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Judgment
O R D E R
10.01.2024: I.A. No.5900 of 2023. This Application has been filed by the Bank of Baroda praying for following reliefs:
“a)Direct the RP to immediately constitute the CoC and convene a meeting for CoC within a period of 24 hours in light of order dated 27.09.2023 in Company Petition (Ins.) No. 1161 of 2022;
b)Initiate contempt proceedings against the IRP, Mr. Poorit Goyal for non-compliance with the direction contained in the order dated 27.09.2023;
c)Pass any other order(s) as the Hon’ble Tribunal may deem fit in the facts and circumstances in the present case.”
In the Application, we had issued notice and Reply has also been filed by the Resolution Professional. Learned Counsel for the Applicant submits that this Court while deciding the Appeal on 27.09.2023 issued following directions in Paragraph 19:
“19.For the foregoing reasons, we are of the view that the Adjudicating Authority has rightly admitted the application of the Operational Creditor filed under Section 9 of IBC. We are satisfied that the impugned order does not warrant any interference. The Appeal is dismissed. The Registry is directed to take appropriate action without any delay to refund the amount which was deposited by the Appellant in pursuance of interim order of this Tribunal dated 27.09.2022. I.A. No.2733 of 2023 is disposed of with the directions that IRP may take necessary action to constitute the CoC forthwith and to take up the matter of CIRP costs including their fees with the CoC in accordance with law. I.A. No. 4272 of 2023 is disposed of by giving liberty to Bank of Baroda to approach the IRP to pursue their claims. All other IAs stand disposed of with the above observations. No order as to costs.”
It is submitted that in spite of Order of this Court on 27.09.2023, IRP did not constitute CoC and as on date an Application has been filed by the IRP being I.A. No. 5247 of 2023 under 12A for settling with the promoters. It is submitted that Bank of Baroda has claim of Rs. 35 Crores and CoC claim is 100 Odd Crores in view of the fact that I.A. No. 5435 of 2023 is pending before the Adjudicating Authority, no further steps could be taken in CIRP. I.A. No. 5900 of 2023 in Company Appeal (AT) (Insolvency) No.1161/2022
We only clarify that Adjudicating Authority may consider the matter taking into consideration the direction issued by this Tribunal in paragraph 19 as quoted above. Next date having been fixed on 24.01.2024, we request the Adjudicating Authority to dispose of the Application on the date fixed or as early as possible. The Application is disposed of, accordingly.