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TMI Blog2020 (9) TMI 793X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 16.12.2019, these Operational Creditors were directed to make their claims before the IRP, which were made by them. Any direction by this Adjudicating Authority to the IRP not to constitute the CoC before disposal of IA No. 177 /2020 as prayed in IA No. 176/2020 will be against judicial propriety and judicial discipline. Hon'ble Supreme Court in the case of UNION OF INDIA VERSUS KAMLAKSHI FINANCE CORPORATION LTD. [ 1991 (9) TMI 72 - SUPREME COURT] have laid this down in unequivocal terms by saying the The principles of judicial discipline require that the orders of the higher appellate authorities should be followed unreservedly by the subordinate authorities.'' This Adjudicating Authority cannot and does not deem it proper to restrain the IRP from constitution of the CoC as per the directions of Hon'ble NCLAT - Application dismissed. - IA Nos. 176, 177, 178 and 179 of 2020 in CP(IB) No. 262/9/HDB/2019 - - - Dated:- 18-2-2020 - K. Anantha Padmanabha Swamy, Member ( J ) And Dr. Binod Kumar Sinha, Member ( T ) For the Appellant : Avinash Desai, TPS Harsha, Naresh Kumar Sangam, V. Pandu Ranga Reddy For the Respondent : Venkata Rami Reddy a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e) In the alternative, appropriate orders/directions be passed to reopen the matter for proper adjudication of CP. No. 774/9/HDB/2019 in the interests of justice. 6. Facts of the present case in brief are as under:- a. That upon Application filed by M/s Sri Chaitanya Chlorides Private Limited, under Section 9 of IB Code, 2016, an order of admission was passed for initiation of CIRP and an IRP was appointed vide order dated 16.12.2019. b. That against the order of admission dated 16.12.2019, an appeal was preferred by Mr. Konda Raghu Rami Reddy vide Company Appeal (AT) (Ins.) No. 41 of 2020, wherein the Hon'ble NCLAT issued an interim order on 09.01.2020 with the following directions: ...........Until further orders, the 'Interim Resolution Professional' will not constitute the 'Committee of Creditors', if not yet constituted. It will be open to the parties to settle the matter failing which the appeal may be disposed of on the merit...... c. That subsequently in their final order dated 13.02.2020, Hon'ble NCLAT held as under: Learned Counsel for the Appellant submits that the Appellant has settled the claim of the sole 'operationa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reme Court in Ess Investments Private Limited Vs. Lokhanadwala Infrastructure Pvt Ltd b) Hon'ble NCLAT in Sunil Tandon Vs Manoj Kumar Anand, IRP c) Hon'ble NCLAT in Gouri Prasa Goenka Vs Surendra Kumar Agarwal iii. Reiterating above, the Applicant prayed to allow the Application as prayed for. 8. That the Applicant in Application bearing IA No. 178 of 2020, inter-alia stated as under: i. That the Applicant has filed a Petition under Section 9 of I B Code, 2016 vide CP(IB) No. 736/9/HDB/2019. The matter has been listed on 21.11.2019, 06.12.2019 18.12.2019 and the Adjudicating Authority . has directed the Applicant/Operational Creditor/Petitioner to file the claim before the IRP vide order dated 18.12.2019 as an order has been passed against the same Corporate Debtor. ii. The Applicant has submitted its claim for an amount of ₹ 1,09,79,579/- (One Crore Nine Lakhs Seventy Nine Thousand Five Hundred and Seventy Nine Only) in Form B under regulation 7 of the IBBI (Insolvency Resolution Process for Corporate persons) Regulations, 2016 on 28.12.2019 to IRP. iii. That the Appeal before Hon'ble NCLAT was withdrawn by the Appellant on 13.02.2020. i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 by the Operational Creditors of the Corporate Debtor including Applicants in IA No. 178/2020 and 179/2020 being considered in this common order. These applications U/s. 9 were considered by this Adjudicating Authority and in view of the initiation of CIRP in the case of the Corporate Debtor and appointment of IRP in CP(IB) No: 262/9/HDB/2019 vide order dated 16.12.2019, these Operational Creditors were directed to make their claims before the IRP, which were made by them. 14. Meanwhile against the said admission order dated 16.12.2019, the suspended Director of Corporate Debtor Mr. Konda Raghu Rami Reddy, preferred an appeal before the Hon'ble NCLAT vide Company Appeal (AT) (Ins.) No. 41 of 2020 wherein certain prayers were made. Vide their interim order dated 09.01.2020, Hon'ble NCLAT stayed the constitution of the CoC but directed the IRP to run the Corporate Debtor as a going concern so that the value of its assets does not get diminished. Since during the hearing of Appeal on 09.01.2020, the Ld. Counsel of the Appellant before the Hon'ble NCLAT also stated that they are intending to settle the matter with the Operational Creditor Sri Chaitanya Chlorides, Hon&# ..... X X X X Extracts X X X X X X X X Extracts X X X X
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