# In the matter of Globomet Engineering Private Limited vs. Tejas J Parikh & Ors.

> NCLAT judgment dated 2024-11-11. Citation: TCN-2024-NCLAT-00105. The appeal was filed challenging the order dated 26.07.2022 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 11 Nov 2024
- **Citation:** TCN-2024-NCLAT-00105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/globomet-engineering-private-limited-vs-tejas-j-parikh-ors-9881b35d

## Summary

### Background

The appeal was filed challenging the order dated 26.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – III) in I.A.1370/2021 filed by the Appellant in C.P. (IB) No. 3622(MB)/2018. The Adjudicating Authority dismissed the I.A.1370/2021, leading to the appeal. The corporate insolvency resolution process (CIRP) of Unimetal Castings Limited (UCL) was initiated based on an application filed by TJSB Sahakari Bank Ltd. The Committee of Creditors (CoC) was formed, and a resolution plan was submitted by one of the promoters. The appellant, Globomet Engineering Private Limited, an investment vehicle set up to support the revival of UCL and JDECL, entered into a Memorandum of Understanding (MoU) with the CoC. Disputes arose

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## Facts

1. TJSB Sahakari Bank Ltd. initiated CIRP against Unimetal Castings Limited (UCL) under Section 7 of IBC.
2. An order dated 25.01.2019 admitted the application, declaring a default of ₹6,38,78,417/-, and appointed Tejas Jatin Parikh as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP).
3. The IRP made a public announcement, and a Committee of Creditors (CoC) was formed, including TJSB Sahakari Bank Ltd., Reliance Asset Reconstruction Company Ltd., and Mahindra & Mahindra Financial Services Ltd.
4. On 15.07.2019, the CoC unanimously voted for the liquidation of the Corporate Debtor.
5. Respondent No. 4, a promoter and executive director of the Corporate Debtor and Joshi Deodhar Engineering Company Limited (JDECL), communicated

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the Appellant's application for a …

**Ratio:** The principle of unjust enrichment dictates that a party should not be allowed to retain

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**Reasoning:** The Adjudicating Authority rejected the application primarily because the CIRP of JDECL

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**Interpretation:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of

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**Application:** The tribunal found that the CIRP of JDECL was closed by allowing the 12A

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Globomet Engineeri…
- **Respondents:** Unimetal Castings…; Tejas J P…

## Timeline

- **2018-01-01 — CIRP Init…**: CIRP initiated against Unimetal Castings…
- **2019-01-25 — Admission of Ap…**: Application admitted, default declared, and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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