2026 (6) TMI 1064

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....tes for R2 Mr. T. Ravichandran, Advocate for R3 - R5 ORDER [Oral Judgment: Justice Sharad Kumar Sharma, Member (Judicial)] The genesis of the instant Company Appeal, filed under the provisions contained under Section 61(1) of I&B Code, is the order of Learned NCLT, Chennai, passed on 24.03.2026, as passed in IA(IBC)/1048/CHE/2025 as preferred in CP (IB)/1275/CHE/2018, wherein the Appellant had questioned propriety of the decision dated 04.04.2025 passed by Respondent No. 1 (Resolution Professional/Liquidator). The Learned Tribunal had passed an order dismissing the application, IA/1048/2025, filed by the Appellant, observing thereof that, on account of the fact that, the order of 31.05.2024 as passed in MA/1305/2019 in CP/1275/(....

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....od of 7 (Seven) Days, in KVB for the time being. 47. I shall be placing this decision before the Hon'ble NCLAT on the next date of hearing. 3. The Appellant seeks to challenge this decision of 04.04.2025, particularly, with regard to the observation made in Para 45 of the decision dated 04.04.2025. What has been construed by the Appellant while interpreting the decision dated 04.04.2025 of the Liquidator is that, the decision of the Liquidator/ Resolution Professional on the distribution of sale proceeds among all secured creditors is contrary to the order of Ld. NCLT, dated 31.05.2024, which is under challenge before this Appellate Tribunal in CA 356/2024. This inference as drawn by the Appellant may not be a correct interp....

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....is tentative in nature and subject to outcome of Appeal CA (AT) (CH) No. 356/2024. 6. Having gone through the decision of 04.04.2025 in its entirety, we are of the view that the Liquidator/Resolution Professional had made certain determinations in his decision dated 04.04.2025 based upon the order of Ld. NCLT dated of 31.05.2024, that the said decision does not attach any finality on the issue of distribution of sale proceeds among the secured creditors, including the Appellant and that no capital benefit can be derived by any of the parties to the proceedings from this decision as per Para 47 of the decision because, he will be placing the same on records of the pending Company Appeal as against the order of 31.05.2024. What effect the ....