Sanjeev Prakash Sharma, J. - (1.) On 26/04/2018, this Court, on having received an affidavit filed on behalf of the Interim Resolution Professional, stated to have been appointed by the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 (IBC), observed as under:- "Prima facie, once the case was pending before this Court and the concerned applicant Alchemist was already party to this Court proceedings and was well aware of the proceedings going on with regard to the revival proceedings and also had put up its proposal, at the same time the claim of workmen was also being examined for which the valuation report has been directed to be conducted by the Official Liquidator; there was no occasion for intervention by NCLT in the matter. It appears that no notice was issued to the State Government nor workmen were given any opportunity before admitting the same under the Code of 2016. Learned Advocate General as well as Additional Advocate General state that they would like to file reply to the affidavit filed by the Interim Resolution Professional and pray for interim protection. Taking into consideration the aforesaid aspect, implementation and effect of order passed by NCLT shall remain stayed and till question is decided whether Code of 2016 will over ride the present proceedings, till that date, the State Government shall not hand over the possession of building and material of of JMEL to the Interim Resolution Professional appointed by NCLT. List on 3rd May, 2018."
(2.) The question before this Court essentially is whether the present proceedings can continue or whether the NCLT order appointing the IRP could be allowed to act in terms of IBC, 2016 while the present proceedings in relation to the Company are pending before this Court.
(3.) The Additional Advocate General, appearing for the State was heard alongwith the counsel appearing for the workmen as well as the counsels appearing for Alchemist Asset Reconstruction Company Ltd. The counsel for Jaipur Metals and Electrical Limited (JMEL) was also heard.;