TaxTMI 
TaxTMI 
2026 (2) TMI 535
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....sh, Senior Advocate For Mr. Akshay Goel, Ms. Gunasri, Mr. Binwant Singh and Mr. Harsh Tandon, Advocates for R1 ORDER [ORAL JUDGMENT: Justice Sharad Kumar Sharma, Member (Judicial)] The Appellant, who is Corporate Debtor, the suspended Independent Director of M/s Inditrade Business Consultants Limited, questions the validity of the impugned order dated 10.10.2025 by virtue of which, it had consequentially resulted into an admission of the Corporate Debtor into the CIRP process. There are various factual aspects which has been brought on record and argued too by the Ld. Senior Counsels for the parties. 2. Ld. Senior Counsel for the Appellant has confined his argument from the context that, "as to whether there could be any just....
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....evised agreement, containing a modified sanction, executed on 14.09.2023, and that the same has been taken as to be the basis for determination of the debt and that the claim of non-crystallization of debt is without basis. 6. The question which would be falling for consideration is that as to whether at all, the observation which had been made by the Hon'ble High Court of Bombay in its para 21.2 as extracted above in a miscellaneous civil appeal arising from an interlocutory order, recording an undertaking, could at all be taken into consideration and extracted for the purposes to substantiate the argument that the CIRP proceedings lacked a determination of debt owing to the said undertaking. It is not in controversy that the procee....
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.... Hon'ble High Court of Bombay judgement of 25.03.2025 will not attach finality to the finding recorded therein, and that too, particularly when it is recorded in the shape of an undertaking, which in its ultimate decision was not having any bearing. On the company petitions it is a settled law that interlocutory proceedings in a regular civil suit and a consequential miscellaneous appeals are restricted and limited to be read in a restricted manner only for the purposes of a limited subject in the application which was under consideration before the Ld. City Civil Court. 9. It has been consistently held in judicial forums that any adjudication made or any finding recorded in any interlocutory proceedings, even when it is on the merit....
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....sideration and that has to be decided on its own merits. We'll have to look into the interim order, which was made as a subject matter before the Hon'ble High Court of Bombay, exclusively in context of notice of motion in the commercial suit, and non-grant of the interim relief in those proceedings, challenge to which stood rejected in the miscellaneous appeal by the Hon'ble High Court of Bombay. 12. The question, which emerges for consideration is that orders issued in any interlocutory proceedings, even if it has been affirmed in an appeal, which is a miscellaneous appeal, and not a regular appeal deciding rights of the parties against the final order, will only attach a finality to the interlocutory proceedings and any fin....
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....ted into dismissal of the Miscellaneous Commercial Appeal by the judgment passed on 25.03.2025. In that eventuality, there are two embargoes which will act against the Appellant, which are detailed below: i. The undertaking given in paragraph 21.2 before the Hon'ble High Court of Bombay, was arising out of an interlocutory order of commercial court proceedings, which was interlocutory in nature, and therefore it cannot be taken as to be dealing on merit, with the controversy pertaining to the aspect of crystallization of debt. ii. Once the appeal has been dismissed on merits, and the same is being informed to be a subject matter of challenge by the Appellant in SLP before the Hon'ble Apex Court, any finding recorde....