TaxTMI 
TaxTMI 
2025 (10) TMI 1378
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....published by the Respondent No. 2 in the newspapers on August 23, 2025 and any further step taken in pursuance thereof. b) Stay the operation and effect of the Form-G (Invitation for Expression of Interest for Amzen Transportation Industries Pvt. Ltd.) dated August 22, 2025 published by the Respondent No. 2 in the newspapers on August 23, 2025 c) Direct the Respondent No.2 not to take any further step in pursuance of the Form-G (Invitation for Expression of Interest for Amzen Transportation Industries Pvt. Ltd.) dated August 22, 2025 published by the Respondent No. 2 in the newspapers on August 23, 2025 d) Pass such further or other orders as this Hon'ble Court may deem fit and proper in the facts and circumstances. 2. Ld. Sr. Counsel for the Applicant submits that it was Respondent No. 1 who had filed CA (AT) (Ins) No. 859 of 2025 and while the question of the eligibility of the Applicant under Section 29A of the Code was not in issue, this Appellate Tribunal while deciding the appeal also held that apart from Myotic Trading Pvt. Ltd. the Applicant i.e. Cosmic CRF Ltd. (PRA) is also not eligible and therefore, has directed the IRP to proceed afres....
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.... IRP should be halted. 8. It is vehemently submitted that the other stakeholders of this lis are also not having any objection so far as the maintaining of status quo, pertaining to the proceedings which has commenced after issuance of Form G, is concerned. 9. It is further submitted that the issue of eligibility of the Applicant was never considered or decided by the NCLT on merits while the applicant's eligibility was upheld by the CoC. 10. It is also submitted that the Applicant is even eligible today under Section 29A of the Code as this Tribunal has given the Applicant an opportunity to file reply on the issue of his eligibility. 11. Mr. Pranav Sachdeva, Adv. is present for Respondent No. 1 and has submitted that he is not having any say so far as the issue of interim prayer as requested by the Applicant is concerned. 12. Ld. Counsel for the Respondent No. 2 i.e RP submits that in pursuance of the order of this Court, he has issued fresh form G and in pursuance of invitation of EOIs, he has received 11 EOIs and now the last date of receiving the resolution plans have been published as 19.11.2025. 13. Ld. Counsels for the Respondent No. 4 (Prudent ARC Ltd.) an....
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....urt on 04.08.2025 has passed the following order:- "a) The National Company Law Appellate Tribunal (for short "the NCLAT") in its order has recorded the following findings in paragraphs 105 and 106 respectively as under:- "105. We find that COC had taken legal opinion from various law firms and found Cosmic to be ineligible on various grounds. The reports on the issue of eligibility of Cosmic CRF Limited Respondent No. 3, were discussed in detail in various meetings of the CoC and the resolution applicant was intimated vide letter dated 04.11.2024 which contained in detailed manner as to how it is not found eligible under various clauses of Sections 29A(a), (c), (h) and (j) of IBC, 2016 (pages 359-366 of Appeal Paper Book). It is to be noted that both AHSK and PSA earlier entrusted by the CoC have given detailed findings and reasons with respect to their conclusions as to how Cosmic CRF Limited Respondent No. 3 was not found eligible under Section 29A. Cosmic CRF Limited approached NCLT on 05.11.2024 and NCLT vide order dated 05.11.2024 remanded the matter back to the CoC for reconsideration on the issue ineligibility of Cosmic CRF Limited under Section 29A after ....
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....on(s), if any, stands disposed of." 18. It is in pursuance of the order of the Hon'ble Supreme Court, the application bearing I.A No. 4810 of 2025 was moved by the Applicant with the following prayers: - "a) Recall the judgment and order dated 25.07.2025 passed in Company Appeal (AT) (Ins.) No. 859 of 2025 to the extent it holds the Applicant i.e. Cosmic CRF Ltd. to be ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016 b) Recall the judgment and order dated 25.07.2025 passed in Company Appeal (AT)(Ins.) No. 859 of 2025 to the extent it directs for continuation of proceedings of Corporate Insolvency Resolution Process ("CIRP") of the Corporate Debtor ie. Amzen Transportation Industries Ltd. from the stage of issuance of a fresh 'Form-G'. c) Recall the observations made by this Hon'ble Tribunal in para 105 108 and 111-118 of the judgment and order dated 25.07.2025 passed in Company Appeal (AT)(Ins.) No. 859 of 2025 in so far as they relate to the ineligibility of the applicant i.e. Cosmic CRF Ltd. under Section 29A of the Insolvency and Bankruptcy Code, 2016. d) Grant ad-interim ex-parte stay of operation of the....