2023 (7) TMI 1338

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....r. Nikhil Nayyar, Sr. Adv. with Mr. Milan Negi, Mr. Nikhil Kumar Jha, Advocates for R1/RP Mr. Lokesh Malik, Adv. for intervenor, Mr. Vaibhav Tyagi, Adv. for Intervenor, Mr. Prateek Gupta, Advocates for Intervenor, Mr. Siddhartha, Adv. ORDER PER: JUSTICE RAKESH KUMAR JAIN: (ORAL) This order shall dispose of two appeals bearing CA (AT) (Ins) No. 1022 of 2021 titled as Bank of India Vs. Naresh Seth (hereinafter referred as 'First Appeal') and CA (AT) (Ins) No. 1024 of 2021 titled as Bank of India Vs. Vinod Kumar P. Ambavat, Resolution Professional for Actif Corporation Ltd. (hereinafter referred as 'Second Appeal') as these appeals have been filed against the common impugned order dated 05.10.2021 passed by the Adjudicating Authority (Nati....

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....ication also the Respondent (Corporate Debtor) filed an additional affidavit admitting the amount for which the resolution was sought for, the application was admitted on 26.11.2019 and Vinod Kumar P. Ambavat was appointed as IRP. 4. The Appellant (Bank of India) had also filed an application under Section 7 of the Code against the Actif Corporation Ltd. before the Adjudicating Authority which was assigned as CP (IB) No. 368 of 2018 and was admitted on 26.11.2019. 5. The Appellant filed two applications i.e. I.A. No. 296 of 2020 in CP (IB) No. 266/NCLT/AHM/2019 and I.A. No. 522 of 2020 in CP (IB) No. 272/NCLT/AHM/2019 and made identical prayers, namely, "(a) This Tribunal may dissolve the wrongfully constituted CoC of the Corporate Debtor....

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....e issued. He prays for and is allowed two weeks' time to file Reply. Rejoinder may be filed within one week thereafter. In his reply the Resolution Professional shall also indicate the calculation of interest with regard to Unsecured Creditors and file the relevant documents alongwith the reply. List the Appeal on 10th January, 2022. Learned Counsel for the Appellant submits that Resolution Plan has been approved by the CoC, which is pending consideration before the Adjudicating Authority. In view of the aforesaid, we direct that till these Appeals are heard further proceeding with regard to Resolution Plan shall remain stayed." 8. The Interim order dated 14.12.2021 is still continuing. 9. Counsel for the Appellant has extensively r....