TaxTMI 
TaxTMI 
TaxTMI 
2024 (6) TMI 1559
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....common question of fact and law, for the purposes of brevity, they are being taken up together and decided by this common order. 2. All these company appeals are accompanied with an application for Leave to Appeal being IA No. 665/2025, 669/2025, and 672/2025, respectively. Since the instant appeals have been preferred under Section 61 of the I & B Code, 2016, and the Appellate Provision itself contemplates to grant liberty to any "aggrieved person", to prefer an appeal, no specific application for Leave to Appeal is required to be filed, owing to the ratio already propounded by the Principal Bench that, the scope of Appeal, under the Appellate Provision of Section 61 of the I & B Code, 2016, is wide enough to permit appeal to be preferr....
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....e of the impugned order the said delay has been condoned, resulting into permitting the report of the Resolution Professional to be taken on record. 4. The Ld. Adjudicating Authority, while admitting the application under Section 95(1) of the I & B Code, 2016, vide its order of 07.06.2022, as against the Personal Guarantors for the credit facilities, which was provided by the Financial Creditor, State Bank of India to M/s. Scotts Garments Limited, the Corporate Debtor, had initially appointed Mr. Hem Chandra as the Resolution Professional. Subsequently on an application filed by the State Bank of India, the Ld. Adjudicating Authority, by an order passed on IA No. 219/2022 dated 23.06.2022, replaced the Resolution Professional and appoint....
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....ng the same which may be condoned and that, in case any separate application is required to be filed in this regard, he undertakes to file the same. 6. In the same proceeding, the Respondent/Personal Guarantor had filed a statement of objection on 21.02.2023, objecting the prayer to Condone Delay of 26 days in submitting the report, contending thereof that the delay of 26 days, which has chanced in submission of the report, ought not to be allowed because there is no valid or sufficient cause for condonation of such delay and since the same is being contrary to the provisions of the I & B Code, 2016. He had also raised other grounds of objection as against the said IA stating that provisions of I & B Code, 2016, have been violated, the p....
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....of submission of the repayment plan by three weeks to 11.08.2022 and subsequently to 19.08.2022, the Guarantor failed to submit the Repayment Plan or any related information as required under the Regulation and hence the Resolution Professional was not in a position to give his report as contemplated under Section 106 of the I & B Code, 2016, in time and could submit the same with a delay of 26 days. Based on such reasoning, Ld. Adjudicating Authority allowed the Application IA No. 8/2023 by condoning the delay of 26 days and took the Report on record. 8. Owing to the reason, which has been assigned in the impugned order, it is evident that the delay, which has been caused in submission of the report regarding the repayment plan, was bec....
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.... the matter. Besides that, the Condonation of Delay not being prejudicial to the interest of any of the parties to the proceedings, may not have any adverse bearing on the lis. Hence, the 'appeal' deserves 'dismissal' and is accordingly dismissed. Company Appeal (AT) (CH) (INS) No. 233/2025 9. Company Appeal (AT) (CH) (INS) No. 233/2025 puts a challenge to the impugned order of 11.12.2024, which has been passed by the Ld. Adjudicating Authority on IA No. 7/2023 in CP (IB) No. 06/BB/2021, being the proceedings being held under Section 106 of I & B Code, 2016, to be read with Regulation 9 of the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.....