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TMI Blog2021 (6) TMI 1074X X X X Extracts X X X X X X X X Extracts X X X X ..... stood suspended preferred an Appeal before the Hon'ble NCLAT in Company Appeal (AT) (Ins) No. 290 of 2017 and the Hon'ble NCLAT vide its order dated 16.07.2018 has set aside the CIRP order passed by this Tribunal. 3. Thereafter, the Operational Creditor has preferred an Appeal before the Hon'ble Supreme Court in Civil Appeal No.187 of 2019 wherein the Hon'ble Apex Court vide its order dated 03.03.2021 has set aside the order of the Hon'ble NCLAT and upheld the order of admission passed by this Tribunal. 4. Immediately after the CIRP order was restored by the Hon'ble Supreme Court on 03.03.2021, the RP moved MA/6/2021 before this Tribunal stating that the Directors of the Corporate Debtor whose powers stood suspended were not co-operating with the RP inspite of repeated emails being sent to them. This Tribunal vide order dated 15.03.2021 granted opportunity to the Respondent to file counter in relation to the same. Subsequently when the matter came up for hearing on 22.03.2021, the Learned Senior Counsel for the Respondent submitted that the Directors of the Corporate Debtor whose powers stood suspended have filed Miscellaneous Application No. 480 of 2021 before the Hon'ble Supre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of MA/6/2021 stating inter alia that after the direction issued by this Tribunal on 30.03.2021, the RP is seeking to constitute a revised CoC consisting of only Operational Creditors in view of the fact that the original Financial Creditors who constituted the CoC had given letters of withdrawal. Taking into consideration the said representation made by the Learned Counsel for the parties, this Tribunal has passed the following order; "Learned Senior Counsel for Applicant, Mr. Arvindh Pandian and Learned Counsel for Respondent / RP Mr. R. Subramanian are present through video conferencing platform. This is an Application seeking for urgent listing of MA/6/2021 in CP/597/(IB/2017 and that the same is to be heard today and not being in the urgent list as is given in the cause list today. It is brought to the notice of this Tribunal by way of an averment in the Application along with the documents filed therewith that the Respondent / Resolution Professional is seeking for constituting a revised Committee of Creditors consisting of only Operational Creditors in view of the fact that the original Financial Creditors who constituted the CoC had given letters of withdrawal and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion was passed by this Tribunal, initiating the CIRP and place the draft of Application prepared under 12A of IBC, if any, along with Form FA or at the least Form FA as lodged with the IRP / RP, before the CoC to be called and convened, as directed above and hold a meeting of the CoC and report to this Tribunal about the decision of the Members of the CoC as constituted in the year 2017. The CoC constituted presently by the IRP / RP in derogation of the order passed by this Tribunal shall stand suspended and shall not exercise any of the powers as provided under the provisions of IBC, 2016. Let the IRP / RP comply with the above directions within a period of ten days from today and report to this Tribunal about the outcome of the CoC meeting, as required to be called and convened. Post the matter on 03.05.2021 under the caption 'urgent listing' along with other connected Applications. 9. Aggrieved by the above order passed by this Tribunal on 22.04.2021, the Director of the Corporate Debtor whose powers stood suspended has filed an Appeal before the Chennai Bench of Hon'ble NCLAT in Company Appeal (AT)(CH)(Ins) No. 48 of 2021, which came to be dismissed vide its order dated 30 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the part of the Applicant an objection is being taken to the inclusion of M/s. KGEYES Residency P Ltd., and it is stated that an Application is also pending before this Tribunal filed in the year 2017 itself, however, this Tribunal is of the view that the Applicant cannot have a locus to challenge about the constitution of the CoC as it prevailed in the year 2017 - 2018 prior to the Hon'ble NCLAT's Order. Thus, an opportunity is given to the Resolution Professional to duly convene a meeting of the CoC having been constituted with Members, who were part of the CoC prior to the Order of Hon'ble NCLAT passed on 16.07.2016 as pointed out in the report by the RP filed on 03.05.2021 within a period of one week from today and report to this Tribunal about the outcome of the decision of the CoC within a period of one week thereafter, from the date of CoC meeting in this regard. Post this matter on 27.05.2021. 12. However, due to Covid-19 pandemic, the matter could not be heard on 27.05.2021 and was taken up for hearing on 02.06.2021. The RP has filed the minutes of the CoC meeting held on 25.05.2021 and a perusal of the said minutes posits the fact that CoC (as on 16.07.2018) has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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