2025 (11) TMI 1804

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Vaijayant Paliwal, Mr. Nikhil Mathur, Mr. Aditya Marwah, Ms. Kirti Gupta, Ms. Rashi Sharma, Advocates for R-2. ORDER I.A. No. 5964 of 2025:- This is an application praying for condonation of delay of 10 days. The grounds taken in the application is that matter involves extensive documentation pertaining to the Corporate Insolvency Resolution Process ("CIRP") of the Corporate Debtor. The time was taken in compilation, collation, verification, and systematic arrangement of such voluminous documents. Sh. Abhishek Anand, Advocate appears on behalf of the Respondent. We find sufficient cause for condonation of delay. Delay condoned. Company Appeal (AT) (Ins) No. 1523 of 2025:- Heard Ld. Counsel for the appellant and Sh. Abhishek A....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of Creditors for sale of investment of Corporate Debtor in Jaiprakash Power Ventures Limited and Jaypee Fertilizers & Industries Limited and/ or Kanpur Fertilizers & Chemicals Limited being in contravention to the provisions of the Code and Regulations made thereunder; V. Consequentially, issue appropriate directions to the Respondents to follow the mandate of Regulation 28 & 29 of the CIRP Regulations as required; VI. Pass any other order(s) as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case." 2. In the application the parties were heard and by impugned order the Adjudicating Authority has disposed of the application. In Paragraph 88, 89 of the application directions have b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the requirement of Regulation 29 of CIRP Regulations, 2016. c. As regards to the assets of JFIL is concerned, the asset being unencumbered, the process can be continued/completed for the purpose of sale only by inviting Expression of Interest as per Regulation 29 of CIRP Regulations, 2016. However, the procedure for price discovery alone is not permitted as being not contemplated under Regulation 29 of CIRP Regulations, 2016. 89. In light of the above, I.A No. 233 of 2025 is disposed off as per the aforesaid terms." 3. Aggrieved by the order this appeal has been filed. Ld. Counsel for the appellant has submitted that the minutes of 11th CoC meeting by which the decision was taken by the appellant was only for purposes ....