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 started after the order dated 13.12.2019. In the liquidation, the Liquidator invited claims from the Financial Creditors. The Appellant i.e. ‘Kotak Mahindra Bank Ltd.’ as well as Respondent Nos.2 to 5, other Financial Creditors filed their claim. Liquidator partly admitted the claim of the Appellant. During the Liquidation Proceedings, I.A No. 368 of 2020 was filed by the Respondent No.1- Suspended Director of the Corporate Debtor. On the Application I.A No. 368 of 2020, the Adjudicating Authority passed an ex-parte interim order on 09.09.2020 directing the Liquidator to maintain status quo with regard to distribution of funds to the Respondent Nos.2 to 5 to the application. After the aforesaid ex- parte interim order, the Appellant- ‘Kotak Mahindra Bank Ltd.’ filed an I.A No. 555 of 2020 under Section 60(5) of the Code r/w Rule 49 of the NCLT Rules, 2016 for recall of the order dated 09.09.2020. On 21.10.2020, the Adjudicating Authority issued notice in I.A No. 555 of 2020. I.A No. 368 of 2020 and I.A No. 555 of 2020 were listed before the Adjudicating Authority on several occasions but could not be decided. The Appellant filed Company Appeal (AT) (Ins.) No.21 of 2021 seeking direction to the Adjudicating Authority to dispose of the I.A No. 368 of 2020 and I.A No. 555 of 2020 in a time bound manner which Appeal was disposed of by this Appellate Tribunal by order dated 19.01.2021 requesting the Adjudicating Authority, Chandigarh Bench Comp. App. (AT) (Ins.) No. 575 of 2021 to expedite the process and dispose of the same within three months. The order dated 19.01.2021 of this Tribunal was placed before the Adjudicating Authority which also took note of the order and fixed a date for hearing in February, 2021. Both the Applications I.A No. 368 of 2020 and I.A No. 555 of 2020, in spite of more than eight dates fixed before the Adjudicating Authority, remained pending. The Appellant thereafter filed present Company Appeal (AT) (Ins.) No. 575 of 2021 again seeking for direction to the Adjudicating Authority to decide the Applications I.A No. 368 of 2020 and I.A No. 555 of 2020. This Appeal was initially heard by this Appellate Tribunal and by judgment and order dated 10.08.2021 the Appeal was finally disposed of. 3. The Appellant aggrieved by judgment of this Tribunal dated 10.08.2021, filed an Appeal before the Hon’ble Supreme Court in Civil Appeal No. 6944 of

2021. The Hon’ble Supreme Court after hearing the Appellant took the view that this Appellate Tribunal ought not to have finally disposed of the Appeal and Appellate Tribunal could have kept the Appeal pending, while awaiting compliance from the Adjudicating Authority. The Hon’ble Supreme Court further vide its order dated 26.11.2021 restored the Company Appeal (AT) (Ins.) No. 575 of 2021 for fur