TaxTMI 
TaxTMI 
2025 (4) TMI 1788
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....NT [Per: Justice Sharad Kumar Sharma, Member (Judicial)] These are two connected company appeals as preferred by the common Appellant by invoking the appellate provisions as contained under Section 61 of the I & B Code, 2016. Company Appeal (AT) (CH) (Ins) No.08/2025 1. The Company Appeal (AT) (CH) (Ins)No.08/2025 puts a challenge to the order passed on 29.11.2024 on IA(IBC)/2308/2024, as preferred in CP (IB) No.812/7/HDB/2019, which stood dismissed on the ground of non-compliance of the order, which is said to have been passed by the Hon'ble High Court of Telangana in CRP No. 815/2022, where the Hon'ble High Court while passing the judgment on 19.02.2024 had directed the Respondent herein, Punjab National Bank (PNB) to comply w....
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....hus, issue left to be considered by this Appellate Tribunal would be academic only. Company Appeal (AT) (CH) (Ins) No. 09/2025 2. In the connected company appeal, being Company Appeal (AT) (CH) (Ins) No. 09/2025, the challenge given by the Appellant is to the impugned judgment, of 29.11.2024 as it was passed in IA No. 1679/2024 as preferred in CP (IB) No. 812/7/HDB/2019, whereby, by virtue of the impugned order passed by the Ld. Tribunal, the Ld. Tribunal has proceeded to allow the application preferred by the National Assets Reconstruction Company Limited, (NARCL) who was an Applicant therein, who has sought to be substituted as the petitioner in the proceedings in place of the Financial Creditor, i.e., the Punjab National Bank (PNB)....
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....the proceedings will become a non-est proceedings. Similarly, Punjab National Bank (PNB) was held as 'not a necessary party' after the substitution on grounds that henceforth NARCL will have to comply with all statutory requirements and this will not charge civil & Criminal liabilities of the parties. 5. When the matter was taken up today, a statement came forward from the Ld. Counsel for the Respondent that, the proceedings of the company petition were taken up today before the Ld. NCLT, Hyderabad, and the judgment on the same has been reserved. If that be the situation, under the basic legal norms, all interlocutory orders, like the one that is under challenge in the instant two company Appeals, under the principle of merger, will stan....
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....judicating Authority) Rules, 2016, have as regards to the implications of substitution of (NARCL) remains to be decided. It is hoped and trusted that these two aspects must have been argued by the Appellant and would be considered by the Ld. Tribunal, while deciding the appeal on merits. Even if these aspects are prejudicing the rights of the Appellant, as the hearing of the proceedings of the company petition, has already been closed, it cannot be permitted to be reopened at this stage by passing any orders in the instant company appeal on the two questions. 8. If the aforesaid two questions with regards to the effect of Rule 4(3) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, or with regards to th....