Halwasiya Developments Private ... vs Phoenix Arc Limited & Anr. & Ors

IN THE MATTER OF: Halwasiya Developments Pvt. Ltd. & Anr. ...Appellants Versus Phoenix ARC Ltd. & Anr. ...Respondents

Present: For Appellant : Mr. Vivek Kohli, Sr. Advocate with Mr. Sandeep Bhurania, Ms. Vaishnavi Prakash and Ms. Vasudha Chadha, Advocates.

For Respondents : Mr. Amit Singh Chadha, Sr. Advocate with Mr. Suresh Dutt Dobhal and Mr. Abhishek Mishra, Advocates.

ORDER

(Hybrid Mode)

27.05.2026 : Heard counsel for the appellant and learned Sr. counsel

Mr. Amit Singh Chaddha appearing for the financial creditor.

2. This appeal has been filed against an order dated 15.05.2026. By the

order dated 15.05.2026, adjudicating authority directed as follows:

"New IA-2153/2026 IN THE MATTER OF: Phoenix ARC Limited V/s. Halwasiya Development Private Limited & Ors. On 08.05.2026, after hearing the Ld. Counsel appearing for the parties, this Adjudicating Authority passed the following order:-

"This is an application filed by one of the member of CoC seeking vacation of stay granted vide order dated 17.01.2024 passed in I.A. No. 203/2024.

We have heard the submissions of learned senior counsel on behalf of Applicant. Proxy counsel on behalf of Applicant in IA-203/2024 is present on the basis of advance notice. Learned senior counsel appearing on behalf of Applicant submitted that vide order dated 17.01.2024 passed in I.A. No. 203/2024, an ex-parte order has been passed to the effect that, "no final decision be taken or approval given to the Plan by the CoC till further orders". Learned senior counsel submitted that this order was passed more than 2 (two) years back, and because of this order, the CoC is unable to take any decision on the resolution plan. Learned senior counsel also submitted that the in fact, the Applicant of I.A. No. 203/2024 has also submitted the resolution plan which is under consideration of the CoC.

Proxy counsel appearing on behalf of Applicant submitted that the main counsel is not available today and therefore, sought adjournment on the hearing of the today's IA.

It may be pointed out that, the IBC is a time bound process and the Hon'ble Supreme Court, time and again, has observed that the CIRP process and specially the issue related to the approval of the resolution plan are to be considered in a time bound manner. In view of the stay granted vide order dated 17.01.2024, the CoC is unable to proceed further. It is understood that I.A. No. 203/2024 has been filed pointing out certain discrepancies in the information memorandum and that IA is still pending. However, in view of the fact that, the Applicant of I.A. No. 203/2024 has also submitted their resolution plan, in would be in the interest of all the parties including the Applicant of I.A. No. 203/2024 that their plan is to be considered by the CoC as soon as possible. However, keeping in view, the request made by the learned proxy counsel, list the matter on 15.05.2026 with liberty to mention."

Subsequently, IA No. 2153/2026 has been filed seeking the following prayer:-

a). Allow the present Interlocutory Application;

Comp. App. (AT) (Ins.) No. 942 of 2026 2 of 4

b). Take on record the additional facts and documents/annexures filed along with the present application in IA 203 of 2024.

c). Permit the Applicant to place the Information Memorandum dated 06.12.2023 and the Short Note dated 18.12.2025 on record in a sealed cover.

We have heard the submissions of Mr. Vivek Kohli, Ld. Senior Counsel, Mr. Chaddha Ld. Senior Counsel and Mr. P. Nagesh Ld. Senior Counsel for the parties. It is not disputed by the parties that the RP has received five plans, which have been placed before the CoC for consideration, and the Applicant is also one of the PRA. It is submitted that the CoC is not in a position to take a decision on the said plans because of the order dated 17.01.2024 passed in IA 203 of 2024. Having regard to the facts that the CIRP Process has to proceed without any further delay, we direct the CoC to consider all the pending plans which have been placed before it by the RP and take a decision. Any party aggrieved to the decision of CoC will be at liberty to approach the appropriate forum. In view of the order pass today, the order dated 17.01.2024 passed in I.A. No. 203/2024 stands modified to the extent indicated herein. The RP shall file a status report before the next date of hearing.

List the matter on 29.05.2026."

3. Learned counsel for the appellant submitted that he has filed an I.A.

No.2153/2026 which is pending and need to be considered.

4. Learned Sr. counsel Mr. Amit Singh Chaddha submitted that I.A. is filed

only on 15.05.2026 when the matter was adjourned on the request of the

appellant on 08.05.2026.

5. We do not find any good ground to interfere with the order impugned in

this appeal. However, is shall always be open for the parties to press decision

on any pending applications before the adjudicating authority including I.A.

No. 2153/2026.

Comp. App. (AT) (Ins.) No. 942 of 2026 3 of 4 Subject to above, appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) himanshu/md

Comp. App. (AT) (Ins.) No. 942 of 2026 4 of 4