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2021 (1) TMI 313 - DELHI HIGH COURTDirection to Respondent No.1 to pass directions, guidelines or regulations under Section 196 of the Code - petitioner submits that in the present case applications having been filed against the promoters of the respondent nos. 5 and 6 under Section 25(2)(j) of the Code further CIRP proceedings of such companies must not be proceeded with - HELD THAT:- The provisions, especially Section 26 of the Code would clearly show that it is for the learned NCLT to consider the effect of the applications under Section 25(2)(j) and Section 29A of the Code at an appropriate stage of consideration of the Resolution Plan, if not earlier. The Resolution Professional shall, at the time of submitting the Resolution Plan for approval of the learned NCLT, disclose details of applications filed under Section 25(2)(j) of the Act to the learned NCLT, for the learned NCLT to take an informed decision on the Resolution Plan. It is thus clear that it would be for the learned NCLT to consider the applications under Section 25(2)(j), if pending, and the effect thereof, especially in light of Section 29A of the Act, on the Resolution Plan submitted for its approval under Section 30 of the Code - as admittedly the proceedings with respect to respondent nos.5 and 6 are still pending before the learned National Company Law Tribunal, the present petition at this stage cannot be entertained. Petition dismissed.
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