In the matter of Alok Parasrampuria,

IA(IBC) No. 265/JPR/2025 CP N o. (IB)-59/94/JPR/2024 (U nder Sectio n94 of the Insolvency a n d Bankru ptc y Co de, 20 1 6 Re ad wi thRule 6 ofth e Insolvency an dBankruptcy (Application to Adju dicating Authorityfor In s ol vency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 )

IN THE МАТТER OF: ALOK PARASRAMPURIА ...Applicant/Debtor VERSUS ASSET RECONSTRUCTION COMPANY (INDIA)LTD. & ORS. ...Respondent/ Creditor

AND I N THE MATTER OF: IA (IBC) No. 265/JPR/2025 МЕМО OF PARTIES

MR. YO GENDER PAL SINGHAL, (ResolutionPr ofessional), C-47, Mil ansarApartments, Plo tNo. 2, Pr ashantVihar, Sector-14, Rohini, Delhi-110085 ...Applicant / Resolution Professional FORTHE APPLICANT Pur ti Gupta,Adv. George, Adv. Henna Yo gende r Pa l S inghal, RP FORTHE RESPONDENT : Usha Singh,Adv. (ASREC) Sdr IA(IBC) No. 265/JPR/2025 Sdr CP No. (IB)-59/94/JPR/2024

OrderPronounced On: 26.09.2025 ORD ER

Per: Ms. Kavita Bhatn agar (Tec hnicalMember)

1. Th e Applicant, namely Mr. Alo k Parasrampuria ('Applicant') through the Re solution P rofessional Mr. Yogender Pa l Sing hal ha s filed th eApplication bearing CP No. (IB)-59/94/JPR/2024, under Section94 r/ wSections 96, 97,

99 an d 10 0 of the Insolvency an d Bankruptcy Code 2016 (th e 'IBC' / 'Code') r/ w Rule 6(1 ) of th e Insolvency an d Bankrup tcy (Application to Adjudicating Au thority fo r Insolvency Resolut ion Process fo r Personal Guarantors to Corporate Debtor) Rules, 2019 ('Rules') seekinginitiation of Insolv ency Res olutionProcess ( 'IRP') againstthe Applicant/Debtor wh o is th e Personal Guarantorofth eCorporate Debtor, namely M/s Parasrampuria SyntheticsLimited.

2. On presentation of the Applica tion by the Ap plicant, thi s A uthority vide Order dated 04.07.2025 ha d appointed Mr. Yogender Pa l Singhal, bearing Registration No. IBBI/IPA-001/IP-Р00492/2017-18/10880 as the ResolutionProfessional,to fil e areport under Section99 of IBC, 2016which ha s been filed by hi m through IA(IBC)No.265/JPR/2025.

3. Th e InstantApplica tionbearing IA(IBC)No.265/JPR/2025 ha s be enfil ed by th e Resoluti on Professional ('RP') un der Section 99(1) read with Section 99 (7) of th eIBCrec ommendingth e admissionof the application fil edby the Creditor under Section 94 of the Code seeking commencement of IA(IBC)No. 265/JPR/2025 Sdr CP No. (IB)- 59/94/JPR/2024

Insolvency Resolution Process against the Debtor/Personal Guarantor, namely, Mr. Alok Parasrampu ria. The grounds for admission of the Application in the Report ar e as follows: - 3.1. It is sta tedth at Mr .Al okParasramp uria wa s on e o f th ePromotersand Guarantors ofth e M/sP arasrampuriaSynthetics Limite d(th ecorporate debtor), which was involv ed in manu facturing and supplying yarn to gl obal custo mers. Th e com pany required a te rm lo an an d working cap ital fo r its o perations an d approached a consortium of lenders, in cluding th e Industrial Development Bank of India (IDBI), Punjab National Bank (PNB), State Bank of Bika ner & Jaipur (SBBJ), State Bank of Patiala (SBP), and others (referred to as the "ARCIL Consort iuт"). 3.2. The Personal Guarantor had execu ted Guar antee Deeds with Banks fr omti me to ti me for availingth efinancial facilities for Parasrampuria SyntheticsLtd. under: as - Sr. Date of Name of Bank Pa ge No. of Am ount of No. Guarantee petition for Guaranteе Deed showing (Amt. in continuing Crores) guarantee 1 06.02.1991 IndustrialDevelopmentBankofIndia 30 6.00 2 15.04.1994 -Do- 36 4.71 3 23.03.1995 -Do- 45 50.00 4 25.01.1993 Industrial Credit and Investment 53 9.89 Corporation ofIndia 5 24.01.1995 -Do- 64 15.50 6 24.04.1995 -Do- 73 9.95 7 15.06.1995 -Do- 82 42.37 8 13.12.1995 -Do- 102 5.00 S IA(IBC) No. 265/JPR/2025 Slr CP No. (IB)- 59/94/JPR/2024

