# In the matter of Futura Polyesters Limited

> NCLT judgment dated 2023-07-10. Citation: TCN-2023-NCLT-05345. The case involves an application (I.A. 2845/2023) filed by Mr. Shyam Ghiam for…

- **Court:** NCLT
- **Order date:** 10 Jul 2023
- **Citation:** TCN-2023-NCLT-05345
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/futura-polyesters-limited-6b1124f5

## Summary

### Background

The case involves an application (I.A. 2845/2023) filed by Mr. Shyam Ghiam for modification/recall of an order dated 28.06.2023, where the tribunal inadvertently ordered notice to the Corporate Debtor instead of admitting the Company Petition and appointing an IRP.

## Facts

The tribunal inadvertently ordered notice to the Corporate Debtor instead of admitting the Company Petition and appointing an IRP on 28.06.2023.

The tribunal realized its mistake upon perusing the order passed by the Hon'ble Bombay High Court dated 12.09.2022.

Mr. Shyam Ghiam filed I.A. 2845/2023 for modification/recall of the order dated 28.06.2023.

The Petitioner suggested the name of Mr. Abhay Narayan Manodhane as proposed IRP.

Mr. Prakash Shinde, on behalf of one of the creditors of the Corporate Debtor, raised an objection to the appointment of the proposed IRP suggested by the Petitioner.

The Operational Creditor is required to deposit Rs. 5 Lakh towards the initial CIRP cost.

…

## Issues and analysis

### Issue 1: Whether the tribunal's inadvertent order of issuing notice to the Corporate Debtor instead of …

**Ratio:** The tribunal has the power to rectify its own mistakes and recall or modify orders that

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**Reasoning:** The tribunal realized its mistake upon perusing the order and acknowledged that an

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**Interpretation:** This demonstrates the tribunal's commitment to ensuring that the correct legal

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**Application:** The tribunal allowed I.A. 2845/2023,

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Appellants:** KOREA TRADE…; Shyam G…; +1 more
- **Respondents:** Futura Polyesters…
- **Other parties:** Ramesh Muddu…; Abhay Narayan…; +1 more
- **Advocates:** Komal Khus…; Prerana…; +3 more

## Timeline

- **2023-06-28 — Inadvertent…**: Tribunal inadvertently ordered notice to the Corporate Debtor instead of admitting the…
- **2022-09-12 — Bombay High Co…**: Order passed by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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