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Judgment
ORDER
Oral Judgment : Justice Mr. Sharad Kumar Sharma, Member (Judicial) :
The Appellant / Financial Creditor questions the Impugned Judgment dated 10.10.2022, which had been passed by the NCLT, Hyderabad in CP (IB) / 337 / 7 / HDB / 2021, by virtue of which, the application preferred by the appellant, under Section 7 for initiation of the CIRP proceedings, as against the Respondent / Corporate Debtor stood rejected.
It is during the pendency of the proceedings, certain further developments had taken place which has been placed on record by the Resolution Professional by way of a Memo contending thereof, that the Resolution Plan submitted by the Successful Resolution Applicant has been implemented and a Final Progress Report, had also been filed before the NCLT, Hyderabad Bench, by virtue of Diary No. 3607130028842024 in CP (IB) No. 97 / 7 / HDB / 2022 on 28.08.2024.
The factum of the Resolution Plan having been submitted and its being accepted by the learned Adjudicating Authority stands established by the document placed on record by the Respondent on Page 6 to the Memo.
It is not even that, the appellant has also filed `Form C’ when he has submitted his claim, for grant of the claim as it has been referred to under the claim extended by the Appellant.
Owing to the above two developments, so far, the instant Appeal is concerned, nothing survives on merit to be decided.
The learned Counsel for the Appellant submits that, he intends to file an objection to the Memorandum, as preferred by the Resolution Professional.
No fruitful purpose would be served particularly when the Appellant himself is an Applicant to the submission of claim by way of `Form C’, as submitted by him on 23.06.2023.
Apart from it, the factum of acceptance of the final progress report of the Successful Resolution Applicant, and its implementation of the plan, has already been accepted in CP (IB) / 97 / 7 / HDB / 2022, vide its order of 28.08.2024, since being a Judicial Order, passed in a proceedings in a Company Petition by NCLT, the fact of the same cannot be denied.
Hence, owing to the aforesaid subsequent development as of now, since the Appellant himself is as an Applicant to `Form C’, by raising his claim, for all practical purposes, the present Appeal i.e. Company Appeal (AT) (CH) (INS) No. 25 / 2023, as against the rejection of his Application under Section 7 has been rendered infructuous and the same is accordingly dismissed. The connected pending Interlocutory Applications, if any, are closed.