Case Note & Summary
The case involved an appeal concerning the order of admission of a Section 9 application under the Insolvency and Bankruptcy Code, 2016. The appellant, Mayurkumar Vishnubhai Patel, a suspended director of Global Medicines Limited, challenged the order related to the Corporate Insolvency Resolution Process (CIRP). On 13.01.2026, the Tribunal had issued an interim order stating that the CIRP would abide by the outcome of the appeal. During the proceedings, the appellant informed the Tribunal through I.A. No. 6474 of 2026 that the Committee of Creditors (CoC) had approved a resolution plan, which was pending approval from the Adjudicating Authority. The Tribunal clarified that the approval of the plan was not part of the appeal and thus rejected the stay application regarding the approval process. The counsel for both parties indicated that the appeal would be listed for orders on 05.10.2026, and they assured the Tribunal of their cooperation to expedite the proceedings. The Tribunal scheduled the next hearing for further orders.
Headnote
A) Corporate Law - Corporate Insolvency Resolution Process - Stay on Approval Process - Insolvency and Bankruptcy Code, 2016, Section 9 - The Tribunal rejected the appellant's request for a stay on the approval process of the resolution plan as it was not part of the appeal. The interim order directing that the Corporate Insolvency Resolution Process (CIRP) shall abide by the result of the appeal was still in effect, but the approval of the plan was not under consideration in the appeal. Held that the stay could not be granted (Paras 2-2).
Issue of Consideration
Whether the appellant can be granted a stay regarding the process of approval of the resolution plan by the Committee of Creditors (CoC).
Final Decision
The Tribunal rejected the stay application regarding the approval process of the resolution plan, stating it was not part of the appeal and that the interim order was still in effect.
Law Points
- Corporate Insolvency Resolution Process
- Interim Orders
- Approval of Resolution Plans
