TaxTMI 
TaxTMI 
2026 (3) TMI 1453
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....ling, being IA No.416/2026. Looking into the grounds taken therein, the delay of 29 days as prayed for by the Appellant in refiling the company appeal would stand 'condoned'. Accordingly, IA No.416/2026 would stand 'allowed'. 3. The challenge in the instant company appeal, as given by the Appellant is to the impugned order dated 16.12.2025 as passed on IA(IBC)/922/CHE/2025 in CP(IB)/39(CHE)/2018, which is said to have been preferred to seek the following reliefs: - "1. Declare that the admission of the Corporate Insolvency Resolution Process (CIRP) was illegal and obtained through fraudulent means. 2. Issue a detailed and reasoned order addressing each of the allegations raised, thereby contributing to the jurisprudence on fraudulent initiation of proceedings under the Insolvency and Bankruptcy Code. 3. Impose appropriate penalties and grant such other reliefs as this Hon'ble Tribunal may deem just, in view of the irreparable financial and mental harm caused by the Respondents' unlawful actions. 4. Pass such further or other orders as may be deemed fit and proper in the facts and circumstances of the case, and thus render justice." 4. For t....
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....erein), at whose behest proceedings either before the learned NCLT or in continuation thereto the appeal before this Appellate Tribunal would not be maintainable. It has been conclusively settled by us in the larger bench judgment dated 22.07.2025 rendered in CA (AT) (CH) (Ins) No. 62/2023, in the matters of Park Energy Private Limited v. State Bank of India & Ors., on a reference made to larger bench. 7. The brief facts and the chronology of the proceedings, which has been taken by the Appellant are as follows: - (i) On 16.04.2016 a Memorandum of Understanding (MoU) was signed between M/s. Udhyaman Investments Private Limited (Financial Creditor) and M/s. Tiffins Barytes Asbestos and Paints Limited (Corporate Debtor). This MoU has already been tested in a proceedings under Section 7 of the I & B Code, being CP (IB)/39(CHE)/2018 for CIRP, and consequentially in a subsequent proceedings, which was being carried as against the order of approval of the resolution plan. (ii) Based upon the MoU dated 16.04.2016 and the consequential default, a proceeding under Section 7 of the I & B Code was initiated by way of CP/39/(IB)/CB/2018. Those proceedings, which were taken....
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.....5516/2023, Dr. Ravi Shankar Vedam v. Tiffins Barytes Asbestos and Paints Limited & Ors., before the Hon'ble Apex Court. The Hon'ble Apex Court too vide order dated 06.11.2023, dismissed the Appeal. (viii) The Appellant being dissatisfied with the dismissal of Appeal by the Hon'ble Apex Court had filed a review petition being Review Petition Diary No. 51138 / 2023, which too was dismissed on 13.02.2024. 8. Upto this stage, at least we can be very sure that, the proceedings of CIRP, upon the culmination of proceedings under Section 7 of the I & B Code, as against the Corporate Debtor, till the stage of approval of the resolution plan by the order of learned NCLT dated 12.06.2019 has attained finality at the due to dismissal of the company appeal preferred by the Appellant before NCLAT and later with the dismissal of the civil appeal by the Hon'ble Apex Court, and subsequent dismissal of the review petition by the Hon'ble Apex Court on 13.02.2024. In all these proceedings by the Appellant the consistent foundation has been the MoU dated 16.04.2016, which is now being alleged by the Appellant, by way of reiteration to be based on fraud. The propriety of the MoU has already....
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....arned Tribunal. The applications concerning the Company Petition filed by the Appellant as being observed in the impugned order are extracted hereunder: - (i) MA No. 120/2019, which was dismissed on 09.07.2019 (ii) MA No. 747/2021, which was dismissed as withdrawn on 21.03.2024 (iii) MA No. 843/2021, which was dismissed as withdrawn on 21.03.2024 (iv) MA No. 1157/2021, which was dismissed as withdrawn on 21.03.2024 13. So, up to passing of the order on 21.03.2024, the Appellant had almost lost in all the interlocutory proceedings, as well in the main proceedings thereafter, relating to approval of plan, which the Appellant has preferred before the learned NCLT. His subsequent chain of company appeals were dismissed by the Appellate Tribunal followed by the final dismissal of Appeal by the Hon'ble Apex Court means that the resolution plan has attained finality. We are of the view that, after having consecutively lost in all the proceedings where the aspect of fraud was also one of the grounds agitated by the Appellant has been duly considered and has therefore attained finality. It is that now on the same ground, his subsequent proceedings in t....