2025 (9) TMI 1793

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....echnical) And Indevar Pandey, Member (Technical) For the Appellant : Mr. Akshay Puri, Advocate. For the Respondent : Mr. Sumant Batra, Mr. Sarthak Bhandari, Ms. Riya Kaur Arora, Advocates for R-1 Mr. Sandeep Bajaj, Mr. Vipul Gai, Ms. Saumya, Advocates. ORDER HYBRID MODE On 21.2.2024, the Order of liquidation was passed by the Adjudicating Authority vis-à-vis the affairs of M/s. Chamber Construction Pvt. Ltd., the Corporate Debtor. This Order of liquidation was challenged by the Promoter Directors of the CD in CA 1047 of 2024. 2. Be that as it may, the Financial Creditor namely, M/s. Omkara Assets Reconstruction Pvt. Ltd., moved the Adjudicating Authority seeking a direction to the erstwhile Directors of the CD to ha....

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.... Authority, and that the challenge to it is now pending before the Hon'ble Supreme Court. The learned Counsel added that the issue before the Hon'ble Supreme Court is, whether the same financial creditor can initiate two parallel proceedings against the principal borrower and the corporate guarantor simultaneously. He added that the Hon'ble Supreme Court has passed an Order of status quo vis-à-vis the principal borrower and the matter is now in part-heard stage. 6. The learned Counsel for the liquidator took this Tribunal to the Order passed on 28.5.2024 wherein this Tribunal has passed the following Order: "Company Appeal (AT) (Insolvency) No. 1047 of 2024 :- Learned Counsel for the Appellant submits that two Fi....

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....ulation 2B of the Liquidation Regulation, during Liquidation period, an Application under Section 12A is not permissible." When the law has been subsequently settled by this Tribunal that Section 12A benefit is not available in liquidation proceedings, necessarily the foundation for issuing the very notice in this Appeal goes. However, he concurred with the Counsel for the appellant vis-à-vis the issue involved, the matter is now pending before the Hon'ble Supreme Court and that it is in part-heard stage. 7. Turning to CA 1861 of 2024, the Counsel for the first respondent/financial creditor submitted that the erstwhile Directors of the CD have only challenged the Order directing the delivery of property by them to the liquidato....