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2024 (1) TMI 585 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAIApproval of the Resolution Plan - Difference between resolution plan value and liquidation value - locus standi of appellant to challenge the Order of the approval of the Resolution Plan - Appellant is the suspended Director whose locus ends once the affairs of the Corporate Debtor are handed over to the IRP - HELD THAT:- It is seen from the record that Federal Bank had transferred its debt to Edelweiss but did not chose to file any Claim pursuant to the public announcement in Form A in accordance with Regulation 6 of CIRP Regulations, 2016. Having not exercised its right in the form of filing a Claim, the Appellant cannot have any grievance that Edelweiss was not included in the CoC. It is pertinent to mention that the Appellant / Promotor did not raise any objections regarding the constitution of the CoC, having had the Notice and the opportunity to do so as he had the locus to attend the CoC meetings. The only reason given by the Learned Counsel for the Appellant for not raising the objection regarding the constitution of CoC at the appropriate time is that the Appellant was unwell. This cannot be a substantial ground as it is an admitted fact that the Appellant had sufficient opportunities to attend the meetings and raise his grievances. The Hon’ble Supreme Court in a catena of Judgements, most recent being Kalparaj Dharamshi & Anr. vs. Kotak Investment Advisors Ltd. & Anr [2021 (3) TMI 496 - SUPREME COURT] has observed that the commercial wisdom of CoC must be adhered to unless the Adjudicating Authority is not satisfied that the requirement of sub-section (2) of Section 30 of the Code has been complied with. In the instant case, the approval of the Resolution Plan below the Liquidation value is within the commercial wisdom of the CoC as the Code does not expressly bar that the Resolution Plan value should be over and above the Liquidation value. Hence, there is no material irregularity. As regarding the contention of the Learned Counsel for the Appellant that the Operational Creditor Kerala Ayurvedic Limited was getting an amount lower than the Liquidation value and hence the Plan is discriminatory is untenable, keeping in view that the very same Operational Creditor had voluntarily agreed to accept an amount lower than the Liquidation value. ‘Locus’ of the Appellant challenging the approval of the Resolution Plan - HELD THAT:- It has been held in ‘Ravi Shankar Vedam vs. Tiffins Barytes Asbestos and Paints Limited and Others’ [2023 (6) TMI 1250 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAI] that the Promoter / Shareholder of the Corporate Debtor Company has no locus to challenge the Plan, after its approval. There are no considerable grounds to entertain this Appeal and hence, this Appeal is dismissed
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