JUDGMENT :

Lisa Gill, J.

1. CWP Nos. 19562 of 2022 and 8750 of 2023 filed by the same petitioners were taken up together for hearing and adjudication at request and with consent of learned counsel for parties.

2. Prayer in CWP-19562 of 2022 reads as under:-

'Civil Writ Petition seeking directions that the respondent No. 1 (NCLT), prior to considering/deciding the IA No. 914 of 2020 i.e. application filed for approving the Resolution Plan filed by the respondent No. 2 and pending before the Respondent No. 1 for 02.09.2022, take up and decide:

i. IA Nos. 266/2020, 462/2020 & 466/2020, (Annexure P-4,5,6 filed in July, 2020) seeking removal of the Respondent No. 2 as a Resolution professional, for which liberty was granted to the petitioner to take appropriate steps, once the IBBI decides his complaint made against the respondent-RP in terms of the order dated 27.07.2021 is Annexure P-7.

ii. And IA 892/2022 (Annexure P-18)seeking decision of IA Nos. 266/2020, 462/2020 & 466/2020, (and consequently the said IAs also) disposed of in terms of the order dated 27.07.2021 (Annexure P- 7), filed by the petitioner and pending before the Respondent No. 1 for 2.9.22.

iii. And IA 890/2-22 (Annexure P-20) to provide documents and other information to enable the applicant to file objections to the Resolution plan so submitted by the Respondent No.2 and pending adjudication for 02.09.2022.

iv. And MA 4/ 2022 in IA 914 of 2020 (Annexure P-21), seeking disqualification of the proposed Resolution applicant, filed by the petitioner and pending before the Respondent No. 1 for 2.9.22.

v. And IA 366/2020 titled Nipan Bansal v. Vipin Kumar (u/s 66,67 of the IBC) (Annexure P-22) seeking action against the petitioner for alleged fraudulent transactions, filed by the respondent No. 2 and pending before the Respondent No. 1 for 2.9.22, to avoid fraud/ Income Leakage of Rs.7.94 crore to public money/ secured lenders/ public sector banks.'

3. Both writ petitions have been filed by the suspended Director of M/s KSM Yarns Limited, a Company which was admittedly in the midst of Corporate Insolvency Resolution Process (for short - 'CIRP') under provisions of the Insolvency and Bankruptcy Code, 2016 (for short - 'IBC'). It is pleaded that abovesaid Company which was under financial distress was admitted to CIRP in terms of order dated 17.12.2019 passed by learned National Company Law Tribunal, Chandigarh (for short - 'NCLT'). Respondent No. 2 namely Nipan Bansal took over as Interim Resolution Professional/Resolution Professional (for short - 'IRP/RP') on 20.12.2019. Various averments/allegations of malafides, misrepresentations and fraud are raised in the writ petition in respect to conduct of RP. It is stated that respondent No. 2 was never validly appointed as RP because he could not secure the requisite 66% votes. Various applications, as are detailed in the foregoing paras, were filed by petitioners which were initially disposed of by learned NCLT on 27.07.2021 while observing that Resolution Plan stood approved by the Committee of Creditors (for short - 'CoC') and application under Section 30(6) read with Section 31 of IBC, 2016 which stood filed was pending before the adjudicating authority, therefore, role of RP had almost come to an end with no further action required to be taken by him except in the event of rejection of Resolution Plan by the adjudicating authority. It is further observed that allegations of malafide etc. were yet to be adjudicated by IBBI and as the matter was still pending before IBBI, it was not inclined to adjudicate or render any findings on the applications. Applications were, accordingly, disposed of with liberty to present petitioners to take appropriate steps once IBBI decided the complaint filed by suspended Director against the RP.

4. Pursuant to complaint filed by suspended Director under Section 217 of IBC, show cause notice was issued to the RP by IBBI alleging contravention of Section 22(2), Section 208 (2)(a), 208 (2) (e) IBC, Reg