Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (9) TMI 1582 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL CHENNAIDirection to place the Respondents resolution plan before the Appellant for consideration - whether the Respondents No.1 to 3 after expressing their inability to submit the Resolution Plan vide their email dated 06.11.2019 can again submit the Resolution Plan after lapse of more than 5 months and that to after approval of the Resolution Plan by the CoC in accordance with law? - HELD THAT:- In the instant case, the Respondents have failed to submit the resolution plan within the time, therefore there is no immunity to the respondents to file beyond the time prescribed. The RP rightly rejected the request of the Respondents - The Respondents failed to establish that the ‘RP’ violated the CIRP process. It is only the case of the Respondents such averments allegations have been made and the ‘Adjudicating Authority’ without going into the reality simply ratified the submissions of the Respondents, which this ‘Tribunal’ highly deprecate the said stand. In the present case, the case of the Respondents is that despite submission of resolution plan beyond the CIRP period and much later to the last date of submission of plans, sought a direction to the RP to place its / their plan before the CoC. Therefore, the Respondents are not at all to be considered as PRAs since they have backed out from submission of the plan and intend to make an entry in to the CIRP belatedly even beyond the period of CIRP. In view of the decisions of the Hon’ble Supreme Court in Ebix Singapore, ‘Committee of Creditors’ of Essar Steel India [2019 (11) TMI 731 - SUPREME COURT] and this Tribunal judgment in M/s Renganayaki [2021 (4) TMI 776 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAI] and in Union Bank of India [2022 (1) TMI 1182 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI], this ‘Tribunal’ comes to an irresistible and inescapable conclusion that the ‘Appellant’ has made out a ‘prima-facie’ case to be interfered with the order passed by the ‘Adjudicating Authority’, whereby the ‘Adjudicating Authority’ exceeded its jurisdiction in directing the ‘Resolution Professional’, to place the ‘Resolution Plan’ of the Respondent Nos.1 to 3, before the Committee of Creditors, amounts to interfering with the Commercial Wisdom exercised by the Committee of Creditors, more particularly absence of any material irregularity and violation of any Law for the time being enforce. This Tribunal comes to a resultant conclusion that the impugned order by the Adjudicating Authority, (National Company Law Tribunal, Bengaluru Bench) is an illegal one and hence, the same is set aside, to secure the ends of justice. Accordingly, the Company Appeal is allowed.
|