JUDGEMENT

(04^th April, 2022) Ashok Bhushan, J. 1. This Appeal has been filed by ‘Kotak Mahindra Bank Limited’, a Financial Creditor of Corporate Debtor- ‘Oswal Spinning & Weaving Mills Limited’ seeking direction to the Adjudicating Authority to adjudicate and dispose of the Applications I.A No. 368 of 2020 and I.A No. 555 of 2020. We need to notice certain facts and events prior to filing of the Appeal and subsequent to the filing of the Appeal which are necessary to be noticed for deciding this Appeal.

2. The Corporate Insolvency Resolution Process (CIRP) was initiated by order dated 30.10.2018 passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, in CP (IB) No.

136/Chd/Pb/2017. No Resolution Plan could be obtained. An Application Comp. App. (AT) (Ins.) No. 575 of 2021 under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (“Code” for short) was filed by the Resolution Professional praying for an order of liquidation. The Adjudicating Authority vide its order dated 13.12.2019 allowed the Application of the Resolution Professional and directed for liquidation of the Corporate Debtor. The liquidation process sta