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Judgment
(Hybrid Mode)
24.03.2026: I.A. No. 1911 of 2026 :This is an application praying for substituting the name of wife of Respondent with liberty to bring other heirs on record by subsequent application. The application is allowed. Let the wife of Respondent as prayed in the application be substituted in place of Respondent. Amended memo is taken on record. Let the appeal be amended accordingly.
Comp. App. (AT) (Ins) No. 2002 of 2025
Heard Ld. Counsel for the Appellant and Respondent.
This appeal has been filed against the order dated 06.11.2025 passed in I.A No. 2469 of 2025. I.A was filed by the Bank with the following prayers:-
“a)Take on record the additional documents and material facts now placed on record by the Applicant, which are demonstrably relevant and material to the just and equitable adjudication of the present matter; b) Direct that the remuneration of the Respondent (Liquidator) shall be governed in accordance with Regulation 4(2)(b) of the IBBI (Liquidation Process) Regulations, 2016, as adopted by the stakeholders in the Joint Lenders' Meeting dated 05.03.2025, and further endorsed by the earlier resolution of the Committee of Creditors dated 25.03.2019;
c)Modify the order dated 10.03.2025 passed by this Hon'ble Tribunal in IA No. 3075/2023 to the extent to the direction of payment of remuneration of INR 50,000/- (Rupees Fifty Thousand only) to the Respondent, in light of subsequent developments, particularly the release of attached assets and the revised fee structure resolved in the Joint Lenders' Meeting dated 05.03.2025;
d)Declare that no entitlement accrues to the Respondent (Liquidator) for any fixed or monthly fee;
e)Pass such further or other orders and directions as this Hon'ble Tribunal may deem just, fit, and appropriate in the facts and circumstances of the case and in the interest of justice and equity.”
The Adjudicating Authority heard the application and by the impugned order has dismissed the application by making following observations:-
“3.It is observed that with respect to 'prayer c' of the application, the order dated 10.03.2025 passed by this Adjudicating Authority, in relation to which the modification has been sought has not been enclosed as part of the petition and served on the respondent.”
The Adjudicating Authority has rejected the application only on the ground that the order dated 10.03.2025 passed by the Adjudicating Authority has not been enclosed with the petition.
We fail to see any good reason in the above reasoning for rejecting the application since the order dated 10.03.2025 is part of the proceeding of the Adjudicating Authority and available in the order sheet, hence, that cannot be a ground to reject the application.
We set aside the order the Adjudicating Authority passed in I.A No. 2469 of 2025 and revive the I.A No. 2469 of 2025 for fresh consideration. The appeal is disposed of. We are not making any observation on the merits of the case.