Alt Sahkari Samiti Ltd vs Sandeep Goel

A.L.T. Sahkari Awas Samiti Ltd. ...Appellant

Versus

CMA Sandeep Goel & Anr. ...Respondents

Present: For Appellant: Advocate Sanchit Garga, Advocate Sameer Rastogi, Advocate Sanya. For Respondent: Advocate Sumit Shukla, for RP

ORDER

16.01.2023: Heard Learned Counsel for the Appellant as well as

Respondent.

2. This Appeal has been filed against the Order dated 13.12.2022 passed

by the Adjudicating Authority by which an order for extension of Corporate

Insolvency Resolution Process (CIRP in short) for 30 days was granted on I.A.

No. 6019 of 2022 filed by the Resolution Professional.

3. Appellant being aggrieved by the Order impugned has come up in this

Appeal contending that Appellants are the Financial Creditors whose rights as

a financial creditor were kept in abeyance which Order was challenged in

Company Appeal (AT) Ins. No. 885 of 2021 and this Tribunal on 16.12.2021

directed that Application I.A. No. 3766 of 2021 filed by the Appellant may be

heard and decided by the Adjudicating Authority at an early date. It is

submitted that the said Application is still pending whereas the voting by the

Committee of Creditors on the Resolution Plan has been completed and the -2-

Resolution Professional has already filed an application for approval of the

Resolution Plan. The Learned Counsel for the Appellant submits that the issue

regarding the voting share of the Appellant is to be decided as raised in I.A.

No. 3766 of 2021 and adjudicating authority without deciding the said

application directed to complete the process.

4. We are of the view that the Adjudicating Authority was required to decide

I.A. No. 3766 of 2021 was as per direction of the Appellate Tribunal dated

16.12.2021 in Company Appeal (AT) Ins. No. 885 of 2021. In the facts of the

present case, we see no reason to interfere with the Order dated 13.12.2022

as on date. However, the Adjudicating Authority shall not pass any order on

the Application filed by the Resolution Professional for approval of the

Resolution Plan unless I.A. No. 3766 of 2021 is decided and consequent

directions are issued by the Adjudicating Authority accordingly.

With these observations, the Appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Mr. Barun Mitra] Member (Technical)

Basant/nn

Company Appeal (AT) (Insolvency) No. 52/2023