date	2019-11-18
Case Number	8800

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Mr. Anand Rao Korada Resolution Professional Vs. M/s. Varsha Fabrics (p) Ltd. & Ors.

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