Rajendra Singh vs Keeler Industries Limited And Anr
- CitationComp. App. (AT) (Ins) No. 1504 of 2025
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority, on an application under Section 12A of the Insolvency and Bankruptcy Code, 2016 for withdrawal of the corporate insolvency resolution process, is to decide that application in accordance with law and in conformity with the principles laid down by the Supreme Court in Glass Trust Company LLC v. Byju Raveendran & Ors. (2024 SCC OnLine SC 3032), the Tribunal having disposed of the appeal on that footing.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Rajendra Singh, (Suspended Director of LDR Developers Pvt. Ltd.) ...Appellant(s)
Versus Keeler Industries Ltd. & Anr. ...Respondent(s)
Present: For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr. SP Singh Chawla, Mr. Harpreet Singh Malhotra, Ms. Heena Kochar and Mr. Sahajpal Singh, Advocates.
For Respondents : Mr. Arun Kathpalia, Sr. Advocates with Mr. Thakur Ankit Singh, Mr. Anjit Dwivedi and Ms. Diksha Gupta, Advocates. ORDER
(Hybrid Mode)
08.10.2025 Ld. Counsel for the Appellant as well as Ld. Counsel for the
Respondent, Financial Creditor submits that issue between the parties have
been resolved and Financial Creditor has already been given Form FA to file
an application under Section 12(A) for withdrawal of the CIRP.
In this appeal order dated 26.09.2025 has been passed granting
following interim order:
Learned counsel for the Appellant submits that in pursuance of the impugned order publication has already been made. Last date for receiving claim is 01.10.2025 and thereafter a week's time is required for further steps.
Ld. Counsel for the Parties Financial Creditor submit that Financial
Creditor have given Form FA for filing an application for withdrawal of CIRP,
no issue in this need to be decided. In view of the aforesaid, we are of the view
that the appeal needs to be disposed of with the observation that the Adjudicating Authority shall proceed to heard application under Section 12(A)
and decide the same at an early date.
IRP appearing in person submits that in view of the earlier order passed
on 26.09.2025 the CoC have not been constituted, however, the claims have
been received. In view of the aforesaid we dispose of the appeal observing that
the Adjudicating Authority shall proceed to dispose application under Section
12(A) for withdrawal and no expeditiously. IRP to take further steps in
pursuance of the order passed by the Adjudicating Authority under Section
12(A), and no further steps by the IRP. Adjudicating Authority, however shall
proceed to decide the application in accordance with the law in accordance
with the Judgment of the Hon'ble Supreme Court in Glass Trust Company
LLC Vs. Byju Raveendran & Ors. 2024 SCC Online SC 3032.
The appeal is disposed of accordingly.
[Justice Ashok Bhushan] Chairperson
[Arun Baroka] Member (Technical) Abhishek/nn
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