1. Heard Learned Counsel for the parties.
2. There is an application (I.A. No. 493 of 2024) filed by the Appellant praying for condonation of delay in filing the Appeal.
3. Cause shown sufficient, Delay is Condoned.
4. This Appeal has been filed against the Order dated 05.12.2023 by which order Section 7 Application filed by the Appellant has been dismissed relying the Judgment of Hon’ble Supreme Court in N.N. Global Mercantile Pvt. Ltd. Vs. Indo Unique Flame Ltd., C.A. No. 3802-3803 of 2020.
5. Learned Counsel for the Appellant challenging the order contends that the Judgment of the Hon’ble Supreme Court in N.N. Global Mercantile Pvt. Ltd. is no more good law in view of the subsequent Judgment of the Hon’ble Supreme Court dated 13th December, 2023 in Curative Petition (C) No. 44 of 2023 in Review Petition (C) No. 704 of 2021 in C.A. No. 1599 of 2020 where Judgment of N.N. Global Mercantile Pvt. Ltd. has been overruled by the seven judge bench of Hon’ble Supreme Court dated 13.12.2023. It is further submitted that apart from the agreement, there were other materials to prove financial debt which has not been looked into by the Adjudicating Authority.
6. Learned counsel for the Respondent submits that Respondent may be allowed to file a Reply to oppose the Appeal.
7. We have considered the submissions of learned counsel for the parties and have perused the record.
8. The Judgment of the Adjudicating Authority is based only on the Judgment in the matter of N.N. Global Mercantile P. Ltd. which is no longer a good law, ends of justice will be served in remitting the matter to the Adjudicating Authority for fresh consideration in accordance with law. Order dated 05.12.2023 is set aside. CP(IB)330/MB/2023 is revived before the Adjudicating Authority. We make it clear that we are not expressing any opinion on the merits of the case. It is for the Adjudicating Authority to consider the Application afresh and decide accordingly.
