TaxTMI 
TaxTMI 
2025 (12) TMI 37
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....assed by this Hon'ble Tribunal restraining the Corporate Debtor from negotiating and/or arriving at any settlement/compromise/agreement in relation to the said Property and/or the Share Capital of the Corporate Debtor which is in any manner contrary to or in breach of the Orders dated March 14, 2005 and April 25, 2007 of Hon'ble High Court and/or which would affect the Applicant's 50% shareholding and directorship in the Corporate Debtor and the Applicant's rights and interest in the said Property and the superstructures thereon;" The appeal has been filed challenging the said order. We have heard Ld. Sr. Counsel Mr. Krishnan Venugopal appearing for Appellant and Mr. Abhishek Anand appearing for the Respondent. Ld. Counsel for the Appellant submitted that even if the prayer-G was not allowed by the Adjudicating Authority the suit which is pending between the parties in the Hon'ble Bombay High Court and the various orders passed by the Bombay High Court they are required to be included in the information memorandum. Hence, the appropriate direction needs to be issued. Mr. Abhishek Anand appearing for the Respondent referring to earlier order dated 15.07.2024, submits that e....
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.... pendency of the suit shall be subject to the result of the suit and the person in whose favour the encumbrance is created would be informed about it in writing; (iii) Any development that may be carried out on the land shall be subject to the result of the suit; (iv) Defendant No. 5 shall always retain 50% of the authorised share capital of Defendant No.5 with itself during the pendency of the suit. (v) Notice of Motion disposed of 3. Shri Gaurav Mitra, Ld. Counsel for the IRP submits that he has filed the Reply to the IA he has referred to paragraph- 11 and 13 in which paragraphs IRP has made all the pleadings. 11. That it is submitted that irrespective of the prayers sought by the Applicant, the IRP/RP is bound to provide the requisite information details of all material litigation and an ongoing investigation or proceeding initiated by Government and statutory authorities in the IM. It is submitted that information memorandum thus contains all the relevant information including the material pending litigation. Accordingly, prayer 'b' is infructuous. 13. That the suit bearing no. 3121 of 2004 is pending before the Hon'ble Hig....
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....'Letter") issued on behalf of your client, Mr. Sandeep G. Raheja ("your Client"), in relation to the matters raised therein concerning the corporate insolvency resolution process ("CIRP") of Gstaad Hotels Private Limited ("Corporate Debtor"). The undersigned being the resolution professional ("RP") of Gstaad Hotels Pvt. Ltd ("Corporate Debtor") is in receipt of your letter dated September 12. 2025 ("Letter") issued on behalf of your client Mr. Sandeep G. Raheja ("your Client") inter alia, in relation to your / your Client's request for (i) inclusion of certain litigations (as identified in the Letter) in the information memorandum ("IM") to be issued by the RP as part of the ongoing corporate insolvency resolution process ("CIRP") of the Corporate Debtor; (ii) providing to you / your Client an advance copy of such IM: and (ii) your request for withdrawal of the Form G published by the undersigned as part of the CIRP of the Corporate Debtor and reissuance of such Form G with the details of the litigation highlighted in your Letter added therein. At the outset, it is submitted that the CIRP of the Corporate Debtor is being conducted strictly in accordance with the provisions of....
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....pecifically for the PRAs and contains confidential and commercially sensitive information. Its confidentiality is protected in terms of the obligations cast under Section 29(2) of the Code and Regulation 36(4) of the CIRP Regulations. The IM is intended only to be shared with PRAs who have submitted their expression of interest and executed a confidentiality undertaking in the prescribed form. In any case, there is no provision in the Code or the CIRP Regulations which mandates the circulation of a draft IM in advance, to suspended directors, promoters, or any other stakeholders for review, and it is a document which needs to be issued by the RP. Moreover, in the absence of any such direction even in the NCLT Order and / or the NCLAT Order, the undersigned is not in a position to share an advanced copy of the draft IM with you / your Client, however you may draw comfort from the statement made above by the undersigned, with respect to the material facts in relation to Suit No. 3121 of 2004 being included in the IM to be circulated to the PRAs. (i) Furthermore, with respect to your request for withdrawal of the Form G published by the undersigned as part of the CIRP of the Corpor....