AI Structured Summary
Not yet generated for this judgment
Judgment
One day delay in filing the Appeal is condoned. I.A. No. 3337 of 2023 is allowed.
Heard Learned Counsel for the Appellant. This Appeal has been filed against the Order dated 24th May, 2023 passed by the Adjudicating Authority rejecting I.A. No. 4706 of 2022. In the Application, the Appellant has made following prayers:
“a. Stay the CIRP proceedings in CP No. 449(P/B) of 2019
b. Direct that a fresh Form “A” be published by the Resolution Professional/respondent and thereafter, re-initiate the corporate insolvency process by re-constituting the committee of creditors;
c. Pass any other order in the interest of justice;”
The Appellant claimed to be shareholder and ex-director of the Corporate Debtor. The Adjudicating Authority rejected the Application. Corporate Insolvency Resolution Process has proceeded at the substance stage and Learned Counsel for the Resolution Professional submits that one plan is under consideration.
We are of the view that prayer made in the Application could not have been allowed at the instance of the Appellant and no error has been committed by the Adjudicating Authority in rejecting I.A. No. 4706 of 2022.
The Appeal is dismissed.