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2019 (1) TMI 523 - Tri - Insolvency and BankruptcyRejection of resolution plan of Acme Chem Ltd. Approved by the committee of creditors - Resolution Applicant has submitted that it is evident from the minutes of the meeting held on 12.09.2018 that the said request of applicant was not placed before CoC for consideration and the Resolution Professional was keen to proceed in the absence of the applicant for obvious reasons - principles of natural justice - Held that:- At is worth to be noted that the Resolution Applicant had expressed his inability to attend the CoC's meeting scheduled on 12.09.2018 due to religious constrains and requested the RP to fix any other date after 14.09.2018 for meeting of the CoC. However, the Resolution Professional refused to re-schedule the meeting. Therefore, a reasonable opportunity of being heard is not given to the applicant and the same is in violation of the principle of natural justice. As per Section 30 (5) of the I&B Code, 2016, the resolution applicant is entitled to attend the meeting of the CoC in which the resolution plan of the applicant is to be considered. It is clear that though the resolution applicant has no voting right in the CoC; and it is the CoC to approve or reject the resolution plan, an opportunity ought to have been provided to the resolution applicant to attend the meeting of the CoC in which the Resolution Plan is to be considered, to make his representation and to express his view point on the Resolution Plan submitted to the CoC. The application of the Resolution Applicant is allowed - the CoC is directed to consider the plan afresh submitted by the Applicant by providing it reasonable opportunity of being heard within two weeks from the date of passing this order and RP is directed to file status report within two working days thereafter.
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