2026 (3) TMI 1594

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....for the Respondent. 2. These two appeals have been filed by the same Appellant challenging two orders passed by the NCLT, Cuttack Bench. 3. CA (AT) (Ins) No. 2018 of 2025 has been filed challenging the order dated 15.10.2025 passed in I.A (IB) No. 26/CB/2024 in TP (IB) No. 115/CTB/2019 and CA (AT) (Ins) No. 415 of 2026 has been filed challenging the order dated 19.12.2025 passed in I.A (IB) (Dis) No. 1 / CB/2025 in T.P. No. 115/CTB/2019. 4. By the order dated 15.10.2025 the application filed by the Appellant being I.A No. 26 of 2024 has been rejected and by subsequent order dated 19.12.2025 the Adjudicating Authority had directed for dissolution of the CD. 5. Brief facts necessary to be noticed for deciding the appeal are that C....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... been part of the CoC. He submitted that in view of the aforesaid the application was filed by the Appellant i.e. 26 of 2024 which has wrongly been rejected. Ld. Counsel for the Appellant submitted that in the relevant form MGT 7 shareholding of the Balaji shown as 27% although the said shareholding was of the Kasa Anlagen India Pvt. Ltd. ('Kasa' in short). 7. Ld. Counsel for the liquidator opposing the submission submits that when the earlier application 13 of 2023 was dismissed which was praying for sale relief has withdrawn and no liberty was obtained, it is not open for the Appellant to file fresh application. It is submitted that the Appellant unsuccessfully challenged order of admission of CIRP and much after the liquidation order ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ebtor, that there is no mention of Operational Creditor as a shareholder. It is also pertinent to mention here that the allegation raised by the Applicant in regard to the directorship of Mr. M.S. Balaji in both the operational creditor and Corporate Debtor, it is observed that before the filing of the Section 9 Application, it is seen in FORM No. DIR-12 of the Corporate Debtor, that Mr. M.S. Balaji has resigned from his office of the Corporate Debtor with effect from 17.11.2018 and subsequently, he has also resigned from the directorship of Operational Creditor on 01.04.2019, whereas the section 9 application was admitted on 06.04.2022, much later after his cessation from which it is established that at the time of Insolvency or liquidatio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....said relates for the period 01.04.2017 to 31.03.2018, relevant entry which has been relied is at pg. 48 of the additional affidavit with regard to M.S Balaji who was shown as director of the CD and having equity shares of 1,25,000. 12. The above form MGT 7 in so far as the directorship of the Balaji is concerned does not render any help to the Appellant since the Balaji has resigned which is the finding of the Adjudicating Authority on the relevant dates mentioned in para 10. Coming to the equity shares 1 lakh 25 thousand, Ld. Counsel for the liquidator submitted that what was pleaded by the Appellant before the Adjudicating Authority is that 27% shareholding was held by Kasa who became the shareholder of the CD. Thus, the submission was....