2020 (2) TMI 1713 - AT - Insolvency and Bankruptcy

Stay on Impugned order - HELD THAT - It is accepted that now the Impugned Order has been passed. However, as the Impugned Order we are staying till next date and as we are yet to take a decision on the Appeal, in fairness, the Interim Order dated 22nd August, 2019 should be allowed to continue till the next date. The Respondents, who are not present, may be served and will file Reply by next date. The Respondents 1 and 7 to 9 present also should file Reply by next date. List the Appeal for admission (after Notice) on 20th March, 2020 at 2.00 P.M.

Summary

Issues: Stay of Impugned Order, Restoration of Interim Orders, Pending Company Appeal, Notice to Respondents, Reply Filing, Listing for Admission.

Stay of Impugned Order:
The judgment addressed the stay of the Impugned Order dated 12.02.2020 under Explanation (b) of Section 18 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Tribunal stayed the Impugned Order until the next date and restored the Interim Orders dated 22.08.2019, which were in operation until the Impugned Order was passed by the Adjudicating Authority. The stay was continued to ensure fairness until a decision is made on the Appeal.

Restoration of Interim Orders:
The Interim Orders dated 22.08.2019, passed in MA 2385/2019, were restored by the Tribunal and allowed to continue operating until the next date. The decision was made in light of the pending Company Appeal (AT) (Ins) No.1439 of 2019 against the Interim Order, emphasizing the need for fairness in the proceedings.

Pending Company Appeal:
The Tribunal acknowledged the pending Company Appeal (AT) (Ins) No.1439 of 2019 against the Interim Order dated 22.08.2019. It was noted that a Notice had been issued to Respondent No.1 regarding the potential vacation of the Order if no decision was made by the next date. The Tribunal emphasized the importance of addressing the pending Company Appeal in the ongoing proceedings.

Notice to Respondents and Reply Filing:
The Tribunal directed that Notice should be issued to the absent Respondents, and they were required to file a Reply by the next date. Respondents 1 and 7 to 9, who were present during the proceedings, were also instructed to file their Replies by the specified date. This step aimed to ensure all parties were duly informed and given the opportunity to present their responses.

Listing for Admission:
The Tribunal scheduled the Appeal for admission, after Notice, on 20th March 2020 at 2.00 P.M. This listing indicated the next stage in the proceedings, where the Appeal would be considered for admission based on the submissions and responses provided by the parties involved.