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2024 (2) TMI 203 - AT - Insolvency and BankruptcySeeking refund of money paid in excess inadvertently to the Corporate Debtor - related parties - HELD THAT - By the Impugned Order applications have not been finally decided and direction has been issued to list it before the Regular Bench. The Appellant who claims not to be promoter/key managerial personnel submits that they are not affected by the earlier directions as referred to in the Impugned Order. The said issue is to be considered by the Adjudicating Authority before passing a final order on the said application. Thus, no purpose shall be served in keeping these Appeals pending here. Both the appeals are disposed of directing the Adjudicating Authority to dispose of I.A. No. 4951 of 2023 and I.A. No. 3234 of 2023 in accordance with law.
Issues:
The judgment involves the interpretation of an order passed by the Adjudicating Authority regarding two applications filed by related parties seeking refund of money paid in excess to the Corporate Debtor. Interpretation of Order for Applications: The Adjudicating Authority directed the applications to be listed before the Regular Bench due to pending avoidance applications against the related parties, holding that claims due to related parties would be settled after adjudication in the avoidance application. Contentions of Appellant and Resolution Professional: The Appellant argued that they are not promoters/key managerial personnel, so the earlier order regarding promoters is not applicable to them. On the other hand, the Resolution Professional contended that the Appellants are related parties to the Corporate Debtor, justifying the direction to list the applications before the Regular Bench. Decision and Disposal of Appeals: The Tribunal found no purpose in keeping the Appeals pending and directed the Adjudicating Authority to dispose of the applications in accordance with the law. The Tribunal clarified that it did not express any opinion on the merits or contentions of either party. The Appeals were disposed of accordingly.
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