2022 (3) TMI 1521 - SCH - Insolvency and Bankruptcy

Continuation of meetings/proceedings of the CoC - HELD THAT - It is considered appropriate and hence provided that the meetings/proceedings of the CoC may continue but the entire process shall remain subject to the final orders to be passed in these appeals.

Summary

Issues:
1. Rejoinder submissions by Dr. Abhishek Manu Singhvi for the appellant.
2. Further submissions by Mr. Jaideep Gupta, Mr. Rakesh Dwivedi, Ms. Haripriya Padmanabhan, and Mr. Goutham Shivshankar.
3. Reserving judgment and timeline for filing additional notes.
4. Committee of Creditors' meetings post the NCLAT order.
5. Provision for the CoC proceedings pending final orders.

Analysis:

1. Dr. Abhishek Manu Singhvi, the learned senior counsel, presented rejoinder submissions on behalf of the appellant. The court acknowledged these submissions before moving on to hear further arguments from other counsels.

2. Subsequent to Dr. Singhvi's rejoinder, additional submissions were made by learned senior counsels Mr. Jaideep Gupta and Mr. Rakesh Dwivedi, along with counsels Ms. Haripriya Padmanabhan and Mr. Goutham Shivshankar. The arguments were concluded, and the judgment was reserved for a later date.

3. The court set a deadline for the filing of notes or additional submissions by the respective parties, requesting the submissions to be completed by 22.03.2022. This timeline indicates the procedural efficiency of the court in managing the case.

4. The court was informed about the Committee of Creditors (CoC) meetings that occurred following the impugned order of the National Company Law Appellate Tribunal (NCLAT). The meetings were scheduled for 03.03.2022 and 21.03.2022. The court took note of these developments in the case.

5. Considering the ongoing CoC proceedings, the court decided that the meetings and proceedings of the CoC could continue. However, it emphasized that the entire process would be subject to the final orders to be issued in the appeals, ensuring that the CoC's actions align with the forthcoming court decisions to maintain legal coherence and consistency.