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TMI Blog2022 (7) TMI 427X X X X Extracts X X X X X X X X Extracts X X X X ..... and proceed further in CIRP. He cannot sit idly for years together controlling the affairs of the Corporate Debtor. In our considered opinion, IRP misread some orders of the Hon'ble NCLAT. The IRP are directed to proceed with the CIRP as per sections 18 to 21 of the IBC, 2016 and constitute CoC forthwith - application allowed. - IA 374(AHM)2022, IA/413(AHM)2022 in IA/374(AHM)2022, and IA/474/(AHM)2022 in IA/374(AHM)2022 in CP(IB) 759 of 2019 - - - Dated:- 29-6-2022 - M.B. Gosavi, Member (J) And Kaushalendra Kumar Singh, Member (T) For Appearing Parties: Saurabh Soparkar, Navin Pahwa, Ld. Sr. Advs., Jay Kansar, Jaimin Dave, Gargi Vyas, Nancy Soni, Raheel S. Patel and Arjun Sheth, Ld. Advs. ORDER 1. IA/374(AHM)2022 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor. The Hon'ble NCLAT directed both of them to approach this Adjudicating Authority to record the settlement. While doing so, the Hon'ble NCLAT directed IRP not to constitute the CoC for one week and further directed this Adjudicating Authority to take care of the interests of all stakeholders while considering the withdrawal of the CIRP. 4. Accordingly, the shareholder of the Corporate Debtor-M/s. Sintex Plastics Technology Pvt. Ltd. filed an application before this Adjudicating Authority, bearing IA No. 18(AHM)/2021 to record the settlement and set aside the CIRP of the Corporate Debtor. 5. That application was vehemently opposed by other stakeholders and more particularly one of the Financial Creditors of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication and again admitted the Corporate Debtor in CIRP. 8. That order is challenged in appeal by one of the Directors of the Corporate Debtor, bearing Appeal (AT)(Ins) No. 577 of 2021. The Hon'ble NCLAT admitted the appeal for hearing and passed the order stating that:- ....the Appeal is admitted for hearing. We are of the view that against one Corporate Debtor two simultaneous CIRP cannot be permitted to go on, as CA (AT) (Ins) No. 475 of 2021 vide order dated 12.07.2021, this Tribunal has ordered that the IRP will continue to be management and CIRP in CP(IB) No. 759/AHM/2019 shall continue during pendency of this Appeal. In such situation, we stay the impugned order till next date of hearing..... . 9. Above facts are admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... through the same. 12. Learned Senior Counsel Mr. Navin Pahwa for the Financial Creditor submitted that on 13.04.2022 his client wrote a letter to the IRP requesting him to constitute the CoC and call for the meeting. On 14.04.2022 the IRP turned down this request quoting the order of the Hon'ble NCLAT stating that the Hon'ble NCLAT had directed to maintain the status quo as on 28.06.2021. Learned Senior Counsel further submitted that, in fact, the IRP misread the order of the Hon'ble NCLAT. It is true that in earlier, the Hon'ble NCLAT had directed not to constitute CoC but that order later on varied by the Hon'ble NCLAT on 24.08.2021. 13. Learned Senior Counsel Mr. Saurabh Soparkar submitted that IRP is bound to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement. The CIRP in CP(IB) 759(AHM)2019 shall continue during pendency of this Appeal or further orders in this regard by this Tribunal whichever is earlier.. 17. It is also to be noted that as to what order the Hon'ble NCLAT had passed prior to 29.06.2021. That order is dated 04.01.2021 whereby Hon'ble NCLAT directed that:- ....to enable the Appellant to seek such exit, we direct that CoC shall not be constituted for one week from today.... . It is not in dispute that this order is extended by this Adjudicating Authority from time to time pending hearing of IA No. 18 of 2021 which was disposed on 29.06.2021... . 18. While passing the order dated 12.07.2021, the Hon'ble NCLAT made it clear that CIRP in CP( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o on, as CA(AT)(Ins) No. 475 of 2021 vide order dated 12.07.2021 this Tribunal has ordered that the IRP will continue to be in management and CIRP in CP(IB) No. 759/AHM/2019 shall continue during pendency of this Appeal.. . Even in this order also, the Hon'ble NCLAT took note of the fact that IRP to continue in the management of the Corporate Debtor and CIRP to be proceeded with. The order not to constitute the CoC was not extended after 24.08.2021 by the Hon'ble NCLAT and we have to take that order for our consideration. 20. The IRP is directed to proceed with CIRP. Obviously, the IRP has to take further proceeding in CIRP as per sections 18 to 21 of the IBC, 2016. He has to constitute CoC and proceed further in CIRP. He can ..... X X X X Extracts X X X X X X X X Extracts X X X X
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