# In the matter of Panch Tatva Promoters Pvt. Ltd Vs. GPT Steel Industries Ltd. (through Resolution Professional) & Ors. CA(AT)(Ins) No. 316 of 2020

> NCLAT judgment dated 2020-02-24. Citation: TCN-2020-NCLAT-00377. The Appellant filed an appeal before the NCLAT against an order of the NCLT, Ahmedabad Bench,…

- **Court:** NCLAT
- **Order date:** 24 Feb 2020
- **Citation:** TCN-2020-NCLAT-00377
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/panch-tatva-promoters-pvt-ltd-vs-gpt-steel-industries-ltd-07ff41d6

## Summary

### Background

The Appellant filed an appeal before the NCLAT against an order of the NCLT, Ahmedabad Bench, related to I.A. No. 116/2020 in CP (IB) No. 157/NCLT/AHM/2018. The appellant claimed the NCLT orally refused to grant any interim relief and posted the matter for consideration after the end of the Corporate Insolvency Resolution Process (CIRP). The appellant contended that they had furnished a revised resolution plan that would be better than the third respondent's resolution plan and sought a direction for the Committee of Creditors (CoC) to consider it.

## Facts

Panch Tatva Promoters Pvt. Ltd. filed an appeal against GPT Steel Industries Ltd. before the NCLAT, challenging an order of the NCLT, Ahmedabad Bench. The appellant's grievance was that the NCLT orally refused to grant interim relief in I.A. No. 116/2020 and posted the matter for consideration after the CIRP's end. The appellant claimed to have submitted a revised resolution plan that would maximize the value of the Corporate Debtor's assets and sought a direction for the CoC to consider it. The NCLT had heard I.A. No. 116/2020 on 13.02.2020 and 18.02.2020, posting it to 25.02.2020 without granting any interim relief. The appellant argued that the NCLT failed to exercise its jurisdiction by not granting interim orders or passing directions to the Resolution

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## Issues and analysis

### Issue 1: Whether the appeal filed by the Appellant/Applicant is premature and should be entertained by the …

**Ratio:** The power to hear an appeal from the orders of the Adjudicating Authority (NCLT) is

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**Reasoning:** The NCLAT considered the impugned order dated 18.02.2020 and found that the matter was

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**Interpretation:** Section 61 of the I&B Code outlines the grounds for appeal against orders

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**Application:** The NCLAT applied the ratio to the facts of the case, noting that the NCLT had

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## Parties

- **Judges:** Venugop…; V. P. S…; +2 more
- **Appellants:** Panch Tatva…
- **Respondents:** GPT Steel…
- **Advocates:** Abhijit…; Prachi…; +9 more

## Timeline

- **2020-02-18 — Impugned Ord…**: Date of the impugned order in I.A. No.…
- **2020-02-24 — Appeal F…**: The Appellant/Applicant preferred the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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