# In the matter of Punjab National Bank Vs. Kiran Shah IRP of ORG Informatics Ltd. CA(AT)(Insolvency) No. 817-2019

> NCLAT judgment dated 13 Aug 2019. Citation: TCN-2019-NCLAT-00359. The appeal was filed by Punjab National Bank, a member of the Committee of Creditors (CoC),…

- **Court:** NCLAT
- **Order date:** 13 Aug 2019
- **Citation:** TCN-2019-NCLAT-00359
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ts-party-punjab-national-bank-vs-ts-party-kiran-shah-08bacda2

## Summary

### Background

The appeal was filed by Punjab National Bank, a member of the Committee of Creditors (CoC), against an order passed by the Adjudicating Authority (NCLT, Ahmedabad Bench) concerning the Corporate Insolvency Resolution Process (CIRP) of ORG Informatics Limited. The NCLT had dismissed the CoC's application to remove the Resolution Professional (RP) and noted the expiry of the CIRP period without a resolution plan or liquidation application.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for ORG Informatics Limited commenced with the admission of a petition under section 9 of the Insolvency and Bankruptcy Code on November 27, 2018. The initial 180-day period for the CIRP expired on May 27, 2019. As of July 18, 2019, 234 days had passed, leaving only 36 days of the extended period, yet the Committee of Creditors (CoC) had not taken steps to file an application under Section 31 or 33(1) and 33(2) of the IB Code.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in not considering the NCLAT's previous order dated August…

**Ratio:** The Adjudicating Authority's order, passed before a relevant Appellate Tribunal decision,…

**Reasoning:** The NCLAT noted that the impugned order was passed prior to its own order of August 6,…

**Interpretation:** The NCLAT interpreted its role as providing guidance to the Adjudicating…

**Application:** The NCLAT remitted the matter to the Adjudicating Authority to pass a fresh…

## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Punjab National…
- **Respondents:** Kiran…
- **Other parties:** ORG Informatics…; Edelweiss Asset…; +5 more
- **Advocates:** Shivanshu…; Vikky…

## Timeline

- **November 27, 2018 — Petition Ad…**: Petition under section 9 of the IB Code was admitted, initiating the Corporate Insolvency…
- **April 18, 2019 — CoC Application to…**: The Committee of Creditors preferred an application under Section 22 of the Insolvency…

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