9911796707
TMI Blog2024 (2) TMI 1092X X X X Extracts X X X X X X X X Extracts X X X X ..... k Bhushan ] Chairperson , [ Justice Yogesh Khanna ] Member ( Judicial ) And [ Barun Mitra ] Member ( Technical ) For the Appellant : Mr. Krishnendu Datta, Sr. Advocate with Mr. Nikhil Mehndiratta, Mr. Toyesh Tewari, Advocates. For the Respondents : Ms. Astha Ahuja, Ms. Shyla Hoon, Mr. Tanmay Arora, Advocates for R-1.Mr. Rachit Mittal, Mr. Parish Mishra, Ms. Ritika Dawali, Mr. Adarsh Srivastava, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor is a NBFC and no CIRP can be commenced under Section 7 by a Financial Creditor against a NBFC. The Adjudicating Authority noticed that in the RBI portal the status of the Corporate Debtor was always shown as NBFC, however, despite the fact the Corporate Debtor was NBFC CIRP proceeded by the impugned order. The Adjudicating Authority allowed the application and set aside the CIRP. 3. Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e impugned order, which is as follows : "16. Nevertheless, since the CIRP in IB-605/2022 got initiated due to sheer negligence of the Financial Creditor M/S Axis Trustee Ltd., we order (a) imposition of cost of Rs. 50,000/- (Fifty Thousand) only to be paid by the Petitioner M/s Axis Trustee Ltd. to the Prime Minister's Relief Fund within 15 days of this order; and (b) direct that the entire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty of CoC and Appellant could not have stopped the CoC to proceed and further after Resolution Professional having coming to know that status of Corporate Debtor as NBFC is still shown in the portal of RBI, appropriate steps ought to have been taken. It is submitted that the application was filed by the Resolution Professional, which was withdrawn. 9. In a situation where CIRP has been admitted a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o consideration the sequence of events and facts which have taken place in the CIRP proceedings of the Corporate Debtor, the Adjudicating Authority shall pass orders in the application as above. 11. The direction issued in Para 16(b) that entire cost be paid by the Applicant is modified as above. 12. In view of the fact that we have already set aside the observation against the Appellant, learne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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