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2020 (4) TMI 898 - Tri - Companies LawApproval of Resolution Plan - Validity 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:- The issue decided in the case of STATE BANK OF INDIA VERSUS UTTAM GALAV METALLICS LIMITED, INVESTMENT OPPORTUNITIES IV PTE. LTD. AND ORS. VERSUS MR. RAJIV CHAKRABORTY AND ORS., NOBLE RESOURCES INTERNATIONAL PTE LIMITED VERSUS MR. RAJIV CHAKRABORTY, RESOLUTION PROFESSIONAL OF UTTAM GALVA METALLICS LIMITED & ORS. [2020 (3) TMI 1390 - NATIONAL COMPANY LAW TRIBUNAL PRINCIPAL BENCH, NEW DELHI] where it was 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. Application disposed off.
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