Invent Assets Securitisation & ... vs Vishnu Kant Kabra

In the matter of: Invent Assets Securitisation & Reconstruction Pvt. ....Appellant Ltd. Vs. Mr. Vishnu Kant Kabra ...Respondent (Resolution Professional of Bombay Infrastructure India Ltd.) For Appellant Mr. Abhijeet Sinha, Sr. Advocate with Ms. Smriti Churiwal, Mr. Jaiveer Kant, Mr. Hardik Khatri, Advocates. For Respondent Mr. Prakhar Tandon, Advocate for IRP

ORDER

(Hybrid Mode)

12.03.2024: This Appeal has been filed against the order dated 08.12.2023 passed in IA No.5001 of 2023. The Application was filed by the Appellant praying for various reliefs. Another application was filed by the IRP being IA No. 5427 of 2023 for his confirmation. The Adjudicating Authority took the view that in view of the reconstitution of the CoC, the Resolution to whether confirm IRP as RP or appointing new RP for conducting CIRP proceedings shall be taken before the newly reconstituted CoC. In view of the aforesaid, IA No.5427 of 2023 was dismissed as withdrawn.

2. The grievance of Counsel for the Appellant is that in IA No. 5001 of 2023, there were other prayers which were not considered. He submits that the case status shows that IA No.5001 of 2023 disposed of whereas order dated 08.12.2023 does not indicate that IA was disposed of.

3. We have considered the submissions of the Counsel for the Appellant and the Learned Counsel for the IRP and perused the record.

2 4. In the application IA No.5001 of 2023, several prayers have been made, which are as follows:-

"a. to allow the present Interlocutory Application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of National Company Law Tribunal Rules, 2016;

b. to declare that the CoC is invalidly constituted by the Respondent;

c. to call for claim forms of the other financial creditors and scrutinize the acts of Respondent in admitting their claims;

d. direct the Respondent to furnish a copy of other financial creditors' claim form and supporting documents thereof to the Applicant;

e. be pleased to declare that the CoC meeting dated 20.10.2023 is invalid and non-est in eyes of law;

f. quash/set aside the decisions taken & resolutions proposed to be passed/ passed by the CoC during its meeting dated 20.10.2023;

g. That this Hon'ble Tribunal be pleased to direct the Respondent not to call for any further CoC meetings without duly verifying the claim forms submitted by the Applicant;

h. That this Hon'ble Tribunal be pleased to direct the Respondent not to call for any further CoC meetings without removing the ineligible & wrongly admitted alleged financial creditors from the CoC;

i. That this Hon'ble Tribunal be pleased to stay the effect, implementation & operation of the resolutions proposed to be passed/ passed and decisions taken by the CoC during its meeting dated 20.10.2023.

j. Ex-parte ad-interim reliefs in terms of prayers (1), (g) &

(h);

k. ad-interim & interim reliefs in terms of prayers (b) to (3) and"

Company Appeal (AT) (Insolvency) No. 247 of 2024 3

5. In view of the fact that as far as the resolution on confirmation regarding IRP as RP was to be considered by the newly reconstituted CoC, we see no reason to interfere with the said order. However, we make it clear that the order dated 08.12.2023 cannot be held to be disposing of IA No.5001 of 2023 since other prayers have not been considered.

6. We have also heard Counsel for the IRP. In view of the fact that IA No. 5001 of 2023 is pending, Adjudicating Authority may proceed to consider the IA expeditiously. Appeal is disposed of accordingly.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical)

Anjali/nn

Company Appeal (AT) (Insolvency) No. 247 of 2024