TMI Blog2021 (6) TMI 651X X X X Extracts X X X X X X X X Extracts X X X X ..... ssional (IRP) had rather recorded that there were dues and recoverables from the Appellant. It also appears that there is dispute regarding the Appellants to be related parties. All these issues are yet to be decided one way or the other by the Adjudicating Authority. It would not be appropriate for us to entertain the present appeals against the impugned orders as stated above, on the basis that holding of CoC should have been stayed. When the Corporate Insolvency Resolution Process has already consumed so much of time considering the objects of the Insolvency and Bankruptcy Code, 2016, it would not be appropriate to stay the holding of meetings of the CoC. The Counsel for the Appellants claim that now the Applications before the Adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claiming to be assignees of financial debt and on the strength of the same seeking to be part of the Committee of Creditors (CoC). It is claimed that the Appellants would constitute 68% of the CoC and thus they have an important stake involved. It appears that earlier an I.A No. 2167 of 2021 was filed by the Appellants and subsequently the same become infructuous. It is stated that in that I.A, there was interim stay granted by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-II, in (IB)-1781(ND)2018- Indu Kumar Ors. vs. M/s. Saha Infratech Pvt. Ltd. . When the said I.A was coming up, other I.A Nos. 2286 and 2275 of 2021 came to be filed by the Appellants. I.A No. 2286 of 2021 was filed by IDBI Trusteeship Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as also been communicated to the Petitioners through e-mail. Therefore, this Application has become infructuous. Mr. Virender Ganda, Sr. Counsel for ACRE ARC also submitted that in the facts and circumstances of the matter, the IA has become infructuous. Therefore, the IA is dismissed, being infructuous. 4. As regards I.A No. 2275 of 2021 (against which Company Appeal (AT) (Insolvency) No. 386 of 2021 is filed), the Adjudicating Authority passed the following orders:- ORDER xxx xxx xxx IA/2275/2021: Mr. Ashish Makhija appearing for the sole Respondent accepts the notice on his behalf. Hence, there is no need to issue notice upon the Respondent. Time of ten days is granted to file the Reply. List the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Insolvency and Bankruptcy Code, 2016, it would not be appropriate to stay the holding of meetings of the CoC. 7. The Counsel for the Appellants claim that now the Applications before the Adjudicating Authority are fixed on 11th June, 2021. They request that the direction may be given to the Adjudicating Authority to decide the applications one way or the other on 11th June, 2021. The Counsel for the Appellants claim that they will be giving all the co-operation to the Adjudicating Authority. We expect all parties to co-operate. 8. It was also claimed by the Learned Counsel for the Appellants that the CoC meeting has been held on 23rd May, 2021 and even if any further meetings take place whatever they decide should be subject to ou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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