Appeal Dismissed Due to Supreme Court Orders

The appeal against the order admitting the Section 7 application was rendered infructuous by subsequent orders of the Supreme Court. The Tribunal dismissed the appeal as it had lost its relevance and purpose in light of the Supreme Court's decisions, directing the expeditious disposal of the application seeking withdrawal of the appeal within six weeks.

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Issues:
1. Appeal against order admitting Section 7 application by Adjudicating Authority.
2. Challenge to orders passed by the Tribunal in the present appeal.
3. Infructuous nature of the appeal in light of Supreme Court orders.

Issue 1:
The appeal was filed against the order dated 24.01.2019 passed by the Adjudicating Authority admitting the Section 7 application filed by the Financial Creditor, an allottee. The Tribunal entertained the appeal and passed interim orders on various dates. Subsequently, the Hon'ble Supreme Court set aside the insolvency proceeding filed by the Respondent No.2, rendering the appeal infructuous. The Respondent No.2 then filed another appeal challenging subsequent orders passed by the Tribunal.

Issue 2:
After a series of interim orders and appeals, the Hon'ble Supreme Court disposed of the matter on 15.09.2022, noting that the Company Appeal pending in the Tribunal had become infructuous in light of previous orders. The Supreme Court directed the Tribunal to dispose of the application seeking withdrawal of the appeal expeditiously within six weeks. The Tribunal, after considering the submissions and Supreme Court orders, concluded that the appeal had indeed become infructuous as the order initiating the CIRP had been set aside by the Supreme Court.

Issue 3:
The learned counsel for the Appellant submitted that the appeal had become infructuous following the Supreme Court's order in a related appeal. Both parties agreed that the present appeal had lost its purpose due to the Supreme Court's decision. The Tribunal, after reviewing the orders passed by the Supreme Court, concurred that the appeal had indeed become infructuous and subsequently dismissed the Company Appeal (AT) (Ins.) No. 107 of 2019.

In conclusion, the appeal against the order admitting the Section 7 application was rendered infructuous by subsequent orders of the Hon'ble Supreme Court. The Tribunal, after careful consideration, dismissed the appeal as it had lost its relevance and purpose in light of the Supreme Court's decisions.

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