9 29.10.1995 SCIC 91 10.00 10 31.05.1995 PNB 110 1.10 11 21.11.1989 SBBJ 119 1.10 12 02.04.1991 SBBJ 127 1.08 13 17.081995 Sta teBankofPatiala 132 15.00 14 27.07.1989 Ca naraBank 140 7.00 15 23.09.1991 Ca naraBank 148 25.00 16 30.10.1995 Ca nara Bank 155 75.00 17 14.07.1995 CanaraBank, L eadBa nk(consortium 162 178.01 of Canara B ank, PNB, SBI, ВоB, SBBJ, UTIB ank, State Bank of Patiala an dStateBankofTravencore) 18 23.09.1995 Th e Bank ofNova Scotia 194 30.00 19 IFCILt d(TL) NA

3. 3. Th e Personal Gu arantor Mr. AlokParasra mpuria, executed a de ed of guarant ee on 14. 07.1995 in favor o f the consortium of bank s to secure the working capital facility of Rs. 178,01,00,000/- (Rupees One Hun dred Seventy-Eight Core an d On La c Only) for Parasrampuria Synthetics Ltd. 3.4. Du e to th e Corpo rate Debtor's an d guaran tors'failure to repay th e loan amounts, th e assignee’s ARCI L and Pegasus Assets Reconstruction Pvt. Ltd. issued a recall demand notice on 27.11 .1997 for Rs.

27 ,93,86,52 8.41. Th e mat ter wa s fil ed in OA No. 36/1999 wi th the Hon'ble DRT-I I, an d a recovery certificate was issued on 10.10.2022, demanding payment ofRs. 10,39,43,778.04, along with interest at 11% pe rannum.

3. 5. In OA No. 571/1997 Canara Bank fil ed for recovery, an d th e DRT issued a decree for Rs. 24,22,65,902. In OA No. 114/1998, another S IA(IBC) No. 265/JPR/2025 salr CP No. (IB)-59/94/JPR/2024 decre e fo r Rs. 33,50,17,364.64 was i ssued. These debts were assigned to ARCIL on 28.03.2014. Th e Hon'ble NCLT New De lhi Bench admitted the insolvency petition on 17.05.2018, initiating the Cor porate Insolvency Resolution Process (CIRP) for Parasrampuria Sy nthetics Lt d. Th e resolution pla n was rejected by the Committee of Creditors (CoC) on 21.01.2019.Liquidationproceedings were ordered on 15.02.2019 underSection 33(2)of th e IBС. 3.6. AR CIL submitted DRT orders dated 22.06.2010 in OA No. 571/1999 and 114/1998 to th e Hon'ble Adjudicating Authority. Mr. Alok Parasrampu ria issued continuous bank guarantees in favor of various banks, as outlined in Annexure-5 ofth e main applicati on under Section

94 ofth eIBC. Th e cause of action arose againstth eApplicant uponthe issuance of th e recoverycertificate by DRT on 22.06.2017. This cause of action con tinues du e to the non-payment of debts owed to ARCIL an d other financial creditors.

3.7. In view ofth e above, th e RP states tha t "Ihaveperused/examinedthe Insolvency Applicationfiled byth e Personal Guarantor under Section 94 ofCode alongwithall the underlying documents an da nnexures and ha ve formed th e opinion to recommend th e same fo r approval to this Hon'ble AdjudicatingAuthority".

Sor Sa IA(IBC)No. 265/JPR/2025 In CP No. (IB)-59/94/JPR/2024

Reply-cum-objections filed by ASREC (India) Limited

4. The reply-cum-obj ections is being filed vide diary No. 262/2025 dated 03 .02.2025 by ASREC (India) Limited ("ASREC"/ "Respondent" and submittedth e following:

4.1. The Responde nt is a FinancialInstitutionas definedunderSub-Section (h ) of th e Section 2 of th e Recovery o f Debts Du e to B anks and Financial In stitutions Act 1993. The operations of th e ASREC are subject toReserve BankofIndia's guidelines an d regulations. 4.2. The personal guarantor, along with other guarantors, executed a Guarantee Deed on 14.07.1995, giving an i rrevocable, unconditional, joint, an d several guarantees fo rsecuringrepayment ofcreditfacilities an dinterest.

