ORDER

(Hybrid Mode)

Per: Justice Rakesh Kumar Jain (Oral)

16.05.2024:

This order shall dispose of two appeals bearing CA (AT) (Ins) No. 478 of 2023 (herein after referred to as the first appeal) and CA (AT) (Ins) No. 711 of 2023 (herein after referred to as the second appeal), filed against the order passed by the National Company Law Tribunal, Mumbai Bench in CP (IB) No. 1089/MB- IV/2022 dated 30.03.2023 and CP (IB) No. 439(MB)/2022 dated 10.04.2023.

2. In so far as the first appeal is concerned, it is filed by the Suspended Director of Ashapura Options Pvt. Ltd. (Corporate Debtor) to challenge the admission of an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short ‘Code’) by Omkara Asset Reconstruction Company Ltd. (Financial Creditor) for the resolution of an amount of Rs. 65,30,77,490/-.

3. While admitting the petition filed by the Omkara Asset Reconstruction Company Ltd. (Financial Creditor), the Tribunal declared moratorium and appointed Mr. Bijendra Kumar Jha, as the IRP. The first appeal was filed on 15.04.2023 which came up for preliminary hearing on 18.04.2023 in which the following order was passed.

“Learned counsel for the Appellant conte