TaxTMI 
TaxTMI 
2025 (2) TMI 1220
X X X X Extracts X X X X
X X X X Extracts X X X X
....Ms. Raveena Rai,, Ms. Niharika Sharma Advocates for R3, Ms. Bhavya Mohan, Ms. Ann Pereira &, Ms. Anjali Kutiyal, Advocates for R4. ORDER (HYBRID MODE) PER: JUSTICE RAKESH KUMAR JAIN: (ORAL) This appeal is directed against the order dated 29.01.2025 by which the National Company Law Tribunal, Bengaluru Bench (in short 'Tribunal') has allowed two applications. The first application bearing I.A No. 660 of 2024, filed by Aditya Birla Finance Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 and 32 of the NCLT Rules, 2016 with the following prayers:- "a) set aside the decision made by the Respondent in respect of the Applicant's classification as an Operational Creditor; b) direct Respondent to exclude the Applicant from Annexure S List of Operational Creditors dated 30th August 2024 and to consider the Company Appeal (AT) (CH) (Ins.) No.58/2025 Page 3 of 12 Applicant's claim as a 'financial debt' within the meaning of Section 5(8) of the Insolvency and Bankruptcy Code, 2016; c) direct the Respondent to appropriately reconstitute the Committee of Creditors with the Applicant classified as a Financial Credit....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... b. Pass an order direction directing the Respondent No. 1 to furnish the bank guarantee or pay an amount of Rs. 3,26,73,863 towards CIRP costs, under Regulation 30A(2)(a) of the CIRP Regulations. c. Grant such other and further reliefs as the Hon'ble Tribunal may consider just and necessary in the interest of justice" It has not passed any decision in the application I.A No. 837 of 2024, even though it has passed orders in the other two applications. 4. It is submitted that the application bearing I.A No. 660 of 2024, 820 of 2024 and 837 of 2024 were heard on the same day i.e. on 08.01.2025 and the orders in all the applications were reserved but the impugned order has been passed only in I.A No. 660 of 2024 and I.A No. 820 of 2024. 5. It is submitted that in terms of the impugned order passed by the Tribunal, the CoC constituted by the RP on 21.08.2024 has been restored and the IRP has called the first meeting of the CoC on 08.02.2024. 6. The case of the Appellant is that if any step is taken towards the CIRP including reconstitution of the CoC, in terms of the impugned order, then it shall be prejudicial to the interest of the Appellant because had the a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ide, the BCCI approached the IRP on 16.08.2024 for filing the application under Section 12A of the Code before the Tribunal. In the said application, it was mentioned by the BCCI that :- BCCI is mindful and respectful of the Hon'ble Supreme Court's order dated August 14, 2024 granting a stay on the NCLAT Order. BCCI does not wish to and / or intend to precipitate any action while the matter is sub-judice before the Hon'ble Supreme Court. For the sake of good order, please note that BCCI is enclosing the withdrawal application in Form FA only to ensure compliance with the terms of the Settlement Offer. You may be well advised not to fand certainly we do not advise you to) precipitate or pursue any action while the matter is sub- judice before the Hon'ble Supreme Court. We may reiterate that the withdrawal application is only being filed by BCCI with you in terms of the Settlement Offer, and should be placed before the Hon'ble NCLT and pressed for orders only and if the abovementioned pending appeal is dismissed by the Hon'ble Supreme Court. 11. The IRP, on the basis of claim submitted by the Financial Creditors, constituted the CoC on 21.08.2024 i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ency proceedings. 88. The amount of Rs 158 crore, along with accrued interest, if any, which has been maintained in a separate escrow account pursuant to the Order of this Court dated 14 August 2024, is to be deposited with the CoC. The CoC is directed to maintain this amount in an escrow account until further developments and to abide by the further directions of the NCLT. 89. The civil appeal and special leave petition shall stand disposed of accordingly. 90. Pending applications, if any, stand disposed of." 15. Since, the proceeding in I.A No. 819 of 2024 and I.A No. 820 of 2024 was not making any head way, therefore, GLAS Trust Company LLC, who had filed the said application, filed a writ petition before the Hon'ble Karnataka High Court bearing Writ Petition No. 28827 of 2024 for the issuance of a writ of mandamus directing the Tribunal to adjudicate upon its interim application within two weeks. The said writ petition was disposed of on 30.10.2024 with the direction to the Tribunal to dispose of the applications pending before it. Thereafter, the Tribunal heard the applications bearing I.A No. 660 of 2024, 820 of 2024 and 837 of 2024 on 08.01.2025....