4.3. Th e Consorti um of banks filed an Original Application, OA No. 60/20 06 fo r rec overy of th e debts which became du e an d payable by th e CorporateDebtor/ Guarantorsan d Personal G uarantor fo r recovery of Rs. 4 4,71,70,254/- with simple int erest @ 20.75% pe r annum. The said Original Application was allowe d vide Final Order dated 07.08.2013 th ereby pass ing a decree ofrecove ry against th e Corporate Debtor a n d recovery certificate was issued pursuant thereto. Th e debt of th e Corporate Debtor ha s beenassigned to th e ASREC by Assignor vide Assignment Agreement dated 27.06.2014. Th e ASREC ha s been Sa- IA(IBC) No. 265/JPR/2025 CP No. (IB)-59/94/JPR/2024 pursuing its Recovery Certificate No. 278 of 2013 which is pending adjudication before th e Ld. Recovery Officer, Debts Recovery Tribunal.

4.4. It is alleged tha t Gua rantors (including Pers onal Guarantor) have si phoned of fall th e am ounts fr om th e Bank accounts an d immovable pro perties to fa mily membersof th e guarant ors or the sister concerns. Despite th e specific direct ions from the Hon'ble DRT-II vide dated 30 .04.2009 i n O A No. 60/2006 to La nd Acquisi tion Officer no t to release th e amount in respect ofth e mortgaged property being Silvasa village Talavali in Union Territory of Dadra and Nagar Haveli. It is al leged th at despite th e sai d order, th e Land Acqui sition Officer has rel eased the compensa tion amount to th e tune of Rs. 11,77,51,779/- (Rupees Eleven Crore Seventy-Seven Lakhs F ifty-One Thousand Se ven Hund red andSeventy-Nine Only) to th e Personal Guarantors. 4.5. Fu rther, direction vide a n order dated 30.04.2009 passed by the Hon'b le DRT to th e Collector, Land Acqu isition Officer no t to release th e amount in respect of th e sub ject propert y, th e Land Acquisition Dep artment went ahead with releasi ng of amount, which was again siphoned of f b y th e Corporate Debtor an d Personal Guarantors.

Wi thout an y intimati on to th e ASRECan d de spite havingorde rof the Hon'ble DRT, th e Personal Guarantor ha s siphoned of fth e amount in th e account ofth e other company namely, VI P Finvest Consultancy So IA(IBC) No. 265/JPR/2025 39 CP No. (IB)- ১9/94/JFN/4024

Pv t.Ltd .However, fo r th e same an IA No. 483 2/2022 w as fil ed in RC

Proceedings before Ld .RO, DRT to issue Garnishee Notice to VIP Fi nvestConsultancyPv t. Lt d. an d attachth e amountreceived fr om the defenda nts since year 20 14-2015. 4.6. Th e recovery of the decretal amount is pending in RC Proceedings sin ce 2013. The Personal Guarantor's ar e no t appe aring before the Tribunal an d it is alleged th at th e co nduct of th e Personal Guarantor ha s always been absconding an d malicious, which clearly shows that th e present application for i nsolvency ha s al so be en fil ed wi th a view to evade and deter th e recovery proceedings pending before the Hon'ble DRT-I, Delhi. 4.7. It is subm itted th a t Ld. DRT took cognizance of th e malafide conduct ofth ePersonal Guarantor an dissued noticeinIA No. 4832/2022 to the LAO and Personal Guarantors vide order dated 13.10.2022.

Furthermore, vide order dated 05.06.2023, Ld. RO-DRT ha d directed th e CD / P ersonal Guarant or to disclose t h e details of compensation receivedpurs uantto th e acquisiti on of th eaforesaidproperty.However, til l date no response ha s been received either from LAO or from CD/ Persona l Guarantor.

