Interim protection in insolvency appeals: notice issued, resolution professional restrained, and creditor meeting liberty granted pending review.

In three connected appeals, notice was issued after the Tribunal noted common challenges to the same order and sought replies, including from an impleaded respondent. Pending further hearing, the newly appointed resolution professional was restrained from taking further steps under the impugned order, reflecting interim protection while the appointment challenge remained under consideration. The authorised representative was granted liberty to convene the committee of creditors and, if a decision was taken on appointment of a new resolution professional, to place the matter before the Tribunal by application supported by affidavit. The appeals were kept pending for further consideration on notice and interim directions.

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Issues: (i) whether notice was to be issued in the three appeals arising from the common order; (ii) whether interim protection was warranted against the functioning of the newly appointed resolution professional; and (iii) whether the authorised representative was to be permitted to seek convening of the committee of creditors for consideration of appointment of a new resolution professional.

Issue (i): whether notice was to be issued in the three appeals arising from the common order.

Analysis: The appeals were directed against the same order and the rival contentions on locus and maintainability were noted for consideration. The respondents were directed to file replies and one additional respondent was impleaded in one of the appeals.

Conclusion: Notice was issued in all the appeals.

Issue (ii): whether interim protection was warranted against the functioning of the newly appointed resolution professional.

Analysis: The order records a challenge to the appointment of the new resolution professional and notes that the issue required consideration pending further hearing.

Conclusion: The newly appointed resolution professional was restrained from taking further steps in pursuance of the impugned order until further directions.

Issue (iii): whether the authorised representative was to be permitted to seek convening of the committee of creditors for consideration of appointment of a new resolution professional.

Analysis: Liberty was granted to the authorised representative to convene a meeting of the committee of creditors and place a decision regarding the new resolution professional before the Tribunal by way of an application supported by affidavit.

Conclusion: Permission was granted to move the required application after obtaining the committee of creditors' decision.

Final Conclusion: The matter was taken up only for notice and interim directions, with the appeals remaining pending for further consideration.

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