Bombay High Court A Navinchandra Steels Pvt. Ltd vs Indiabulls Housing Finance Ltd on 19 August, 2024 905. IAL 2089424 in CA 42018.doc ORDINARY ORIGINAL CIVIL JURISDICTION INTERIM APPLICATION (L) NO. 20894 OF 2024 IN COMPANY APPLICATION NO. 420 OF 2018 A. Navinchandra Steels Pvt. Ltd. ...Applicant V/s. Indiabulls Housing Finance Ltd. ...Respondent Mr. Mathew Nedumpara (through VC) with Ms. Hemali Merwa and Mr. B. S. Munday i/b Nedumpara and Nedumpara, for the Applicant/Third party in IAL 20894/24. Ms. Shoma Maitra i/b Wadia Ghandy and Co., for the Indiabulls Housing Finance Limited/Original Applicant. Mr. Rishabh Seth for Official Liquidator with Ms. Nikita Yadav, Assistant Official Liquidator present. CORAM : ABHAY AHUJA, J. DATE : 19th AUGUST, 2024 P.C. : 1. This Interim Application has been filed seeking directions to Indiabulls Housing Finance Limited to pay interest at three times the bank rate pursuant to Section 16 of the Micro, Small and Medium Digitally signed by NIKITA NIKITA YOGESH YOGESH GADGIL Enterprises Development Act, 2006 ( the "MSMED Act") in a Company GADGIL Date: 2024.08.19 14:36:00 +0530 Application that was filed in Official Liquidator's Report in a Company Petition. 2. When the matter is called out, Mr. Sheth, learned Counsel appears for the Official Liquidator and at the outset submits that Nikita Gadgil 1/4 ::: Uploaded on 19/08/2024 ::: Downloaded on 20/08/2024 10:47:12 ::: 905. IAL 2089424 in CA 42018.doc pursuant to various orders of this Court including orders dated 2 nd May, 2022 and 2nd January, 2024, the Official Liquidator has been discharged and that even the applications mentioned have been disposed of. That, therefore, this Interim Application is not maintainable. 3. Mr. Sheth also submits that the proceedings with respect to the liquidation of Shri Ram Urban Infrastructure Limited, which was the company in liquidation before this Court are now pending before the National Company Law Tribunal ("NCLT") and that the appropriate forum therefore would be the NCLT as the Official Liquidator had also handed over the assets under the directions of this Court to the Resolution Professional appointed by the NCLT. 4. Ms. Maitra, learned Counsel appears for the Indiabulls Housing Finance Limited, the original Applicant in the Company Application and submits that the Company Application has also been disposed of and that the proceedings with respect to the erstwhile company in liquidation are pending before the NCLT and therefore, the appropriate forum for making any application is the NCLT. Nikita Gadgil 2/4 ::: Uploaded on 19/08/2024 ::: Downloaded on 20/08/2024 10:47:12 ::: 905. IAL 2089424 in CA 42018.doc 5. After hearing the matter for a while, this Court put it to Mr. Nedumpara, learned Counsel appearing for the Applicant in the Interim Application, if he would take instructions to withdraw this Application with liberty to file before the appropriate forum, however, Mr. Nedumpara has submitted, upon taking instructions, that he would want this Court to hear the matter and pass appropriate orders. 6. Mr. Nedumpara has submitted that in view of the Section 24 of the MSMED Act, the provisions of Sections 15 to 23 have an overriding effect notwithstanding anything inconsistent with contained in any other law for the time being in force and that therefore, the interest that has been granted by the Suit Court in a decree dated 7 th October, 2015, would need to be enhanced to three times the rate of 18% and that this Court direct the Applicant in the Company Application, who has been