2025 (11) TMI 607

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....h Prabhakaran, Advocate for R1 Mr. Aditya Mukerjee, Advocate for R2 Mr. Abhijeet Sinha, Senior Advocate For Ms. Shweta Dubey, Ms. Kanishka Prasad and Mr. S. Karthik, Advocate for R3 JUDGMENT Per: Justice Sharad Kumar Sharma, Member (Judicial): This Company Appeal is accompanied with various Interlocutory Applications, before venturing to decide the Company Appeal itself on merits, a prior disposal of the Interlocutory Applications become inevitable. a) Company Appeal is accompanied with the Condone Delay application being IA No. 1426/2025, where the appellant has sought a condonation of 13 days of delay, that has chanced in preferring the Appeal. After having heard the Learned Counsel for the Appellant, on the Condon....

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....reto, would be considered at the stage of hearing of the Company Appeal. 2) Brief facts are, that the Appellant, in the instant Company Appeal impugned by the order dated 11.12.2024, that was passed by the Learned NCLT, Chennai in IA No. 805/2024, has it was preferred in CP(IB)/106/CHE/2021, wherein the Learned NCLT had disposed of the application filed by the Appellant, in terms of its directions that was passed, vide an order as rendered in IA No. 419/2024 on the same day i.e., 11.12.2024. 3) The proceedings are said to have arisen out of the corporate insolvency process of M/s. Bhadreshwar Vidyuyt Private Limited, that is a corporate debtor and the Appellant in these proceedings is the lead member of the consortium that, was listed....

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....wing manner: a) Allow the present Application; b) Pass appropriate order(s) / direction(s) for setting aside / invalidation of the 1st Challenge Process conducted on 07.12.2023 and 11.12.2023 and the 2nd Challenge Process conducted on 12.01.2024 by the Resolution Professional. And / or alternately, c) Pass appropriate order(s) / direction(s) that in case both Challenge Processes are deemed valid, a direction be passed by this Hon'ble Adjudicating Authority to vacate the stay on the Swiss Challenge / 3rd Challenge Process held on 12.02.2024, thereby allowing the applicant to participate without infringing upon their rights and ensuring the fulfilment of the objectives of the Code. 6) The case of the....

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....ased on the aforesaid contentions, the Learned Tribunal tookup IA No. 805/2024 and while observing the directions that were given there in IA (IBC)/419/CHE/2024, with regards to the effect of the third challenge process and the participation of the prospective resolution applicant in the third challenge process, it was observed that the relief sought to participate in the third challenge process as prayed in IA No. 805/2024. Since the applicant had not participated in the second challenge process, would be refrained to participate since the CoC in its commercial wisdom and based on the RFRA had sought the third challenge process and thus observed that, since the relief prayed for, in IA No. 805/2024 is similar to that of IA(IBC)/419/2024. T....