9911796707
TMI Blog2023 (7) TMI 1338X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Nikhil Nayyar, Sr. Adv. with Mr. Milan Negi, Mr. Nikhil Kumar Jha, Advocates for R1/RP Mr. Lokesh Malik, Adv. for intervenor, Mr. Vaibhav Tyagi, Adv. for Intervenor, Mr. Prateek Gupta, Advocates for Intervenor, Mr. Siddhartha, Adv. ORDER PER: JUSTICE RAKESH KUMAR JAIN: (ORAL) This order shall dispose of two appeals bearing CA (AT) (Ins) No. 1022 of 2021 titled as Bank of India Vs. Naresh Seth (hereinafter referred as 'First Appeal') and CA (AT) (Ins) No. 1024 of 2021 titled as Bank of India Vs. Vinod Kumar P. Ambavat, Resolution Professional for Actif Corporation Ltd. (hereinafter referred as 'Second Appeal') as these appeals have been filed against the common impugned order dated 05.10.2021 passed by the Adjudicating Authority (Nat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication also the Respondent (Corporate Debtor) filed an additional affidavit admitting the amount for which the resolution was sought for, the application was admitted on 26.11.2019 and Vinod Kumar P. Ambavat was appointed as IRP. 4. The Appellant (Bank of India) had also filed an application under Section 7 of the Code against the Actif Corporation Ltd. before the Adjudicating Authority which was assigned as CP (IB) No. 368 of 2018 and was admitted on 26.11.2019. 5. The Appellant filed two applications i.e. I.A. No. 296 of 2020 in CP (IB) No. 266/NCLT/AHM/2019 and I.A. No. 522 of 2020 in CP (IB) No. 272/NCLT/AHM/2019 and made identical prayers, namely, "(a) This Tribunal may dissolve the wrongfully constituted CoC of the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be issued. He prays for and is allowed two weeks' time to file Reply. Rejoinder may be filed within one week thereafter. In his reply the Resolution Professional shall also indicate the calculation of interest with regard to Unsecured Creditors and file the relevant documents alongwith the reply. List the Appeal on 10th January, 2022. Learned Counsel for the Appellant submits that Resolution Plan has been approved by the CoC, which is pending consideration before the Adjudicating Authority. In view of the aforesaid, we direct that till these Appeals are heard further proceeding with regard to Resolution Plan shall remain stayed." 8. The Interim order dated 14.12.2021 is still continuing. 9. Counsel for the Appellant has extensively ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may influence the mind of the Adjudicating Authority who has dealt with the issues involved in these lis. 11. As a result, the appeals are hereby allowed and the impugned orders are set aside. The matters are remanded back to the Tribunal to decide it again after taking into consideration each and every prayer made by the Appellant in these applications i.e. I.A. No. 296 of 2020 and 522 of 2020 which are hereby restored and pass a speaking order in accordance with law. 12. It is needless to mention that the Appellant has made a prayer in the present appeal that the Respondent may be directed to produce Form-C alongwith supporting documents of the unsecured financial creditor for their perusal for which the Tribunal shall take on record F ..... X X X X Extracts X X X X X X X X Extracts X X X X
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