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Judgment
This Appeal has been filed against order dated 22.12.2022 by the Corporate Debtor. Learned counsel for the Respondent raised objection that the Appeal filed by the Corporate Debtor is not maintainable and further the Director on whose behalf Appeal has been filed resigned on 02.04.2018. Learned counsel for the Appellant submits that in the MCA Portal the name of the Director is still continuing, hence, Appeal be treated on behalf of the Director of the Corporate Debtor.
The only grievance raised by the Appellant is that in Para 32 of the impugned order, the Adjudicating Authority has confined insolvency resolution process to only one project i.e., SRS Royal Hills Phase-II, located at village Baselwa, Sector – 87, Faridabad, whereas in view of the orders passed in Para 34, the Board of Directors having been suspended, its power having vested with the Interim Resolution Professional, with regard to other projects no mechanism being provided, the Board of Directors are unable to manage the other projects which are not part of the CIRP.
We have heard the learned counsel for the Appellant and perused Para 32 and 34 of the impugned order.
Para 32 of the impugned order clearly mentions that the insolvency process is with regard to one project, as notice above. The Board of Directors has been suspended in view of the initiation of insolvency with regard to one project. We are of the view that it is open for the Appellant to approach the Adjudicating Authority by filing an application praying for necessary directions and clarification with regard to other projects. Subject to above, the Appeal is dismissed.