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Judgment
(Hybrid Mode)
Comp App (AT) (CH) (Ins) No.351/2026:-
This appeal is preferred by the suspended director of the Corporate Debtor who unsuccessfully challenged an e-auction conducted by the liquidator on 24.07.2023 in IA(IBC)/15/KOB/2026. The said petition was dismissed on the ground of latches by the Learned Adjudicating Authority.
The learned counsel for the liquidator informs that an application has been taken out by him for seeking dissolution of the company and the same is pending before the Learned Adjudicating Authority.
We find that, given the stage of the liquidation process today, entertaining any applications such as this will only halt the liquidation process, which, needless to state, is in its closing stages.
There is no merit in the appeal and is dismissed. However, we set aside the cost of Rs. 1 lakh imposed on the Appellant, perhaps the maximum relief we could grant, as it falls within our realm of discretion.
Comp App (AT) (CH) (Ins) Nos.352 & 353/2026:-
These appeals are preferred by the association of the home buyers who intend to intervene in IA(IBC)/15/KOB/2026, which is the subject matter of the previous appeal. The home buyers' contention is that they were not treated as a secured financial creditor even though they had a charge over the property as per the decree of the Civil Court. Since they have moved only an intervention application in the petition taken out by the suspended director of the Corporate Debtor, these appeals also are liable to be dismissed.
Having stated that, if there is any merit in their contention, they must have an opportunity to put for the same. Therefore, the appellants in CA (AT) (CH) (Ins) Nos.352 & 353/2026 are given liberty to approach the learned Adjudicating Authority to take out necessary application within 15 days from today to raise their contention, and the Adjudicating Authority is required to consider the same strictly in accordance with law.
Subject to the observations, the CA (AT) (CH) (Ins) Nos.351, 352 & 353/2026 are dismissed.