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2018 (7) TMI 1839 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIResolution Applicant challenged - initiation of ‘Corporate Insolvency Resolution Process’ - Held that:- It was not open to the ‘Resolution Professional’ to prepare the third Information Memorandum though it was open to him to bring the fact to the notice of the ‘Committee of Creditors’. However, for such reason, we are not going to declare the third Information Memorandum as bad, as the facts were brought to the notice of the ‘Resolution Applicants’, including the Appellant and the 8th Respondent regarding dues of ‘IHCL’ and ‘Emfar’ which was the reason for preparation of third modified Information Memorandum. It is true that the Adjudicating Authority has jurisdiction to call for further ‘Resolution Plan’ but such order can be passed for the reasons to be recorded and not arbitrary without any reason. In the present case all procedures having followed and in absence of any infirmity, we hold that the Adjudicating Authority had no jurisdiction to give another opportunity to the 8th respondent or even to the Appellant. In view of the discussion as made above, the impugned order dated 7th May, 2018 cannot be upheld and we accordingly set aside the impugned order. The ‘Resolution Plan’ of the Appellant having been approved by the ‘Committee of Creditors’ with 98.05% voting shares and it having been found viable and feasible and as it meets the requirements as referred to in sub-section (2) of Section 30, we direct the Adjudicating Authority to approve the ‘Resolution Plan’ submitted by the Appellant, as approved by the ‘Committee of Creditors’ and pass appropriate order. For such order no further hearing is required to be given except the information to the parties as the matter has been finally decided by this Appellate Tribunal.
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