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2019 (11) TMI 1415 - AT - Insolvency and BankruptcyConstitution of Committee of Creditors - HELD THAT - Post the case for Admission (After Notice) on 5th December, 2019. The interim order dated 23rd October, 2019 shall continue.
Issues:
1. Settlement status between the parties. 2. Constitution of the Committee of Creditors. 3. Impleadment of the State Bank of India as a respondent. 4. Directions for filing reply-affidavit and rejoinder. 5. Next hearing date and continuation of the interim order. Settlement Status: The counsel for the Operational Creditor confirms that no settlement has been reached between the parties to date. This indicates that the dispute remains unresolved and may proceed further in the legal process. Constitution of Committee of Creditors: The advocates representing the Financial Creditor and the Resolution Professional assert that the Committee of Creditors was formed before the specified date. However, it is acknowledged that no meeting of the Committee was convened. This raises a procedural issue regarding the constitution and functioning of the Committee of Creditors. Impleadment of State Bank of India: The Appellant is directed to implead the State Bank of India as the 3rd Respondent in the case. As the advocate representing the State Bank of India is present during the proceedings, no further notice is deemed necessary. The Appellant is instructed to provide a copy of the paper-book to the State Bank of India on the same day. Directions for Filing Documents: The Respondents are given a week to file their reply-affidavit after being served with the necessary documents. Any rejoinder to the reply must be filed within a week thereafter, ensuring a structured exchange of arguments and evidence in the case. Next Hearing Date and Interim Order: The case is scheduled for an 'Admission (After Notice)' hearing on 5th December 2019. The interim order issued on 23rd October 2019 is to remain in effect until the next hearing, indicating the continuity of the legal status quo until further proceedings take place.
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