Subham Bhagat vs Sanjeev Kumar Jalan Resolution ...

Subham Bhagat A member of Suspended Board of ....Appellant Directors of Ankit Metal & Power Ltd.

Vs.

Sanjeev Kumar Jalan Resolution Professional of ...Respondents Ankit Metal & Power Ltd. & Ors.

For Appellant Mr. P. Nagesh, Sr. Advocate with Mr. Rohit Dutta, Advocate. For Respondents Mr. Ritoban Sarkar, Mr. Ankur Singhi, Ms. Piyali Pan, Mr. Ayush Gautam, Advocates for R1

Mr. Soorjya Ganguli, Ms. Pooja Chakrabarti, Mr. Mohit Dang, Advocates for R2 TO R5

Mr. Arun Kathpalia, Mr. Krishnendu Datta, Sr. Advocates with Mr. Shounak Mitra, Mr. Prateek Kumar, Ms. Raveena Rai, Mr. Siddhant Grover and Ms. Anvita Goel, Advocates for R-10

ORDER

(Hybrid Mode)

07.07.2026: I.A. No. 4522 of 2026 :- This Application is preferred by

the Appellant, who is a Suspended Director of the Corporate Debtor and

challenges an order rejecting a set of objection rise by the Appellant which

according to him highlights certain material irregularities in procedure in

approving the plan by the CoC. This application came to be dismissed by the

Adjudicating Authority on grounds which tantamount to approving the very

plan. The Appellant's Counsel submits that the application filed by the RP

Contd/-...........

2

seeking the approval of the Adjudicating Authority to the plan placed before

it is still pending consideration. It is in these circumstances on 30.06.2026,

this Tribunal passed the following order:-

"Ld. Counsel for Appellant submits that Application for

Plan approval in IA (I.B.C.) 223/KB/2026 is already

listed for consideration.

We make it clear that the Adjudicating Authority may

proceed to decide the Application for Plan approval in

accordance with law without being influenced by any

observation made in the impugned order."

2. Today, the Appellant has taken up the present IA No.4522 of 2026

seeking clarification of the said order. The Learned Counsel for the Appellant

would submit that the Appellant be permitted to participate in IA No.3

(Plan)/2026 which is pending consideration of the Adjudicating Authority

under Section 31 IBC.

3. We do not consider that the Appellant need be permitted to participate

in the proceeding in view of the order dated 30.06.2026. The Adjudicating

Authority is required to take a fresh view of the Resolution Plan unhindered

by its earlier observations made in the impugned order. If the Appellant is

aggrieved by any ultimate outcome of the order to be pronounced by the

Adjudicating Authority in IA No.3 (Plan)/ 2026 he has his remedy intact to

oppose the same at appropriate time in appropriate forum. IA No.4522 of

2026 is disposed of.

I.A. No. 4522 of 2026

IN Comp. App. (AT) (Insolvency) No. 1099 of 2026 3

4. List the Appeal on 31.07.2026.

[Justice N Seshasayee] Member (Judicial)

[Barun Mitra] Member (Technical) Anjali/md

I.A. No. 4522 of 2026 IN Comp. App. (AT) (Insolvency) No. 1099 of 2026