AI Structured Summary
Not yet generated for this judgment
Judgment
This Appeal has been filed against the Order dated 27th February, 2023 on I.A. 1212/2023 which was filed by PDM Legal Buyers Association-Respondent No. 1 herein.
In the present case, Resolution Professional has been suspended by the Order of Insolvency and Bankruptcy Board of India dated 30th January, 2023.
The Adjudicating Authority has earlier passed an Order on 01st February, 2023 where following order was passed:
“Mr. Ashish Aggarwal, Ld. Counsel for the Home Buyers seeks time ot seek instructions from the CoC as to how to proceed further in the matter in the light of the IBBI’s order bearing no. IBBI/DC/147/2023 dated 30.01.2023 suspending the registration of RP.
In view of the above, the matter is adjourned to 06.03.2023 to enable the CoC to take a call in terms of the order passed by the IBBI.”
Subsequent to the Order dated 1st February, 2023, order has been passed on 27.02.2023 by the Adjudicating Authority appointing Mr. Karan Malhotra, Advocate to be the Chairperson of the meeting to take a decision in terms of the order dated 01.02.2023.
It has been submitted by Learned Counsel for the Respondent that CoC meeting has been held on 05th April, 2023 whose voting is still in process. The Order dated 27th February, 2023 has been implemented in the CoC Meeting.
We see no reason to interfere with the Order impugned at this stage. If Appellant is aggrieved with any decision of the CoC, he is free to take legal remedy in accordance with law. It goes without saying that it is for the CoC to take decision either to continue with the present RP or take new one. The Appeal is dismissed.