2024 (12) TMI 1700

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....or) which was admitted on 02.05.2023. Divyesh Desai was appointed as Interim Resolution Professional (IRP) who was later on replaced by the CoC in the first meeting held on 01.06.2023 with Mr. Birendra Kumar Agarwal as RP of the CD which was confirmed by the Tribunal on 12.06.2023. 2. Shorn of unnecessary details, an application bearing I.A. No. 3177 of 2023 came to be filed by the Appellants (Mayur Retilal Suchak and Deepti Mayur Suchak, Promoter and Suspended Director of the CD) under Section 17(2) r/w Section 60(5) of the Code seeking a direction to Respondent (RP) to register the CD under MSME Development Act, 2006. The said application was heard and dismissed by the Tribunal on 02.08.2023 with the following order:- "1. Mr. Pulkit Sharma a/w Mr. Aniruth Purusothaman, Ld. Counsel for the Applicant in IA present. Ms. Meghna Arvind i/b MDP & Partners, Ld. Counsel for the CoC present. Mr. Kunal Kanungo a/w Ms. Tanushree Sogani, Ld. Counsel for the R1 present. 2. IA-3177/2023: This is an Application filed by the suspended Board of Directors of the Corporate Debtor under Section 17(2) r/w Section 60(5) of the IBC, 2016 seeking directions to the Resolution Profess....

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....under MSME Act, which may entitle them to participate in the Resolution of the Corporate Debtor. It is noteworthy that the Applicant never thought of such benefits accruing to the Corporate Debtor prior to its admission into CIRP. Accordingly, this Bench does not find any merit in the contention of the Applicant on the basis of benefits available to MSME enterprises. This Bench feels, that it is RP who is duty bound to take necessary steps to maximise the value of the Corporate debtor, which is underlying argument of the Applicant. In the absence of RP supporting their contention, this Bench is not inclined to issue any such direction. 7. In view of the foregoing, this Application is dismissed." 3. There is no dispute that the Appellant challenged the aforesaid order dated 02.08.2023 by way of an appeal which was e-filed before this Tribunal with filing no. 9910110/10769/2023 on 27.12.2023. The said appeal remained in defect which were never cured and thus the appeal was never listed. As a matter of fact, the Appellant did not pursue the said appeal for the reasons best known to them. 4. The Appellant again filed an application bearing I.A. No. 3362 of 2024 allegedly....

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....A is hereby dismissed." 6. Thereafter, in the 8th meeting of the CoC held on 26.06.2024, the CoC resolved for filing of an application for liquidation of the CD under Section 33(2) of the Code. Consequently, I.A. No. 68 of 2024 was filed by the RP on 02.07.2024 seeking liquidation of the CD. 7. I.A. No. 3362 of 2024 which was though filed on 30.03.2024 by the Appellant was not put up before the Tribunal because it was allegedly lying in defect but ultimately in this application, it is submitted that, notice was issued on 03.07.2024 and the case was listed for hearing on 06.08.2024. 8. The application bearing I.A No. 68 of 2024 was reserved on 12.07.2024. After the order was reserved in the said application, an application was alleged to have been filed on 20.07.2024 for preponement of hearing in I.A No. 3362 of 2024. 9. It is also submitted that the 9th CoC meeting was held on 24.07.2024 in which it was decided to seek extension of CIRP period because CoC member Catalyst Trusteeship Limited having 87.05% voting share had received an EOI for assignment of their debt which was ultimately assigned to Parijat Trading. 10. It is also submitted that RP filed an application....

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....ven issued notice on 03.07.2024 for 06.08.2024. The said order dated 03.07.2024 is also reproduced as under:- "Senior Counsel, Mr. Prateek Seksaria a/ w Mr. Yash Pandya i/b Jayakar & Partners, Ld. Counsel for the Applicant present through VC. None present for the Respondent. 2. Registry is directed to issue Court Notice to the Respondent clearly intimating the next date of hearing and place the notice along with track report on record before the next date of hearing. The Applicant is also permitted to issue personal notice to the Respondent and file proof of service before the next date of hearing. The Respondent is directed to file reply within two weeks of receipt of Notice and serve copy on the other side three days in advance before the next date of hearing. 3. List this matter for further consideration on 06.08.2024." 14. RP has also filed an application for extension of time. 15. Mr. Monga, Adv. appearing on behalf of the Assignee has also submitted that the Tribunal should have extended the period of CIRP so that resolution plan could have been produced to avoid the liquidation of the CD as the liquidation is the last resort. 16. Counsel f....