TaxTMI 
TaxTMI 
2026 (6) TMI 805
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....ny Appeal (AT) (CH) (INS) No. 264 / 2026 and also the impugned order of 16.04.2026 that, has been rendered on IA (IBC) / 589 / 2026 as preferred in CP (IB) / 306 / 7 / HDB / 2022 by filing the Company Appeal (AT) (CH) (INS) No. 265 / 2026. 3. In fact, if the nature of the respective orders, which have been rendered by the Ld. Adjudicating Authority is taken into consideration, they take the shape of being an Interlocutory Order only for the reason being that, by virtue of the impugned orders, the matter has been remitted back to the Committee of Creditors (CoC) who has been directed to take into consideration, the observations made by the Learned Tribunal in its orders dated 27.05.2025 & 25.02.2026 in IA No. 742 / 2021, as rendered in CP (IB) / 12/10 / HDB / 2017, in the matters of VNR Infrastructure Limited qua the conduct of the Appellant, while deciding the issue of appointment of the Appellant as RP. 4. The Appellant's contention is that, the impugned orders of 16.04.2026 that, have been passed in the respective Company Petitions are violative of Section 22 of the I&B Code by sitting on appeal over the commercial wisdom of the CoC, as on his appointment as IRP on 05.02.20....
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....r making certain observations that was particularly contained in Para 31 of the order dated 25.02.2026. The relevant extraction of Para 31 of order dated 25/02/2026 is given here under: (i) The prayer seeking a declaration that the liquidation process stands completed and for discharge of the Applicant as Liquidator is hereby rejected at this stage. (ii) The Liquidator is directed to place the following information before the SCC within a period of two (2) weeks from the date of this Order: • A comprehensive project-wise and litigation-wise Status Report, including all matters relating to invocation, encashment, subsistence or adjudication of Bank Guarantees; • Complete Audited Financial Statements available with him and detailed Unaudited Financial Statements upto date, duly itemised, reconciled and supported by transaction-wise particulars; • A transaction-wise computation of liquidation costs and remuneration strictly in accordance with the applicable provisions of the Liquidation Regulations; • A full reconciliation of realisations and distribution strictly in terms of Section 53 of the Code. • A....
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....It is argued by the Ld. Counsel for the Appellant, that the order dated 25.02.2026, may not be taken as to be relevant for the instant proceedings, based on which, a finding could have been recorded in the impugned order for taking into consideration the observations made in the order of 25.02.2026, for the reason being that, in the light of the findings which has been recorded in Para 31 (V) of the order dated 25.02.2026, no determination qua the conduct of the Appellant has so far been made by IBBI and no proceedings have been initiated for verifying/ substantiating the allegations as per law. 10. It has been stated by the Appellant, who is also participating in today's proceedings in person, and who has been identified by his Counsel, Mr. T. Ravichandran, that even after the directions as given in Para 31 (V) of the order dated 25.02.2026, no proceedings have been drawn so far against him and therefore, as such the findings that has been recorded as against the conduct of the Appellant in the order dated 25.02.2026, may not exclusively be taken as to be conclusive, based on which a direction could have been issued by the impugned order to the CoC to re-examine the case in....
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....e matter of appointment of the Appellant as RP with Learned NCLT. Thus, the impugned orders passed by the Ld. Tribunal is only precautionary in nature, for the reason being that, the necessity for the Ld. Adjudicating Authority to pass the said orders had chanced owing to its surmise that while passing the Resolution by 100 % voting in favour of the appointment of the Appellant as RP, the CoC was not made conscious of the orders dated 27.05.2025 & 25.02.2026 passed in IA 741/2021 as passed in CP(IB)/12/10/HDB/2017 in the matters of VNR Infrastructure Ltd., and hence the Application under Section 22 was required to be reconsidered. Since, the directions contained in the impugned order only directs reconsideration of grant of an approval of the appointment of the Appellant as a Resolution Professional, which is yet to be considered by the CoC, we are of the view that the nature of the order is not deciding any right as such of the Appellant because the effect of the said two orders passed in IA/741/2021 on the approval granted by the CoC to the appointment of the Appellant as a Resolution Professional is yet to be determined by CoC. 12. Since a fresh decision has been directed to ....