Important dates and orders in Cosmic CRF case: A detailed study

Important dates and orders in Cosmic CRF case: A detailed study

1. Myotic challenged the CoCs decision, declaring Cosmic is eligible as PRA.

•  March 10, 2025: Myotic filed I.A. No. 1240/ND/2025 before the NCLT, challenging the CoC's decision of March 6, 2025, declaring Cosmic eligible.

2. ED raised questions about RP and CoC constitution.

• March 25, 2025: The Enforcement Directorate (ED) issued a Provisional Attachment Order (PAO), alleging impropriety against the RP and Prudent ARC related to debt acquisition and CoC constitution

3. NCLT dismissed Myotics appeal for New RP and reconstitution of CoC.

• May 28, 2025: The NCLT dismissed I.A. No. 2548/ND/2025 (Myotic's application seeking a new RP, reconstitution of CoC, etc.) on the grounds of lack of locus standi, without hearing the merits

4. NCLT made Myotic ineligible as its consortium partner withdrawn.

• May 29, 2025: The NCLT dismissed I.A. No. 1240/ND/2025 as "not maintainable" on the ground that Myotic lacked locus standi. It found that Myotic's consortium partner had withdrawn, and Myotic alone did not meet the minimum tangible net worth criteria of Rs. 100 crore

5. Myotic Challenged NCLT order in NCLAT but NCLAT confirmed the myotics ineligibility and made CosmicCRF also ineligible. In this judgement NCLAT raised questions regarding procedural lapses by RP and CoC. NCLAT also order to set aside the NCLT judgement and directed CIRP to proceed from the beginning by issuing a fresh form "G"

• July 25, 2025: The NCLAT delivered a combined order for Company Appeal (AT) (Insolvency) No. 859 of 2025 and Company Appeal (AT) (Insolvency) No. 877 of 2025 (filed by Myotic):

    ◦ Company Appeal (AT) (Insolvency) No. 859 of 2025 was partly allowed: The NCLAT confirmed Myotic's ineligibility and lack of locus. "However, it held Cosmic also ineligible under Section 29A of the IBC, setting aside the NCLT's impugned order to that extent. The NCLAT found that the CoC had improperly relied on a Senior Advocate's opinion to declare Cosmic eligible, despite earlier expert reports consistently finding Cosmic ineligible." The NCLAT directed the CIRP to now proceed from the stage of issuing a fresh Form 'G'

6. NCLAT order challenged by COsmic CRF in the Supreme Court. The supreme court has disposed the application by permitting (bar of review should not come) NCLAT to consider the CosmicCRF representation on the eligibility of CosmicCRF.

• August 4, 2025: The Supreme Court heard Civil Appeal No. 9900/2025 (Cosmic vs. Myotic & Ors.) concerning the NCLAT's July 25, 2025, order. The Supreme Court disposed of the appeal, directing Cosmic to present any factual errors in paragraphs 105 and 106 of the NCLAT's order directly to the NCLAT. The SC clarified that the "bar of review should not come in the way of the NCLAT" in addressing these factual points, effectively remanding the factual review of Cosmic's eligibility back to the NCLAT.

7. NCLAT admitted the case, hearings for orders completed on 25th august. Myotic accepted their ineligibility but Myotic seeking to restore IA/2548 means to Cancel the RP and reconstitute the CoC.

• August 25, 2025: Myotic Trading Pvt Ltd filed a "New Restoration Application /71/ND/2025" before the NCLT to record the NCLAT's July 25, 2025 judgment and restore IA/2548/ND/2025. Myotic also appears to have accepted the NCLAT's finding regarding its own ineligibility and has decided not to participate further in the CIRP.

8. NCLAT's cause list of 02.09.25, this case is listing for orders...

Now the verdict will comes in favor of cosmic CRF or not??? Please comment!