# In the matter of SKS Enterprises vs. Madhya Bharat Papers Ltd. Company Appeal (AT) (Insolvency) No. 626 of 2023

> NCLAT judgment dated 2023-05-29. Citation: TCN-2023-NCLAT-00484. This is an appeal filed against the order dated 20.03.2023 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 29 May 2023
- **Citation:** TCN-2023-NCLAT-00484
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sks-enterprises-vs-madhya-bharat-papers-ltd-company-appeal-129e425a

## Summary

### Background

This is an appeal filed against the order dated 20.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench) in I.A.(IB) No. 247/CB/2022 in Company Petition (IB) No. 63 of 2021. The Appellant sought an interim protection restraining the Corporate Debtor from alienating its assets. The application was considered on 20.03.2023.

## Facts

SKS Enterprises filed an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench) regarding I.A.(IB) No. 247/CB/2022 in Company Petition (IB) No. 63 of 2021. SKS Enterprises sought interim protection to prevent Madhya Bharat Papers Ltd. (the Corporate Debtor) from alienating its assets. The Adjudicating Authority considered the application on 20.03.2023. The Corporate Debtor's counsel initially assured the court that no assets were being alienated, but this assurance was later withdrawn. The Appellant argued that the Corporate Debtor was selling its last available asset, necessitating an interim order. The matter was scheduled for further hearing and disposal on 10.07.2023. The court issued an interim order limited until

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order dated 20.03.2023 warrants intervention by the appellate …

**Ratio:** Appellate tribunals have the power to review and correct errors in orders passed by

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**Reasoning:** The court considered the submissions and the subsequent withdrawal of the assurance

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**Interpretation:** This issue concerns the scope of appellate review over orders passed by

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**Application:** The court applied its appellate jurisdiction to review the Adjudicating

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## Parties

- **Judges:** Ashok Bh…; Naresh Sa…
- **Appellants:** SKS ENTER…
- **Respondents:** Madhya Bharat…

## Timeline

- **2023-03-20 — Order by Adjudicating…**: The Adjudicating Authority passed an order in I.A.(IB) No. 247/CB/2022 in Company…
- **2023-03-20 — Application…**: The application seeking interim…

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