Case Note & Summary
The appeal was filed by Aristo Texcon Pvt. Ltd. against an order dated 13.08.2026, concerning the issuance of Form - G in insolvency proceedings. The Appellant argued that the order contravened relevant sections and sub-regulation 4A of Regulation 36A of the Insolvency and Bankruptcy Code, 2016, as it did not direct the issuance of a fresh Form - G after finding it incorrectly issued. The Appellant claimed that an addendum issued on 22.08.2026 provided insufficient time for prospective resolution applicants to submit their expressions of interest (EOI). The Respondent contended that the addendum complied with the order and informed applicants about the charge on the property. The court identified the main issue as whether the addendum violated the regulations and if the authority had the power to issue the impugned order. The court agreed with the authority's conclusion that the addendum addressed the Appellant's grievance and found no merit in the appeal, dismissing it without costs.
Headnote
A) Insolvency Law - Compliance with Regulations - Issuance of Addendum - Insolvency and Bankruptcy Code, 2016, Regulation 36A - The Appellant contended that the issuance of an addendum instead of a fresh Form - G violated the regulations. The court held that the grievance was addressed by the addendum, and no illegality was found in the compliance with the order. (Paras 13-18)
Issue of Consideration
Whether the issuance of an addendum in compliance with the impugned order violated Regulation 36A, specifically sub-regulation (4A), and whether the Learned Adjudicating Authority was empowered to pass the impugned order.
Final Decision
The appeal was dismissed, affirming that the addendum addressed the Appellant's grievance and complied with the relevant regulations. No order as to costs was made.
Law Points
- CIRP regulations
- addendum issuance
- Expression of Interest
- compliance with orders
- charge disclosure
