2026 (6) TMI 1065

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on has been filed under Articles 226 and 227 of the Constitution of India, 1950 ("Constitution"), seeking the following prayers. "a) Issue an appropriate writ, order or direction directing Respondent No. 1 to place the matter before a competent bench for hearing and disposal of Petitioner's Urgent/Early Hearing Application and TA (IBC) No. 30(PB)/2026 before any final order in any of the pending Interlocutory Applications is pronounced by Ld. NCLT, Chd bench in relation to C.P. (IB) NO. 248/CHD/2019; In the alternative Direct Respondent No. 2 to maintain status quo in relation to C.P. (IB) No. 248/CHD/2019 and not to take up, hear, reserve orders in, pronounce orders in, or otherwise proceed with any pending Inter....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Tribunal ("NCLT"), Principal Bench at New Delhi, under Section 419 of the Companies Act, 2013, read with Rules 11 and 16(d) of the National Company Law Tribunal Rules, 2016, seeking transfer of the Insolvency Proceedings from Respondent No. 2 to Respondent No. 1, along with a prayer for an ex-parte ad-interim stay on the Insolvency Proceedings pending disposal of the Transfer Application. Respondent No. 2 vide order dated 09.06.2026 reserved orders in the Application for approval of the proposed Resolution Plan. 5. The Petitioner preferred an interim application before Respondent No. 2 seeking de-reserving of order dated 09.06.2026. On the same date, the counsel for the Petitioner mentioned the application for urgent listing and the same....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s homebuyers and the Transfer Application will become infructuous if Respondent No. 2 pronounces the order with respect to approval of the Resolution Plan for the Corporate Debtor. It was further submitted that the Petitioner has been constrained to file the Transfer Application as wrongful and inflated claims have been estimated by the erstwhile IRP, who has been suspended by IBBI and remanded to the custody of the Enforcement Directorate on various occasions and the CoC of the Corporate Debtor in its 33rd meeting of the CoC recorded observation of Audit Report evidencing misappropriation of funds by the erstwhile IRP in the CIRP of the Corporate Debtor. 9. The learned Counsel for Respondent No. 3 submitted that it is the Petitioner, wh....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....application before the Hon'ble President of Respondent No. 1, the Petitioner has approached this Court seeking the directions set out hereinabove. 14. Such directions against a Tribunal cannot be issued by this Court in exercise of its writ jurisdiction. It is well settled that High Courts ought ordinarily to refrain from invoking their extraordinary jurisdiction under Articles 226 and 227 of the Constitution where proceedings are pending before the competent Tribunal. 15. This Court has been apprised that the Petitioner has already preferred an appeal before the National Company Law Appellate Tribunal against the order dated 09.06.2026 passed by Respondent No. 2. The Petitioner has, therefore, availed of an alternative statutory reme....