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TMI Blog2024 (3) TMI 1334X X X X Extracts X X X X X X X X Extracts X X X X ..... EW DELHI - LB - AT - Dated:- 1-3-2024 - Company Appeal (AT) (Ins. ) No. 333 of 2024 Company Appeal (AT) (Ins. ) No. 334 of 2024 - - - Insolvency & Bankruptcy - Seeking for substitution of Resolution Applicant with another entity, which has been rejected by the Adjudicating Authority - Asset Reconstruction Companies - Resolution Applicant or not - HELD THAT:- The present Appeal has been filed agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplications and decide the same in accordance with law. Appeal dismissed. - [ Justice Ashok Bhushan ] Chairperson , [ Barun Mitra ] Member ( Technical ) And [ Indevar Pandey ] Member ( Technical ) For the Appellants : Mr. Krishnendu Datta, Sr. Advocate with Ms. Sanjukta Roy, Mr. Rajat Sinha , Advocates For the Respondent : Ms. Misha, Ms. Charu Bansal and Ms. Mehak Nayak , Advocates ORDER ( Hybri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eved certain net worth which the present Appellant has not. Reserved Bank of India has also issued show cause notice against the Appellant which matter has been taken before the Hon ble Delhi High Court which is pending consideration. Learned counsel for the Appellant submits that the Appellant cannot be Resolution Applicant in view of the clouds on the eligibility of the Appellant, hence, he has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order by which application filed by the Appellant has been rejected and we fully agree with the reasons given by the Adjudicating Authority for rejecting the application filed by the Appellant for substituting another Resolution Applicant in place of the Appellant. When plan of the Appellant as Resolution Applicant was approved, the Adjudicating Authority rightly refused to substitute another ..... X X X X Extracts X X X X X X X X Extracts X X X X
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