ORDER

(Through Virtual Mode) 13.01.2022: The appeal and contempt application has been heard together since the contempt arises out of the orders passed in the Company Appeal.

2. We may first notice the necessary facts giving rise to Company Appeal (AT) (Ins) No. 322 of 2021. The appeal has been filed against the order dated 22.03.2021 by which order the Adjudicating Authority has vacated the interim order of status quo granted on 06.01.2021. The CIRP process were initiated against the Corporate Debtor Asahi Industries Ltd. by order dated 13.11.2019.

3. The CoC approved the Resolution Plan submitted by M/s Safex Realtors Pvt. Ltd. (R-3 in the appeal) with majority of 82% of voting. The Adjudicating Authority also by order dated 13.11.2020 approved the Resolution Plan.

4. The case of Bank of Baroda is that after approval of Resolution Plan, it came to know that all the members of the CoC being R4-R11 to the appeal who were admitted as members of CoC were all related parties of the Corporate Debtor and they could not be lawfully admitted in CoC. The Appellant Bank has also referred to an order dated 11.02.2014 passed by the Ld. Securities Appellate Tribunal (‘SAT’).

5. In the above context and IA No. 2326 was filed by the Appellant on 11.12.2020 before the Adjudicating Authority praying that the Resolution Plan be sent back to CoC for reconsideration with Appellant as the only Financial Creditor in the said IA on 06.12.2021.

6. In the said IA, notice was issued by the Adjudicating Authority and on 29.12.2020 the matter was directed to be fixed for 04.01.2021. On 06.01.2022, the Adjudicating Authority passed an order directing to maintain the status-quo in relation to RP and not to disburse the amount until any further order. IA was adjourned and on 22.03.2021, the IA came for consideration before the Adjudicating Authority and on this date, request was made on behalf of the Learned Counsel for the Bank of Baroda for adjournment which was not acceded to. The Adjudicating Authority has vacated the status quo order and directed it to be listed on 27.04.2021.

7. Aggrieved by the said order, this appeal has been filed by the Bank of Baroda. In the appeal, this Tribunal issued notice on 19.04.2021 and passed the following interim order:- xx xx xx xx xx “Till next date, Impugned Order dated 22.03.2021 is stayed and in the meanwhile, the Order dated 06th January, 2021 of the Adjudicating Authority directing maintaining of status-quo shall continue.”

8. The impugned order dated 22.03.2021 has been stayed and in the meanwhile, the order dated 06.01.2021 of the Adjudicating Authority directing to maintain the status quo shall continue.

9. Reply was called for, from the Respondent. The contempt petition came to be filed by the Bank of Baroda on 25.05.2021 and hard copy filed on 02.07.2021 praying for initiation of contempt against the Respondents mentioned in the contempt application for violation of order dated 19.04.2021.

10. In the contempt case, the Appellant’s case was that after the order dated 19.04.2021, the contemnors R1-4 with collusion with R 5-13 to violate the order, by issuing E Demand Draft and cheque, withdrawn, several amounts from bank after order dated 19.04.2021 was communicated, details of certain payments received by R6 to R13 has been mentioned by the applicant.

11. This court issued notice on the contempt petition on 11.06.2021. Further, while issuing notice to the Respondents, following was directed in paragraphs 7, 8 and 9:-

“7.

Issue Notice to the Respondents/Contemnors in contempt case (AT)(No. 13 of 2021 to say why the Contempt Case should not be accepted and action for contempt as alleged should not be taken against the Respondents- alleged Contemnors.

Respondents/Contemnors to file Reply-Affidavits within two weeks.

The RP who is Chairperson of the Monitoring Committee has been heard. He is additionally required to collect all the necessary information and put up