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2019 (12) TMI 1570 - Tri - Insolvency and BankruptcyValidity of Resolution Plan - rejection of resolution plan on the ground that the entire information has not been provided to them for complying with the terms and conditions of the resolution plan - HELD THAT:- In view of the allegations and counter allegations made against both the parties, a separate hearing is required to decide the merits of each application. In the meanwhile, as an interim measure, it is prudent on the part of this Bench, after going through an elaborate discussion during the course of the hearing, that the possession be handed over to the CoC, who in turn will handover the same to the erstwhile RP. The successful Resolution Applicant shall hand over the possession to the CoC, after an independent agency or a person takes the inventory and examine the status and the working condition of the machines and then the CoC, in turn shall handover the same to erstwhile RP. The entire process of taking inventory and handing over the possession shall be video graphed and shall be taken in the presence of both the parties - the restoration of the CIRP and the erstwhile RP shall continue as RP henceforth. All the privileges, rights available to the RP under the CIRP under Section 14 mutatis mutandis shall be applicable until the proper decision is taken in this regard. List all the MAs for further consideration on 3.2.2020.
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