2023 (6) TMI 418

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....dv. Mr. Pavan Godiawala, Adv. Mr. Sriram Parakkat, Adv. Ms. Athira G. Nair, Adv. Mr. Adithya Santosh, Adv. For the Respondent : Mr. Vivek Jain, AOR Ms. Suchitra Kumbhat, Adv. Mr. Abhinav Jain, Adv. Ms. Honey Kumbhat, Adv. Mr. Rajat Jain, Adv. Mr. Navin G. Pahwa, Sr. Adv. Mr. Mohit D. Ram, AOR Mr. Ravi Pahwa, Adv. Ms. Monisha Handa, Adv. Mr. Rajul Shrivastav, Adv. Mr. Anubhav Sharma, Adv. ORDER....

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....Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short "IBC") against the appellant in the main appeal. The NCLT (National Company Law Tribunal) dismissed the application. But NCLAT (National Company Law Appellate Tribunal) allowed the application, forcing the corporate debtor to come up with the above main appeal being C.A. No.5170/2022. In the above appeal, C.A. No.5170/2022, this Cour....

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....order passed by NCLAT on the application of the proposed intervenor under Section 7 IBC attained finality. But in the meantime, the other proceedings initiated by the respondent in the above Civil Appeal reached this Court and an interim stay was granted. On account of the stay so granted, the NCLT has now passed an order dated 12.01.2023 in the intervenor's own application under Section 7 IBC. I....

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....ere cannot be two CIRPs simultaneously going on against the same debtor. The said contention is legally well-founded. But today, both CIRPs are on hold. This is despite the fact that the order passed in favour of the proposed intervenor in his own application under Section 7 IBC, by the NCLAT has attained finality and there is no impediment for the CIPR initiated by the proposed intervenor to proc....