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2022 (10) TMI 94 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT - When interim orders were passed in this Appeal being orders dated 04.04.2019, 05.04.2019 and 15.04.2019, the Respondent No. 2 in the present Appeal (Company) EMAAR MGF LAND LIMITED VERSUS HADI MOHD TAHER BADRI ORS. 2022 (10) TMI 48 - SUPREME COURT which has been disposed of by the Hon ble Supreme Court on 15.09.2022. The Hon ble Supreme Court in the aforesaid Civil Appeal No. 4433-4435/2019 noticed the submission of the Appellant that in view of the order passed by Hon ble Supreme Court in DR. VIRENDRA SWARUP INSTITUTE OF COMPUTER STUDIES VERSUS HADI MOHD TAHER BADRI ORS. 2019 (3) TMI 1994 - SUPREME COURT , the Company Appeal (AT) (Ins.) No. 107 of 2019 pending in this Tribunal has become infructuous. After perusing both the orders dated 29.03.2019 and 15.09.2022 passed by Hon ble Supreme Court are of the opinion that in view of the order passed on 29.03.2019 this appeal itself has become infructuous. The order initiating the CIRP itself having been set aside by the Hon ble Supreme Court by order dated 29.03.2019, there is no occasion to keep this appeal pending - Appeal dismissed.
Issues:
1. Appeal against order admitting Section 7 application by Adjudicating Authority. 2. Challenge to orders passed by the Tribunal in the present appeal. 3. Infructuous nature of the appeal in light of Supreme Court orders. Issue 1: The appeal was filed against the order dated 24.01.2019 passed by the Adjudicating Authority admitting the Section 7 application filed by the Financial Creditor, an allottee. The Tribunal entertained the appeal and passed interim orders on various dates. Subsequently, the Hon'ble Supreme Court set aside the insolvency proceeding filed by the Respondent No.2, rendering the appeal infructuous. The Respondent No.2 then filed another appeal challenging subsequent orders passed by the Tribunal. Issue 2: After a series of interim orders and appeals, the Hon'ble Supreme Court disposed of the matter on 15.09.2022, noting that the Company Appeal pending in the Tribunal had become infructuous in light of previous orders. The Supreme Court directed the Tribunal to dispose of the application seeking withdrawal of the appeal expeditiously within six weeks. The Tribunal, after considering the submissions and Supreme Court orders, concluded that the appeal had indeed become infructuous as the order initiating the CIRP had been set aside by the Supreme Court. Issue 3: The learned counsel for the Appellant submitted that the appeal had become infructuous following the Supreme Court's order in a related appeal. Both parties agreed that the present appeal had lost its purpose due to the Supreme Court's decision. The Tribunal, after reviewing the orders passed by the Supreme Court, concurred that the appeal had indeed become infructuous and subsequently dismissed the Company Appeal (AT) (Ins.) No. 107 of 2019. In conclusion, the appeal against the order admitting the Section 7 application was rendered infructuous by subsequent orders of the Hon'ble Supreme Court. The Tribunal, after careful consideration, dismissed the appeal as it had lost its relevance and purpose in light of the Supreme Court's decisions.
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