2026 (1) TMI 165

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.... Sinha, Advocates. ORDER These two appeals have been filed against order dated 21.08.2025 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court II by which I.A. No.4077/ND/2025 filed by the Resolution Professional has been allowed and disposed of. The Company Appeal (AT) (Ins.) No.1494 of 2025 has been filed by the Resolution Professional and Company Appeal (AT) (Ins.) No.1493 of 2025 has been filed by the Promoter of the Corporate Debtor. In Paragraph 5 of the impugned order following has been directed: "5. In view of the averments made in paras nos. 7 to 9 of LA we exclude the period from 25.03.2022 to 21.07.2025, except the period from 20.08.2024 to 28.05.2025, from the period of CIRP....

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....ould not take any decisions until verification of claims. In view of the aforesaid undertaking, the Application of Canara Bank was disposed of. It is submitted that, in the meantime, on 24.09.2025, an Application being IA-4742/ND/2024 was filed by Mr. Ashok Tiwari, a member of the suspended Board of the Corporate Debtor, challenging the constitution of the CoC. In the said Application, it has been contended that the consortium members led by Canara Bank are not 'Financial Creditors but shareholders, and the matter is presently pending adjudication before the Hon'ble NCLT" During the pendency of the IA 4742/ND/2024 the erstwhile RP had preferred an Application bearing no. IA-880/2025, in which Hon'ble Adjudicati....

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.... also covered in the chart and has pleaded in the appeal that due to orders passed by the Adjudicating Authority and undertaking given by the Resolution Professional, the CIRP process could not proceed and finalized. Several litigations which have been noticed indicates that the CIRP was affected due to the orders passed by the Adjudicating Authority and this Tribunal. We are of the view that the Adjudicating Authority ought not to have excepted period from 20.08.2025 to 28.05.2025 and exclusion for period from 25.03.2022 to 21.07.2025 ought to have been granted. 6. It is submitted by learned counsel for the Resolution Professional that the CoC had authorised the Resolution Profession to file exclusion application and CoC has also author....