AI Structured Summary
Not yet generated for this judgment
Judgment
Both these Appeals have been filed by the Appellants who claimed to be Financial Creditors of the Corporate Debtor against the Order dated 14th March, 2022 passed by the Adjudicating Authority by which, Orders were passed on the several I.As i.e. I.A. No. 2275 of 2021 in Company Appeal (AT) Ins. No. 354 of 2022 whereas I.As. 2286/2021 and 1163/2022 in Company Appeal (AT) Ins. No. 357 of 2022.
We have heard Mr. Harish Salve, Sr. Advocate and Dr. Abhishek Manu Singhvi, Sr. Advocate for the Appellants. Learned Counsel for the Appellants submits that their only concern in these Appeals is that their claims as Financial Creditors which are contained in I.As referred to above are still pending adjudication before the Adjudicating Authority and the Adjudicating Authority is proceeding to approve the Resolution Plan which has been approved by the Committee of Creditors.
Mr. Ashish Makhija, Advocate appearing for the Respondents submitted that there is no occasion to entertain these Appeals because Adjudicating Authority vide Order dated 14th March, 2022 itself indicated that Adjudicating Authority has fixed the I.As on earlier date i.e. 21st March, 2022 and date for approval of the Resolution Plan is 04th April, 2022. It is submitted that on 21st March, 2022 and thereafter on 31st March, 2022, I.As could not be considered due to non-availability of the Bench.
Learned Counsel for the Appellants submits that I.A.s have not yet been heard and on 31st March, 2022 which was the date liberty was sought to take up the I.As on 04th April, 2022 which was not granted. Learned Counsel for the Appellant further submitted that two Company Appeals were filed being Company Appeal (AT) Ins. No. 385 of 2021 and Company Appeal (AT) Ins. No. 386 of 2021, both these Appeals had already been disposed of by this Appellate Tribunal on 09th June, 2021 requesting the Adjudicating Authority to consider and decide the Applications which are pending at the earliest so that the ‘Corporate Insolvency Resolution Process’ continue smoothly. It is submitted by the Appellants that although Order was passed on 09th June, 2021 and thereafter more than 14 dates have been fixed but the Applications are still pending.
The Impugned Order dated 14th March, 2022 is an Order by which dates have been fixed by the Adjudicating Authority for disposal of the Applications. We are of the view that against the Order dated 14th March, 2022 it is not an appropriate stage for entertaining these Appeals. We however observe that the I.As referred above which has been filed by the Appellants need to be heard before the Adjudicating Authority either approve or disapprove the Resolution Plan. As submitted by the Learned Counsel for the Respondent, the Adjudicating Authority is already proceeding to hear the I.As hence we see no reason to issue any specific direction except the observation that I.As referred above should also be heard before the Adjudicating Authority approves or disapproves the Resolution Plan.
With these observations, these Appeals are dismissed.