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Judgment
(Hybrid Mode)
The instant application has been moved by the Corporate Debtor for the following reliefs;
Pass an order allowing substitution of the Corporate Debtor as Appellant in the captioned appeal in place of the erstwhile Resolution Professional and take on record amended memo of parties enclosed with this application as Appendix A; and/or.
Permit the new Appellant to withdraw the appeal in light of the subsequent communication received from Bank of India withdrawing the communication dated 25.03.2025; and/or
Pass any other order which this Hon’ble Tribunal may deem fit in eyes of equity, justice and good conscience. Learned Counsel for the Applicant submits that the Resolution Plan in the CIRP of the Corporate Debtor has been fully implemented and the Appellant, i.e., Mamta Binani, who was the RP of the CD, has now been discharged, and therefore has become ‘functus officio’, so far as the CIRP of the CD is concerned and since the Resolution Plan has been fully implemented the Applicant/CD be substituted in place of the erstwhile RP of the CD.
It is further submitted that, by filing this appeal, the erstwhile RP of the CD has challenged the designation of the loan account of the CD as fraudulent. However, during the pendency of the appeal, a communication has been sent by the Respondent Bank through e-mail dated 21.03.2026, intimating to the erstwhile RP of the CD that the designation of the account of the CD as fraud is in the process of being withdrawn, thus, the instant appeal has become infructuous and be dismissed as such.
No objection in this regard has been raised by Ms. Ricky Sampat Learned Counsel appearing for the Sole Respondent.
Having heard Learned Counsel for the Parties and having perused the record, it appears that the Resolution Plan with regard of the CD has been fully implemented and the RP, who has filed the instant appeal, has now been discharged. Accordingly, we allow the request of Learned Counsel for the Appellant and substitute the CD in place of the erstwhile RP.
We also notice that the amended memo of appeal has already been filed by the Appellant, a copy of which has been placed at page 14 of the aforesaid application.
Coming to the second prayer of the application, whereby the Appellant has sought permission to withdraw the instant appeal, we notice that the designation of the loan account of the CD as fraud is stated to be under the process of being withdrawn by the bank and in this regard a communication has also been sent by the respondent bank to the CD.
Thus, keeping in view the fact that a communication has been sent by the Respondent bank intimating that it is in the process of withdrawing the designation of the loan account of the Appellant which has been designated as fraud and no objection to the request of the Learned Counsel for the Appellant to dismiss the appeal as has become infructuous has been raised by Ld. Counsel by the respondent bank, we dismiss the appeal as has become infructuous.