The key facts are as follows: A CIRP was initiated against the Corporate Debtor vide order dated 21.10.2021 in CP(IB) No.369/KB/2020. Subsequently, Members of the Suspended Board filed an appeal before the NCLAT against the admission order. The NCLAT stayed the constitution of the Committee of Creditors but allowed the IRP to continue in possession. The present case, C.P. (IB)/279(KB)2021, was then dismissed as infructuous, with liberty granted to the Financial Creditor to raise its claim with the IRP and to file appropriate applications for revival company petition depending on the decision of the Hon'ble NCLAT regarding admission. The relevance of these facts lies in the procedural impact of the NCLAT's stay order on the ongoing CIRP.

The key facts are as follows: A CIRP was initiated against the Corporate Debtor vide order dated 21.10.2021 in CP(IB) No.369/KB/2020. Subsequently, Members of the Suspended Board filed an appeal before the NCLAT against the admission order. The NCLAT stayed the constitution of the Committee of Creditors but allowed the IRP to continue in possession. The present case, C.P. (IB)/279(KB)2021, was then dismissed as infructuous, with liberty granted to the Financial Creditor to raise its claim with the IRP and to file appropriate applications for revival company petition depending on the decision of the Hon'ble NCLAT regarding admission. The relevance of these facts lies in the procedural impact of the NCLAT's stay order on the ongoing CIRP.