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Judgment
(Hybrid Mode)
I.A. No. 2922 of 2026: This is an application praying for condonation of one day delay in refiling the I.A. Sufficient cause has been shown for condonation of refiling delay of one day. Refiling delay is condoned. I.A. No.2922 of 2026 is disposed of.
I.A. No. 2923 of 2026: By this application the Appellant has prayed for certain directions in reference to judgment of this Tribunal dated 12.03.2026 in Company Appeal (AT) (Ins.) No.1526 of 2025. Learned counsel for the Appellant submits that operative portion of the judgment directed:
“26.In result of the forgoing discussions, we dispose of the appeal in following manner:
i.The impugned order of the adjudicating authority dated 24.09.2025, admitting Section 9 application is upheld.
ii.The observations in paragraph 16 of the order to the effect “the directors of both the corporate debtor and MK Overseas Private Limited are therefore liable to be proceeded against under appropriate criminal provisions” are deleted.
iii.Appellant is given opportunity to make the payment to the operational creditor of the amount of ₹2,48,46,299.76/- within 30 days from today, either by bank transfer or a bank draft to the operational creditor.
iv.On receipt of payment of the aforesaid amount, operational creditor to file an application under Section 12A through IRP for withdrawal of the CIRP under Section 12A read with Regulation 30A of the CIRP Regulations, 2016. Adjudicating authority to decide 12A application in accordance with law expeditiously.
v.The Section 12A application is to be filed as indicated above within 30 days from the payment of the amount to operational creditor, the interim protection granted in this appeal shall continue till the disposal of the application.”
Appellant’s case is that as per the judgment, within 30 days the amount of ₹2,48,46,299.76/- has been paid to the Operational Creditor, however, the Operational Creditor has not given Form FA to the Resolution Professional.
Learned counsel for the Interim Resolution Professional is present and submits that he is ready to file application provided From FA is submitted by the Operational Creditor. It is also submitted that the Bank of Baroda, the only Financial Creditor has also informed the IRP that they have no objection if CIRP is closed against the Corporate Debtor.
Submission needs scrutiny. Issue notice. Appellant to serve the Operational Creditor personally in addition to normal mode of service. Let the Operational Creditor file reply within 10 days from today.
List this application on 08.05.2026 ‘for orders’.