TaxTMI 
TaxTMI 
2026 (3) TMI 95
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....umant Batra, Mr. Kanishk Khetan, Mr. Sarthak Bhandari, Advocates for R-1 Mr. Prakhar Mithal, Advocate for R-2 Mr. Shivam Thakkar, Advocate for R-3/PSB Mr. Aditya Kumar, Ms. Ila Nath, Advocates for R-4 Mr. Shamsher Bahadur Singh, RP (in person) JUDGEMENT Per Justice N. Seshasayee, Member (Judicial) The appellant herein is the financial creditor who challenges certain orders passed by the Adjudicating Authority in I.A. 2154 of 2024, I.A. 1716 of 2024 and I.A. 1712 of 2024 in CP (IB) No.124/Chd/Pb/2023 in these appeals. Facts 2.1 The material facts which are relevant for the disposal of these appeals may now be stated: a) On 13.05.2018, the appellant as the financial creditor had laid C.P.237 of 2019 a petition....
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.... only Rs. 121.32 crores, based on the recovery certificate of the DRT. while he has admitted the entire claim of the second respondent. Indeed, the appellant's voting share in the CoC was determined at 12.42%. This was challenged by the appellant in I.A. No.1418 of 2024 on 04.06.2024. h) It is in this backdrop, on 19.07.2024 the RP reconstituted the COC by including few more financial creditors and took out I.A. No.1712 of 2024 for recording the same. 2.2(a) Turning to I.A. No.1418 of 2024 wherein the appellant had challenged the RP's decision not to admit its entire claim, it had sought the following reliefs: "a) To adjudicate the claim of the applicant and direct the Respondent to admit the total claim of the Applican....
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....d on the information available with him. Further, RP can revise the amount of the claims admitted including the estimate of claims made under sub-section (1) of the Regulation 14 of the CIRP Regulations, when he comes across the additional information warranting such revision. In these circumstances, the proportional representation given by RP on the basis of wrong calculations of claims to financial creditors in CoC is set aside. Thus, the Resolution Professional is directed to reconsider the claims afresh with the interest as per the agreement of both the financial creditors i.e. Applicant-Stressed Assets Stabilization Fund and Mudraksh Investment Pvt. Ltd. on the Insolvency Commencement Date based on the already submitted documents like ....
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....n record subject to just exceptions. Thus, IA(IBC)/1712(CH)2024 is disposed of accordingly." I.A. No.1716 of 2024 "The present application has been filed under Section 22(3) for the confirmation of the IRP-Mr. Shamsher Bhadur Singh as RP in pursuance of 1st CoC meeting held on 09.05.2024. Although, it is stated by Mr. Virender Ganda, Senior Advocate that this application may be disposed of with the contempt application which will be decided on merits. However, the same is not acceded to. Thus, IA(IBC)/1716(CH)2024 is allowed and disposed of accordingly." I.A. No.2154 of 2024 "The present application has been filed under Section 21(1) regarding the Constitution of 1st CoC meeting. Although, it is stated by Mr. Virender Ganda, Sen....
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....Adjudicating Authority. This practice we deprecate as it will cause considerable confusion while disposing of the appeals. Arguments: 5. Appearing for the appellant, Mr. Virender Ganda, senior counsel, submitted that when once the constitution of the COC is set aside by the Adjudicating Authority vide its Order dated 18.12.2024 necessarily everything which the COC has done is nullified. Indeed, even RP cannot continue as a RP since that was also pursuant to the decision of the first COC. To fortify his submissions reliance is placed on the authority of this Tribunal in Edelweiss Asset Reconstruction Company Ltd. Vs Mohit Goyal [Company Appeal ((AT) (Insolvency) No.583 of 2022. 6.1 Per contra, Mr. Sumant Batra, the learned counsel a....
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....ok out I.A.1712 of 2024, then I.A. 2154 of 2024 will survive for consideration. Firstly, I.A. 2154 of 2024 was filed after the constitution of the first COC in which the appellant admittedly is a member. But when the RP had reconstituted the COC by adding few more financial creditors into it and laid I.A. 1712 of 2024, I.A. 2154 of 2024 literally stand superseded. However, for the reasons which we are not able to adequately fathom, the tribunal has chosen to keep alive I.A. 2154 of 2024. Necessarily the appeal against an Order perceived to have been passed but has not been actually passed, can stay on the file of this Tribunal. 7.2 The second aspect is that the when on 18.12.2024, the RP had taken out I.A.2154 of 2024 for recording the c....