4. 8. Th e Assignee of Le ad Ba nk of Consort ium-ARCIL ha d al so fil ed an insolvency application bearing No. СР (ІВ) -155 of2018 under Section 7 of th e IBC, 2016 seeking initiation of corporate insolvency process Sar IA(IBC) No. 265/JPR/2025 CP No. (IB)-59/94/JPR/2024 S againstth e Co rporate D ebtor i.e. Parasrampuria Synthetics Lt d. (PSL) before thi s Hon'ble Tribunal. Pursuant to the conclusion of th e CIRP pe riodthe, Ld .NCLTvide its order dated 15.02.2019 passed directions fo r liquidation of the Corporate Debtor an d appointed Sh. Rajesh Jhunjhunwala as th e Liquidator. 4.9. It is further submitted tha t th e CD / Personal Guarantor ar e al so going through recovery proceedings pursued by other consortium Banks, mainly TR C No. 31/2020 where the y are deliberately no t complying with th e directions issued by Ld. DRT from time to time. It is further submitted that the CDs on each an d every occasion have misled DRT by making fal se sta tements wi th th e sol e & ulter ior motive of causing obstr uction in th e rec overy of th e dues of th e ASREC. Th e CD s have no respect fo r th e directions issu ed by th e Ld. DRT, whichis evident from th e fa ct tha t despite passing directions to CD / Personal Gu arantors vide order dated 12.02.2018 in above RC fo r making the pa yment of Rs. 15 crore s, till date aforementioned order ha s no t been complied withby th e Personal Guarantors. 4.10.It is al so submitted th at th e matrix tha t evolves from th e order sheets is th at th e CD s ev en aft er bei ng giv en opport unity af ter opportunity over a decade chose no t to comply with th e directions issued by Ld. DRT.

Th e fa ct th at emerges fr om th e or der sh eets is th at th e CD s / Personal Guarantor harboured under th e impression that direction of Ld. Salr IA(IBC) No. 265/JPR/2025 So СР No. (ІB)- э9/94/JPK/2024

Tr ibunal, A Court of Law, ca n be ignored an d the non-compliance thereto wi ll no t cause an y harm to them. Th e P ersonal Guarantor till da te failed to provide a dequate information regarding hi s residential addresses situatedin different states.

4.11.The Insolvency Petition ha s been filed by th e Personal Guarantor just to escape from hi s liability to pa y th e sum of Rs. 2,11,42,62,243.44/-| outstanding 20.12.2024 t ogether with pendente lit e an d future as on interest pe r annum which a re legitimate dues ofASREC. 4.12.It is submitted that the Personal Guarantor ha s floated th e process of insolvency under Section 94 ofth e IBC before this Hon'ble Tribunal with so le motive tocircumventth eliabilitydu e to the Respondent. Itis no t disputed tha t RC stands issued i n 2013 against the Personal Guarant or, much pri orto the fil ing ofcaptione d petition in ye ar 2024. 4.13.The Personal Guarantor is dispu ting his liability before Ld. DRT, th ereby creating hurdles in t h e recovery proceedings initiated by the ASREC. Moreover, the Personal Guaranto r does no t su ffer from ina bility to pa y of th e debts. Th e Personal Guarantor ha s siphoned his pr operties an dfunds to h is near an d de ar ones,which should lea dto the ForensicAudit of his dealings withhis relatives.

Slr Sar IA(IBC) No. 265/JPR/2025 In CP No. (IB)-59/94/JPR/2024

Rejoind er to the Reply-cum-Objections

5. Rej oinder is b eing fil e d vi de dia ry No. 135/2025 dated 16.01.2025 by the Applicant/Personal Guarantoran d submitted thef ollowing: 5.1. It is further stated tha t th e R espondent ASR EC (Indi a) Ltd. has allege dly acknowledged th e posit ion tha t th e Personal Guarantor viz. th e petitioner herein along with Corporate Debtor an d guarantors were jointly an d severally to pa y the outstanding amo unt along wi th interest an d charges to th e lenders and th at th e Original Application No. 60/2006 was allowedby th e Debt Recovery Tribunal. 5.2. Th e Applic ant stated tha t if the Respondent itsel f concededth at the Personal Guarantorha s defaulted in making an y payment of its alleged du es a n d th us thi s is a clear-cutca se of de btan d default underth e Code, th e petition under Sec tion 94is in effec t in accordance an d consonance with th e principles enshrined in the Insolvency& Bankruptcy Code. 5.3. It is stated th at whe n th e amoun t is du e a n d payable an d there is a admitteddebt an ddefault an d continuing liability to th e stand taken by the Respondent itselfan d is ha s been further acknowledged in the reply by th e Respondent th at th e original application fil ed by the predecessors i.e. Ba nks of Respondent was allowed vide final order da ted 07.08.2013 whereb y a decreeof recovery ha s be enissued against th e guarantor vi z.th e petitioner herein, it is absolutely inconceivable

