Bharat S Patel vs Jm Financial Asset Reconstruction ...

IN THE MATTER OF: Bharat S Patel ...Appellants Versus JM Financial Asset Reconstruction ...Respondents Company Ltd. & Anr.

Present: For Appellant : Mr. P. Bhattacharya, Advocate. For Respondents : None.

ORDER

(Hybrid Mode)

01.12.2025: This appeal has been filed against the order dated

15.09.2025 by which IA No. 437 (MP)/2025 filed by JM Financial Asset

Reconstruction Company has been allowed and applicant has been

substituted in place of Liquidator. The appellant who is the suspended

Director of the corporate debtor, aggrieved by the order has come up in this

appeal. It is submitted that appellant was not heard before passing of the

order 15.09.2025, he further submitted that CD has already been sold as

going concern and liquidation process has not yet been closed.

2. We have considered the submission of the appellant and perused the

records.

3. According to the appellant's case itself as disclosed in the appeal the

SCC has permitted the financial creditor to pursue the Section 66 application

and out of the two financial creditors the other financial creditor has also

given consent for JM Financial to pursue the application. Present is a case of only substituting the JM Financial Asset Reconstruction Company as

applicant to purse Section 66 application. We thus are of the view that at the

instance of the applicant we do not find any merit in the appeal challenging

the substitution. We only clarify that by substitution of the applicant there is

no consequence and effect on the merits of the application which need to be

considered, as when the Section 66 application is heard and the appellant

shall have all his defence open to the Section 66 application.

With these observations, we dismiss the appeal.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) harleen/MD

2 of 2 Company Appeal (AT) (Ins) No. 1877 of 2025