The Stressed Assets Stabilization Fund (predecessor of the Appellant, Omkara Assets Reconstruction Private Limited) initiated Corporate Insolvency Resolution Proceedings (CIRP) against Respondent No.2 (the Corporate Debtor) before the Company Law Tribunal for the recovery of a substantial debt. Respondent No.2 resisted the CIRP, citing pending proceedings related to a Scheme of Arrangement (SOA) under Sections 391-394 of the Companies Act, 1956, before the Punjab and Haryana High Court. While the Adjudicating Authority initiated CIRP, the Company Law Appellate Tribunal subsequently kept the CIRP application in abeyance, pending the High Court's disposal of the SOA proceedings. The present appeal was filed before the Supreme Court, which had issued an interim order

The Stressed Assets Stabilization Fund (predecessor of the Appellant, Omkara Assets Reconstruction Private Limited) initiated Corporate Insolvency Resolution Proceedings (CIRP) against Respondent No.2 (the Corporate Debtor) before the Company Law Tribunal for the recovery of a substantial debt. Respondent No.2 resisted the CIRP, citing pending proceedings related to a Scheme of Arrangement (SOA) under Sections 391-394 of the Companies Act, 1956, before the Punjab and Haryana High Court. While the Adjudicating Authority initiated CIRP, the Company Law Appellate Tribunal subsequently kept the CIRP application in abeyance, pending the High Court's disposal of the SOA proceedings. The present appeal was filed before the Supreme Court, which had issued an interim order