S Sel IA(IBC) No. 265/JPR/2025 CP No .(IB)-59/94/JPR/2024 fo rthe Respondent to simulta neously raise a contenti ontha t the petition ha s be en filed beforethi s Hon'ble Courtwith th e objective of evading th e pay ment ofdues ofth e creditors. 5.4. It i s submittedth at th eobjec tive of the Insol vency & Bankruptcy Code is the settlement of dues of all concerned through a ResolutionPlan or through Repayment Plan, which ca n be drawn post-admission of the matter under th e Code an d in th e event when a Resolution Pl an is not in a position t o be drawn, the bankruptcy proceedings ca n be initiated against th e Personal Guarantor. 5.5. It is s tated th atthe Applicationunder Section 94 b e admitted in terms of Section 10 0 of th e Code so th at a n option for submission of a Personal Insolvenc y Repayment Pl an ca n be worked ou t an d which may le ad to the satisfactionofthe dues.

Findings

6. We have heard the pa rties an d perused th e avermen ts made in the Application, Reply, Rejoinder, an d th e documents enclosed with the Application. 7. The moot question of law that arises f or our c onsideration after the objections raised by the Respondent is wh ether initiation of SARFAESI proceedings is sufficient to hold that Section 94 application has been Sar Sa IA(IBC) No. 265/JPR/2025 In CP No. (TB)-59/94/JPR/2024 re sorted by th e Applicant fo r putting a spanner in the recovery proceedings ini tiated b y the Respondent. 8. In th e present case, it may be useful at thi s stage to go through the chronological sequence of events, ri ght from initiation of the SARFAESI proceedings in th eyear 1999 to th e initiation of Section 94 petition in 2024. Up on examini ngth e materialplaced on record,it is undisputed fac tth at the Co rporate Debtor had failed to meet its repayment obligations. Sub sequently, the de bt assignees, A RCIL and Pegasus Assets Reconstruction Pvt. Ltd., issued recall demand notice 27.11.1997. a on 9. Co nsequently, du e to non-pay ment the Conso rtium of b a nks fil ed OA No. 36/1999 before th e Hon'ble DRT- II an d a R ecovery Certificate was issued vi de order date d 10.10.202 2. Simil arly, mu ltiple OA's we re filed by the Canara Bank bef ore the Hon'ble DRT -I name l y, OA No. 571/1997 an d OA No. 114/1998 wherein d ecree an d recovery certificate fo r Rs. 24,22,65,902 wasissued in OA No. 571/1997an dfor Rs.33,50,17,364.64 respectively has been issued in favour of Canera Bank.

10. Additionally,ARCIL initiated CIRP i.e. , CP (IB)-155 of2018underSection 7 ofth e Code, againstth e Corporate Debtor. During,th e CIRP proceedings the Resolution Pl an wa s submitted bu t th e Co C ha d rejected th e same by 88 .90% in value of th e voting power on 21.01.2019. Subsequently, following th e conclusion of the CIRP th e NCLT vide its order dated 15.02.2019 directed for liquidation ofth e Corporate Debtor. Sd IA(IBC)No. 265/JPR/2025 S CP No. (IB)-59/94/JPR/2024

11. Further, it is submitted th at in Original Application i.e. OA No. 60 /2006 fil ed by theConsortiumofban ks, wa s allowed vi de Orderdated 07.08.2013, thereby passing a decree of recovery against th e Applicant, an d a Recovery Certificate was issued pursuant thereto. For the sake of clarity, the aforementioned order dated 07.08.2013 is attached here: -

27 I 1. n the T r h e s e ult O A is allowed. T h e applicant sh all b e entitled to recoverthe s um of Rs. 44,71.70,254/-with sim pleinterest @20.75% p.a. from 11. 12.200 6 onwards until recovery with cost from D1 to D 4 jo intly and/o rseverally 2 The applicant shallb e entitled to recov er the debt by sale of th e mortg age d prope rties/on the basis of the charge it isholding alongwith other lenders 3 A Recovery Certificate shali be issued on the above terms 4. Defendants 1 to 4 are directed to appear before the Recovery Off icer on 10.10.2013. Ccoo mppylioaf n t c h e e, ,j r u e d co g r m d e b n e tb c e on s s e i n g t ne to d t t h o e th p e ar R ti e e c s oar sd R pe o r om ru. le an d af ter due Dated: 7.8.2013 (K.Asokan) PPrreessiiddiinnga OO ff ff i i c c e e r r DRT-I1. Delhi Ju dgment dated signed and pronounced in the open Court on 7.8 2013 CERTE TRUECOPY (К.AАsвookkaann) Presiding Officer DRT-II, Delhi 13 AUG 2013

