AI Structured Summary
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Judgment
IA-2672/2021, CA-800/C-II/ND/2018, IA-773/2021- List all these IAs on 17th November 2021.
IA-5026/2021, IA-5027/2021, IA-5028/2021, CA-734/CII/ND/2018- The arguments of the Resolution Applicant heard and Ld. Counsel for the RP also heard. Ld. Counsel appearing for the Directors of the Resolution Applicant is present and submits that their Advocate did not inform them the steps that are required to be taken and also the procedure is not known to them. As a result of which, delay occurred. Apart from that, the counsel innocently submits that they have not received any communication from the RP and no guidance was given.
We consider that this kind of approach on the part of the Resolution Applicant is unwarranted as for a long period of 3-years, the Resolution Applicant has taken the IB Code for a ride resulting in a huge loss to the Creditors of the Corporate Debtor and to other people. In view of the same, stringent action need to be taken against the Resolution Applicant and their Directors.
Detailed order shall follow. Order reserved in CA-734/2018, IA-5026/2021, IA-5027/2021, IA-5028/2021.