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2019 (4) TMI 1985 - NATIONAL COMPANY LAW TRIBUNAL - MUMBAI BENCHReconsideration of approved Resolution Plan - power to recall approved resolution plan - commercial decisions of CoC - section 30(6) read with section 31(1) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is a peculiar situation in the present case where a resolution applicant is before this Adjudicating Authority offering better value to the corporate debtor, but this Adjudicating Authority cannot send the approved resolution plan back to the CoC for reconsideration along with apparently better resolution plan on two counts firstly, the resolution applicant has come after the submission of the approved resolution plan to the Adjudicating Authority, and secondly, the CoC or RP has not sought any relief to recall the approved resolution plan and for allowing them to reconsider the approved resolution plan along with the new resolution plan offering better value. The power of this Bench to suo motu direct the CoC to consider the new resolution plan and reconsider the already approved resolution plan is confined by the scheme of the I and B Code and the interpretation of the same in the judgment of the hon'ble Supreme Court in K. SASHIDHAR VERSUS INDIAN OVERSEAS BANK & OTHERS [2019 (2) TMI 1043 - SUPREME COURT] the role of the Adjudicating Authority in matters challenging the decision of CoC, accepting or rejecting the resolution plan is limited to the grounds mentioned in section 30(2) and the purely commercial decisions of CoC cannot be adjudicated by the Adjudicating Authority as they are non-justiciable. The successful resolution applicant shall obtain the required necessary approvals required under any law for the time being in force within a period of one year from the date of this order or within such period as provided for in such law, whichever is later - the resolution plan with modifications is approved - moratorium declared.
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