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Judgment
Heard Learned Counsel for the Appellant as well as Respondent.
This Appeal has been filed against the Order dated 13.12.2022 passed by the Adjudicating Authority by which an order for extension of Corporate Insolvency Resolution Process (CIRP in short) for 30 days was granted on I.A. No. 6019 of 2022 filed by the Resolution Professional.
Appellant being aggrieved by the Order impugned has come up in this Appeal contending that Appellants are the Financial Creditors whose rights as a financial creditor were kept in abeyance which Order was challenged in Company Appeal (AT) Ins. No. 885 of 2021 and this Tribunal on 16.12.2021 directed that Application I.A. No. 3766 of 2021 filed by the Appellant may be heard and decided by the Adjudicating Authority at an early date. It is submitted that the said Application is still pending whereas the voting by the Committee of Creditors on the Resolution Plan has been completed and the Resolution Professional has already filed an application for approval of the Resolution Plan. The Learned Counsel for the Appellant submits that the issue regarding the voting share of the Appellant is to be decided as raised in I.A. No. 3766 of 2021 and adjudicating authority without deciding the said application directed to complete the process.
We are of the view that the Adjudicating Authority was required to decide I.A. No. 3766 of 2021 was as per direction of the Appellate Tribunal dated 16.12.2021 in Company Appeal (AT) Ins. No. 885 of 2021. In the facts of the present case, we see no reason to interfere with the Order dated 13.12.2022 as on date. However, the Adjudicating Authority shall not pass any order on the Application filed by the Resolution Professional for approval of the
Resolution Plan unless I.A. No. 3766 of 2021 is decided and consequent directions are issued by the Adjudicating Authority accordingly.
With these observations, the Appeal is disposed of.