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TMI Blog2020 (12) TMI 1324X X X X Extracts X X X X X X X X Extracts X X X X ..... tor and the Respondent Nos 2-6. HELD THAT:- It is a matter of record that the CIRP of the Corporate Debtor/ Respondent No. 1, Sona Alloys Pvt. Ltd., admitted on 16.06.2020 vide C.P.(I.B) No. 586/2019. Thereafter, against the Ganga Advisory Pvt. Ltd. (Respondent No. 2) CIRP is initiated by the Adjudicating Authority on 24.01.2019 on filing an application under section 7 of the 1B Code by Pani Logistics and thirdly against Neuromed Imaging Centre Pvt. Ltd., CIRP is initiated on 12.07.2019 by this Adjudicating Authority on filing an application by Mahaveer transport under section 7 of the 1B Code. Evidently, as also matter of record that there are 3 separate orders of admission against the 3 different Companies (Corporate Debtors) havin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inafter referred to as IB Code ) read Rule 11 of the NCLT rules, 2016 with the following prayers: i. Order and direct the substantive consolidation of the Corporate Debtor and the Respondents Nos. 2-6 into a single proceedings solely for the purpose of CIRP in accordance with the provisions of the Code, including but not limited to the acceptance, confirmation and all other actions with respect to the resolution plan for the Corporate Debtor and the Respondent Nos. 2-6 and any and all amendments or modifications thereto, in such consolidated proceedings; ii. Order and direct that solely for the purpose of the consolidated proceedings, all assets and liabilities of the Corporate Debtor and the Respondent Nos 2-6 are consolidated and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Insolvency Resolution Process (hereinafter referred as CIRP ) against the Corporate Debtor which was admitted on 16.06.2020 by this Adjudicating Authority. Mr. Jagdishchandra B. Mistri was appointed as Interim Resolution Professional (hereinafter referred as IRP ). 2.2 With regard to Respondent No.2 (Ganga Advisory Pvt. Ltd.), Pani Logistics being Financial Creditor filed an application under section 7 of the 1B Code, seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred as CIRP ) against the Respondent No. 2 i.e. Ganga Advisory which was admitted on 24.01.2019 by this Adjudicating Authority. Mr. Haresh Babulal Shah was appointed as IRP. Thereafter, in the 9th meeting of the Committee of Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulation, 2016 and in view of want of proper proof, the claim of the Applicant was rejected. Therefore, as on today, admittedly the Applicant is neither the Financial Creditor nor Operational Creditor or fall under the category of any stakeholder in respect to Respondent No. 1. The Applicant is as good as a stranger to the CIRP of Respondent and has no locus standi to file the instant application. 4. It is further submitted by the learned lawyer of the Respondent No. 1 that there is/ are no provision under the 1B Code, 2016, under which an application can be filed seeking consolidation of property of Respondent No. 1 with that of Respondent No. 3-6 into single proceeding for the purpose of CIRP. 5. Heard both sides at length, also seen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d it been group company, there would have been a single order for initiation of CIRP. Since, the companies are holding separate entities and there is separate cause of action and date of default on the part of the Corporate Debtor, the CIRP proceeding has been initiated separately. Moreover, the 1B Code does not provide for any consolidation of the Company when the Companies are holding substantial shares in each other. It is seen that the Applicant has placed on record number of citations and the case laws. There is no dispute with regard to those case laws, however, it varies from case to case as well as factual pararneters. Moreover, the object of 1B Code is resolution and not the liquidation, as such. 10. It is pertinent to note that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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