ORDER

1. The present application is filed by Mr. Vidyasagar Parchuri, Applicant, the suspended director of M/s. Vibha Agro Tech Limited 2, Corporate Debtor under section 60(5) of Insolvency and Bankruptcy Code, Code, 2016 r/w Rule.11 of NCLT Rules, 2016, against the Respondents, inter alia, seeking for the following relief:

To reject IA (IBC) (Liq.) 01/2026 seeking liquidation of Corporate Debtor and direct the Resolution Professional to reconvene a meeting of the Committee of Creditors to examine the possibility of compromise or arrangement under Section 230 of the Companies Act, 2013 as mandated under Regulation 39BA of the IBBI (CIRP) Regulations, 2016.

Case of the Applicant:

2. It is submitted that upon an application filed by State Bank of India under Section 7 of the IBC, this Tribunal vide Order dated 05.06.2023 admitted the Corporate Debtor into Corporate Insolvency Resolution Process(CIRP) and appointed Shri Ram Ratan Kanoongo as Interim Resolution Professional, and thereafter, vide Order dated 22.12.2023, appointed Mr. Madasa Kumar, Respondent No.1 as Resolution Professional.

3. It is further submitted that, in view of the non-compliance with Regulation 6 of the IBBI (Insolven