2026 (3) TMI 157

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....ra, Ms. Mrinalini Tandon, Ms. Kashis T, Advocates for SBI, Mr. Anoop Prakash Awasthi, Advocate for ARCIL, Mr. Azel Aekram, Advocate For Respondents : Mr. Ravi Bansal, Mr. Devvart Rana, Advocates for IRP, Mr. Rishi Kapoor, Advocate for CD Mr. Devvart Rana, Advocate for IRP ORDER I.A. No. 207 of 2026 Heard Ld. Counsel for Applicant and Ld. Counsel appearing for Respondent No. 1. 2. This is an Application praying for condonation of 14 days delay in filing the Appeal. The ground given in the Application is that after coming to know about the imposition of cost of Rs. 5,00,000/- by the Adjudicating Authority by order dated 30/10/2025, Bank had referred the matter to the Headquarters in Delhi in first week of November, thereafter afte....

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.... to give the benefit of Section 18 of the Limitation Act. It is submitted that the Adjudicating Authority has not adverted to the question of Limitation on the basis of the material on the record. 2. Submission needs scrutiny. 3. Issue Notice. 4. Let Reply be filed within three weeks. Rejoinder be filed within further two weeks. 5. List this Appeal on 27th January, In the meanwhile, IRP shall proceed to collate the claim but shall not constitute the CoC." 3. The CD, after the aforesaid interim order proceeded with offer of settlement with Punjab National Bank and there being State Bank of India and another financial creditors, the Corporate Debtor, also proceeded and obtained OTS from the Banks and the....

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....n to impose cost against the Appellant has come up with this Appeal. 6. It is submitted that in view of the interim order, the Committee of Creditors (COC) was not constituted and the Financial Creditors were fully entitled to enter into the OTS with CD, which was entered, and thereafter 12(A) Application was filed by the Punjab National Bank, who has filed Section 7 Application, in which order is passed. 7. It is submitted that observations made by the Adjudicating Authority in Paragraph 14 & 15, that other creditors were not afforded opportunity and that payment shall be effectively a preferential payment, are uncalled for. 8. No other claimant has filed any Application objecting the 12(A) Application, hence those observations we....