The Stressed Assets Stabilization Fund (SASF), a financial creditor, initiated Corporate Insolvency Resolution Proceedings (CIRP) under Section 7 of the IBC against Respondent No.2 (the Corporate Debtor) due to a default on loans amounting to over Rs. 154 crores. Respondent No.2 resisted, citing a pending Scheme of Arrangement (SOA) under the Companies Act, 1956, before the Punjab and Haryana High Court. The Adjudicating Authority (Company Law Tribunal) initiated CIRP and appointed an Interim Resolution Professional (IRP). However, the Company Law Appellate Tribunal (NCLAT) stayed the CIRP application, keeping it in abeyance until the High Court proceedings were resolved. The appellant, Omkara Assets Reconstruction Private Limited (successor to SASF), challenged this

The Stressed Assets Stabilization Fund (SASF), a financial creditor, initiated Corporate Insolvency Resolution Proceedings (CIRP) under Section 7 of the IBC against Respondent No.2 (the Corporate Debtor) due to a default on loans amounting to over Rs. 154 crores. Respondent No.2 resisted, citing a pending Scheme of Arrangement (SOA) under the Companies Act, 1956, before the Punjab and Haryana High Court. The Adjudicating Authority (Company Law Tribunal) initiated CIRP and appointed an Interim Resolution Professional (IRP). However, the Company Law Appellate Tribunal (NCLAT) stayed the CIRP application, keeping it in abeyance until the High Court proceedings were resolved. The appellant, Omkara Assets Reconstruction Private Limited (successor to SASF), challenged this