2022 (1) TMI 127 - Tri - Insolvency and Bankruptcy

Application for the pre-packaged insolvency of the Applicant - HELD THAT - The Applicant is directed to file reply to each of these IAs along with a synopsis of the objection wise reply within 2 weeks. Rejoinder, if any be filed within 1 week thereafter. The Applicant is also directed to file replies to the objections already uploaded on the DMS. List the matter on 20th December, 2021.

Summary

Issues Involved:
1. Application for pre-packaged insolvency under Section 54(c)
2. Various stakeholders objecting to the application
3. Directions for filing replies to objections and IAs

Analysis:
1. The judgment pertains to an application filed under Section 54(c) for the pre-packaged insolvency of the Applicant. The Tribunal noted the existence of multiple IAs filed by various stakeholders objecting to the Application. These include IAs numbered A-5344/2021, 32/2021, 33/2021, 34/2021, and 35/2021. The Tribunal directed the Applicant to file replies to each of these IAs, along with a synopsis of the objection-wise reply within 2 weeks. Additionally, any rejoinder was to be filed within 1 week thereafter. The Applicant was also instructed to file replies to objections already uploaded on the DMS.

2. Among the stakeholders objecting to the application, Mr. Sandeep Bajaj was specifically mentioned as one of the Objectors who shared an order dated 22nd November, 3021 of the Hon'ble High Court of Delhi. The Tribunal scheduled the matter to be listed on 20th December, 2021, presumably for further proceedings related to the objections raised by Mr. Bajaj and other stakeholders.

3. The judgment primarily focuses on the procedural aspect of addressing objections raised by stakeholders in the context of a pre-packaged insolvency application. By providing a timeline for filing replies and rejoinders, the Tribunal aims to ensure a structured and efficient resolution of the objections raised. The reference to the order from the High Court of Delhi indicates a broader legal context within which the insolvency proceedings are taking place, suggesting the need to align the Tribunal's decisions with higher judicial directives. Overall, the judgment underscores the importance of due process and adherence to procedural requirements in insolvency matters to safeguard the interests of all involved parties.