EL

12. In view of above, it appears tha t th e Personal Guara ntor ha s been abl e to evade an d de lay accountabil ity du e to th e multiple ong oing legal proceedings pending before various Courts, Tribunals, an d Forums. This Sa IA(IBC)No. 265/JPR/2025 Sdr CP No .(IB)-59/94/JPR/2024 now brings us to th e filing of the Section 94 application in 2024 an d its timing.At thi sjuncture, fi li ng of th e Section 94 ap plication leaves n o room fo r do ubtin ou r mi ndth atthe p roceedin gsun der Se ction94 of Co de wa snot ini tiated wi th th e intent of genuine insolvency resolution bu t as a to ol to obstruct lawful recovery by th e Ban ks.A ba re perusal of th e sequence of applications before th e courts an d tribunals showstha t theApplicant's intent is to seek refuge under t he morator ium provision of Section 96 of th e IBC. 13. Further, w e have n o quarrel with the proposition ofla w lai d down in Getz Cables Pv t. Lt d. Vs. St ate Ba nkofIn dia an dAn r. th at the rig htun der Section

94 given to a personal guarantor/individual cannot be taken away only on th e g round th at SARFAESI proceedings ha ve be en initiated pr i or to filing of Section 94 application. B e tha t as it ma y, it is pertinent to notice tha t the sa id judgement ha s als o observed th at the Adjud icating Authority ha s to decide each case de pe nding on th e specifican d individual facts of eachcase. 14. Additionally, th e Hon'ble NCLAT in matter of“SyedSirajis Salikin Khadri vs Edelweiss Asset Reconstruction (CA) (AT ) (In ) No. 45 5 of 2025"stated that: - "1 3. When w e lo ok at th e impug ned order, w e f in d th at the Ad judicating A mu u l t t h i o p r l i e ty l a e t g a p l a r p a ro 5 ce t e h d e i r n e g o s f h a i n s it e i x at h e a d u st b i y v e t l h y e li A s p te p d e l o l u a t n t the be d f e o t r a e ils va o r f i o t u h s e Court s/T ribunals/Forums. This leav es n o do ubt in ou r min d that eachtime ph ysica l possession of th e sec ured residential premises wa s sou ght to be t aken by the RespondentNo .1 byfollow i ng th edu eprocess la iddownunder the SARFAESI Ac t, th e Appellant triedto circu mvent th epossession notice an dstall/defer these proceedings by initiating some legalproceeding or the So IA(IBC) No. 265/JPR/2025 CP No. (IB)- 59/94/JPR/2024 other.

Th is p attern of conduct of th e Appellant un derlines an entrenched pattern ofevasion ofrecoveryprocee ding on o ne pretext or the other." 15. Thus, it is a clear case where th e Applica nt o n one excuse or th e other has all al ong tri e d to de lay the SARFAESI recovery proceedings. W e fi nd that recovery proceeding under SARFAESI Ac t have been pend ing since 07.08.2013. The Applica nt has, multiple occasions, misused the on be nevolent indulgence extended by various adjudicatory forums in past attempts to resolve th e matter. 16. We notice that when the SARFAESI proceedin gs were on th e verge of comple tion an d all manoeuvres adopted by t h e Applicant to stall an d delay the recovery proceedings ha d come to na ught. Th e present Section 94 application fil ed befor e thisAdj udicatingAut horityis clearly anot hertactics on th e par t of th e App licant to sta ll th e recovery by taking advantage of moratorium. This clearly dem onstrates that the Applicant has been ceaselessly orchestrating on e liti gation proceeding afte r another,embroiling the Respondent in contin uous litigation, with a clear intention to subvert the rec overy proceedings initi ated against him, rather than with th e bona fide objective ofInsolvency Resolution.

17. In th e given facts and circumstances, we ar e no t inclined to Admit the Application filed under Section 94 of th e Code which is filed with an intent other than Resolution.

Sal S IA(IBC) No. 265/JPR/2025 In CP No .(IB)-59/94/JPR/2024

18. In view of the observations ma de above, CP No. 59/94/ JPR/2024 stands dismissed and accordingly, IA No.265/JPR/2025 stands disposedof.

Sdr REETAKOHLI, JUDICIAL MEMBER

Sar KAVITA BHATNAGAR, TECHNICAL MEMBER

IA(IBC) No. 265/JPR/2025 In CP No. (IB)-59/94/JPR/2024