AI Structured Summary
Not yet generated for this judgment
Judgment
(Hybrid Mode)
Heard Ld. Counsel for the appellant.
This appeal has been filed against the order dated 05.12.2025 passed by the Adjudicating Authority in I.A No. 1875 of 2025. The application was filed by the Appellant, suspended director of the CD praying for various reliefs as has been noted in para 1 of the impugned order. The Adjudicating Authority by the impugned order, after considering the application, has disposed of and issued direction in para 24 which are as follows;-
“24.In view of the aforesaid, we direct the Resolution Professional to give copies of all resolution plans to the suspended Board Members within a period of two weeks from the date of this judgment. The Resolution Professional will then convene a meeting of the CoC within two weeks thereafter, which will include the appellant/suspended board members as participants. The CoC will then deliberate on the resolution plans afresh and either reject them or approve of them with the requisite majority, after which, the further procedure detailed in the Code and the Regulations will be followed. The period from the date of filing of application for approval of the Resolution Plan before this Tribunal and the date till the convening of next CoC meeting as well as further period taken for voting on the plans in the manner aforesaid, shall stand excluded from the CIRP period.”
The Appellant is aggrieved by the said order and has come up in this appeal.
Ld. Counsel for the Appellant has submitted that observation in para 22 of the order that CoC has not found any irregularity in such arrangement was never recorded by the CoC in its minutes and the said observation need not come into the way of the Appellant in any further proceedings.
Ld. Counsel for the Appellant has submitted that after the impugned order, the CoC has again approved the resolution plan and the application has been filed for approval of the plan which is pending consideration before the Adjudicating Authority.
Ld. Counsel for the RP has submitted that all the issues raised by the Appellant are duly explained by the RP by filing an affidavit before the Adjudicating Authority and the Adjudicating Authority has passed the order to the limited extent as contained in para 24 and the Appellant has been raising the issues repeatedly.
We have considered the submissions of the parties and perused the record.
The order impugned has served its purpose since the resolution plan consequent to the order has been considered by the CoC and approved and the application for approval of the plan is pending consideration before the Adjudicating Authority. The Adjudicating Authority has to consider the said application on its own merits after hearing the parties in accordance with law. We only observe that it shall be open for the Appellant as well as Respondent to raise such pleas in reference to the application for approval of the resolution plan which can be decided by the Adjudicating Authority in accordance with law without being influence by any observation made in the earlier order. The appeal is disposed of.
We make it clear that we have not made any observation on the merit of the application for approval of the resolution plan which is pending consideration.