# In the matter of Karaikal Port Private Limited E-Filling Diary No. 330511800101012022 in CP(IB)-85(CHE)-2022

> NCLT judgment dated 2022-06-03. Citation: TCN-2022-NCLT-02413. Phoenix ARC Private Limited, a financial creditor of Karaikal Port Private Limited, filed an…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-02413
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karaikal-port-private-limited-e-filling-diary-no-330511800101012022-in-cpib-85ch-412e3cbd

## Summary

### Background

Phoenix ARC Private Limited, a financial creditor of Karaikal Port Private Limited, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking investigation into alleged fraudulent financial transactions between Omkara ARC, Karaikal Ports Private Limited, and Adani Ports & Special Economic Zone Limited (APSEZ). Phoenix ARC also sought a stay on further proceedings and the constitution of the Committee of Creditors (CoC). The application was filed in the context of a Corporate Insolvency Resolution Process (CIRP) initiated against Karaikal Port Private Limited based on an application by Omkara ARC under Section 7 of the IBC. The Registry raised an issue of maintainability, noting that the Tribunal lacked the power to

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## Facts

Phoenix ARC Private Limited, acting as a trustee of Phoenix Trust FY16-5, is a financial creditor of Karaikal Port Private Limited. Omkara ARC, another financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Karaikal Port Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the application, leading to the commencement of CIRP. Phoenix ARC then filed an application under Section 60(5) of the IBC, alleging fraudulent financial transactions between Omkara ARC, Karaikal Ports Private Limited, and Adani Ports & Special Economic Zone Limited (APSEZ). Phoenix ARC claimed that Omkara ARC and the Corporate Debtor conspired with APSEZ to fraudulently obtain the admission order. It

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## Issues and analysis

### Issue 1: Whether the Tribunal has the power to reconsider, recall, or revisit its own orders, particularly …

**Ratio:** The Adjudicating Authority does not have the power to recall or review its own orders

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**Reasoning:** The Tribunal relied on the settled position established by the Hon'ble NCLAT in numerous

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**Interpretation:** This legal principle clarifies the limitations on the Adjudicating Authority's

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**Application:** In this case, the Tribunal held that it could not reconsider its earlier order

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** Phoenix Arc…
- **Respondents:** Karaikal Port…; M/s. Karaikal…
- **Advocates:** Amit Singh…; Satish Par…

## Timeline

- **2022-04-28 — Order Da…**: Order passed by the Tribunal in the matter bearing CP(IB)/85/CHE/2022, which is subject…
- **2022-04-29 — CIRP Init…**: Tribunal initiated the CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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