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2020 (3) TMI 1390 - Tri - Insolvency and BankruptcyValidity of decision of the RP for not short listing its Resolution Plan despite its plan is in compliance with Section 30(2) of the Insolvency and Bankruptcy Code, 2016 - validity of decision of RP for short listing and approving the CarVal’s Resolution Plan as successful Resolution Plan - whether the economic interest of this Applicant is getting prejudiced because his plan has not been admitted? - HELD THAT:- Once plan is shortlisted, if at all any remedy is assumed to be present, it is only with regard to the procedure, as to the procedure is concerned, in Regulation 39 of the CIRP Regulations it has been categorically mentioned that the Committee of Creditors shall evaluate the resolution plan received under Regulation 39 strictly as per the evaluation matrix to identify the best resolution plan, when evaluation matrix figures are there, that being the special subject, as long as there is no objection from any of the Committee of Creditors over the process of evaluation, if the evaluation matrix discloses marks identifying the best plan, the CoC will have to opt for the best plan provided it is viable and feasible. That is the subject matter of the CoC - In Regulation 39(3), when it comes to second clause, since approval is required to be given to the plan shortlisted, it was approved by the CoC with requisite majority. At this juncture, SSG subsequently coming with an unsolicited plan cannot become an impediment to proceed with the shortlisted plan. Merely by having an open discussion in the CoC meeting and asking about SSG plan by some CoC Members having minority voting in the CoC cannot become a reason to invalidate the plan approved. Moreover, none of the CoC Members who abstained to the voting of CoC have filed any objection before this Bench. The point to be noted, these Applicants have not stated that D & P Report is factually incorrect - Once plans are submitted, it is the CoC to take a decision thereafter it is only an intimation to the plan Applicants as to whether their plan is shortlisted or not, it is nowhere mentioned in the Code that Plan Applicants have right to participate in short listing the plan applications. Operational Creditor is not aggrieved of any of the actions of the CoC. Thumb rule i.e. followed in dealing with civil remedies is, when a person seeks remedy before Court of law, he shall be aggrieved by the action assailed in his application. When grievance is not present in its complaint, such person cannot seek relief before any Court of law. What does this Operational Creditor get on declaration of this entire process as null and void? Noble has not deliberated anything on it. Maybe it is either to help SSG or for some undisclosed reasons, which cannot be seen as grievance of Noble - It is not the case of Noble that the distribution to be reached to it under section 53 has not been provided, if that is the case, it could become the grievance of the Applicant. But that is not the case of this Applicant and that cannot be the case of the applicant. Taking a lead for approval of a superior plan, which the CoC has approved with thumping majority considering it as feasible and viable cannot be called as SBI favoring Carval group - Application disposed off.
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