2025 (9) TMI 1163

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....amak Sharma, Mr. Brijesh Sharma & Mr. Utkarsh Joshi, Advocates. ORDER [Per : Justice Rakesh Kumar Jain (Oral)] This order shall dispose of three appeals bearing Company Appeal (AT) (Ins.) No. 1649 of 2024, Company Appeal (AT) (Ins.) No. 1652 of 2024 & Company Appeal (AT) (Ins.) No. 1653 of 2024 as the issue involved in all three appeals is common. However, for the sake of convenience, the facts are being extracted from Company Appeal (AT) (Ins.) No. 1649 of 2024. 2. In brief, the Canara Bank (in short 'Bank') advanced to M/s Barmendra Agrotech Pvt. Ltd. a loan secured by the Respondents through their personal guarantees. 3. The Bank filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 ('Code') agains....

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....impermissible for this Court .to allow for the adjudicatory intervention of the adjudicating authority in adjudicating what is described as a jurisdictional question at the stage of Section 97(5). 73. Section 100(1) stipulates that the adjudicating authority must issue an order within fourteen days of receiving the report, either admitting or rejecting the application file under Sections 94 or 95, depending on the circumstances. Importantly, the adjudicating authority does not mechanically accept or reject applications based solely on the resolution professional's report. Instead, it must actively engage in a fair process, affording the debtor a fair opportunity to present their case. The adjudicating authority arrives at its d....

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....nvolved at the stages envisaged in Sections 95 to Section 99 of the IBC; (ii) The resolution professional appointed under Section 97 serves a facilitative role of collating all the facts relevant to the examination of the application for the commencement of the insolvency resolution process which has been preferred under Section 94 or Section 95. The report to be submitted to the adjudicatory authority is recommendatory in nature on whether to accept or reject the application; (iii) The submission that a hearing should be conducted by the adjudicatory authority for the purpose of determining 'jurisdictional facts' at the stage when it appoints a resolution professional under Section 97(5) of the IBC is rejected. No....

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....s of Section 95 to Section 100 of the IBC are not unconstitutional as they do not violate Article 14 and Article 21 of the Constitution. 8. On the other hand, Counsel for the Personal Guarantor has vehemently argued that there is no error in the Impugned Order because if the application by itself is beyond the period of limitation, then the Tribunal could have dismissed the same even on the first date of hearing. 9. We have heard Counsel for the Parties and after examining the record, are of the considered opinion that there is an error committed by the Learned Tribunal in dismissing the applications, in all the three cases, filed by the Bank on the first the date of hearing, on the ground of limitation because it has been concluded b....