2026 (3) TMI 663

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..... Gaurav Mitra, Ms. Anju Bhushan Gupta, Mr. Aditya Goel, Mr. Sanyam Gupta, Advocates in IA 6364/2025 For the Respondent: Mr. Jatin Kumar, Mr. Aashray Chaudhary, IRP/R-1 ORDER I.A. No.6174 and I.A. No.6364 of 2025 M/s Indian Bank, the applicant in I.A.6364 of 2025 had a security interest over a certain asset of the CD, and it sold the same to the applicant in I.A.6174 of 2025. This sale had taken place when the moratorium of the CD pursuant to an Order of the Adjudicating Authority admitting the CD to CIRP was in force. They both have now come forward with these applications for impleading themselves in the present appeal.  The backdrop that provided the setting for these applications has been provided vide the Order of this....

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....orporate Debtor. In the present appeal also, this Court had granted an interim stay on 09.08.2024 in the following manner :- "In the meanwhile, no further steps shall be taken in pursuance of the impugned Order. This shall be without prejudice rights and contentions of the parties." When the order dated 09.08.2024 was passed by this Court, it was pointed out by Counsel appearing on behalf of the Appellant that parties had entered into consent terms on 13.10.2023 but money could not be paid since approval of Reserve Bank of India was required for money to be remitted overseas. The contention of the Appellant was noticed that the amount of Rs. 1,59,23,680/- is to be deposited and the Appellant was ready to ....

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....ut up for sale on 31.12.2024. As against this, Counsel for the Appellant has submitted that if, the contention of the Bank is accepted, for the sake of argument, that the first CIRP was still continuing then on what basis the bank issued notice for sale on 27.11.2024 when the first CIRP was still in continuation. Contention of the Appellant seems to be logical, therefore, the competent officer of the bank shall file an affidavit as to why notice for sale dated 27.11.2024 was issued when the first CIRP was still continuing. Mr. Gaurav Mitra, Advocate appearing on behalf of the Indian Bank prays for two weeks' time to file the affidavit. Let the necessary affidavit be filed giving all the details, with an advance co....

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.... forward with separate applications for impleading themselves in this appeal. 3. The appellant strongly resisted these applications. His contention has been that the very conduct of Indian Bank is tainted in malafide and that there is no bar for commencement of a second CIRP even when an Order admitting the CD was still in force. So far as the argument of the counsel of the IRP goes, it needs to be recorded that an IRP has very little role in an appeal filed by the suspended directors of the CD as concerning the issue of impleading third parties to the appeal in the appeal. 4. There are two aspects: (a) A need to be heard; and (b) merit of what is to be heard. We are now concerned only with the first aspect. Law is long settled that w....