J U D G M E N T

(Hybrid Mode)

[Per: Arun Baroka, Member (Technical)]

1.The captioned Appeal is filed by the Appellant under Section 61 of the Insolvency and Bankruptcy Code, 2016 impugning the order dated 21.02.2024 passed by the Hon'ble National Company Law Tribunal, Mumbai ("Hon'ble Adjudicating Authority") allowing IA No.2471 of 2021 filed by Respondent No.4- the Resolution Professional of the Corporate Debtor and IA No. 924 of 2021 preferred by Respondent No.1- Bank of India, and further dismissing an IA bearing No.41/2024 preferred by the Appellant seeking that the aforesaid Applications preferred by the Respondent Nos. I and 4 be stayed.

Brief facts of the case

2. Company Petition (IB) No. 3962/2018 was filed by Bank of Baroda- Respondent No. 2 against the Corporate Debtor-Chamber Constructions Private Limited under Section 7 of the Code. The CIRP order against the Corporate Debtor was admitted on 16.07.2019.

3. It is brought to our notice that RNA Corp is the holding Company- principal borrower and is also the corporate guarantor of the Corporate Debtor-Chamber Constructions Private Limited.

4. The claim of R1-Bank of India filed [Rs. 81,58,50,645.75/-] in the CIRP of the Corporate Debtor for corporate guarantee furnished by the Corporate Debtor for the loan advanced to one RNA Corp Pvt. Ltd. (RNA Corp) was admitted by R-4-RP. The R-4-RP preferred an application being IA No. 2471 of 2020 on 19.09.2020 before the Hon'ble NCLT seeking initiation of Liquidation of the Corporate Debtor. Bank of India – Respondent No.1 filed a Company Petition (IB) No. 909/2019 under Section 7 of the Code against the principal borrower namely RNA Corp for the same claim as was against the Corporate Debtor. The principal borrower – RNA Corp, the corporate guarantor was also admitted into CIRP vide dated 26.11.2019 under Section 7 of the Code.

5. Also to be noted that Respondent Nos. 2 and 3 are the other financial creditors of the Corporate Debtor such that Respondent Nos. 1, 2, and 3 constitute 68.79%, 25.02%, and 6.19% of the committee of creditors.

6. The Applicant Mr. Gokul Aggarwal is one of the promoters and member of the Suspended Board of Director of principal borrower – RNA Corp and filed an appeal before this Hon’ble Tribunal vide CA (AT)(Ins.) No. 1504/2019 against the order of admission against the principal borrower – RNA Corp. This Tribunal had dismissed the appeal on 07.02.2020. The applicant preferred a Review Application No. 15/2020 before this Tribunal, and that was also dismissed on 07.12.2020.

7. The Appellant had also filed a Civil Appeal No. 827-828/2021 before the Hon’ble Supreme Court challenging the two orders dated 07.02.2020 and 07.12.2020 passed by this Tribunal on the grounds that Respondent No.1 had already filed the claim for the same debt in the CIRP of the Corporate Debtor and therefore the CIRP of RNA Corp for that very same debt was not maintainable. The Hon’ble Supreme Court had taken cognizance of the said contention and accordingly passed the order dated 12.04.2021 declaring the status quo thereby staying the CIRP of RNA Corp. The relevant extracts of the order of Hon’ble Supreme Court is as follows:

“Issue notice.

Counter affidavit, if any, be filed in the meanwhile.

In the meanwhile, status quo, as it exists today, shall be

maintained by the parties.

Tag along with C.A. No.878/2019.

List on 01.07.2021.”

Thus, the Appellant filed an application being IA No. 41/2024 seeking that IA Nos. 2471/2020 and 924/2021 preferred by Respondent No. 4 – RP and Respondent No. 1 – Bank of India be kept in abeyance during the pendency of the applications before the Hon’ble Supreme Court. These applications were listed before NCLT on 04.01.2024. Appellant claims that on account of personal difficulty, the counsel for the appellant could not remain present. However, the NCLT reserved all the applications for orders and passed the impugned orders on these applications on 21.02.2024. The orders in various applications are as noted below in a