Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (9) TMI 793 - Tri - Insolvency and BankruptcyPermission for withdrawal of present matter - Stay of constitution of Committee of Creditors - CIRP process withdrawn - HELD THAT:- It would be necessary to consider the facts as they happened i.e., in chronological order. The Application bearing CP (IB) No 262/9/HDB/2019 was filed by the Operational Creditor M/s. Sri Chaitanya Chlorides u/s 9 of the Code against the Corporate Debtor on 23.04.2019. After affording an opportunity of being heard to the Corporate Debtor, this Adjudicating Authority has admitted the said Application vide its order dated 16.12.2019. Thereafter few more Applications bearing CP (IB) No. 736/9/HDB/2019, CP(IB) No. 774/9/HDB/2019 etc., were filed u/s 9 by the Operational Creditors of the Corporate Debtor including Applicants in IA No. 178/2020 and 179/2020 being considered in this common order. These applications U/s. 9 were considered by this Adjudicating Authority and in view of the initiation of CIRP in the case of the Corporate Debtor and appointment of IRP in CP(IB) No: 262/9/HDB/2019 vide order dated 16.12.2019, these Operational Creditors were directed to make their claims before the IRP, which were made by them. Any direction by this Adjudicating Authority to the IRP not to constitute the CoC before disposal of IA No. 177 /2020 as prayed in IA No. 176/2020 will be against judicial propriety and judicial discipline. Hon'ble Supreme Court in the case of UNION OF INDIA VERSUS KAMLAKSHI FINANCE CORPORATION LTD. [1991 (9) TMI 72 - SUPREME COURT] have laid this down in unequivocal terms by saying the "The principles of judicial discipline require that the orders of the higher appellate authorities should be followed unreservedly by the subordinate authorities.'' This Adjudicating Authority cannot and does not deem it proper to restrain the IRP from constitution of the CoC as per the directions of Hon'ble NCLAT - Application dismissed.
|