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2021 (3) TMI 110 - Tri - Insolvency and BankruptcySeeking rejection of Resolution Plan - non-compliance with Regulation 35(a), 35(b) and 35(c) of CIRP regulations and Section 30(2)9f) of IBC 2016 and infringement of fundamental rights enshrined under the Constitution of India thereby not complying with Section 30(2)() of the IBC 2016 - seeking rejection of Valuation report issued by Shri R,K. Patel as it is prepared negligently without any care and caution - seeking to appoint another valuer for land and building for complying with Regulation 35(a), 35(b) and 35(c) of CIRP Regulations - seeking directions to RP and CoC to reconvene the meeting to comply with the provisions of IBC 2016 and CIRP regulations upholding the fundamental rights enshrined under the Constitution of India and arrive at a value of Resolution Plan which balances the interest of all stakeholders. Whether the applicant is eligible to get the reliefs to reject the Resolution Plan submitted by the Resolution Applicant M/s Lissie Medical Institutions and also to reject the valuation report filed by Mr.R.K. Patel and to appoint another valuer convening another CoC? HELD THAT:- This Tribunal finds that the Resolution Professional had complied with the provisions of Regulation 27 and 35 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, before arriving at a decision to place the Resolution Plan before the CoC. The CoC approved the Resolution Plan with 100% voting right for approval by the Adjudicating Authority. Under Section 31(1) of the Code, for final approval of a Resolution Plan, the adjudicating authority has to be satisfied that the requirement of Sub Section (2) of Section 30 of the code has been complied with. On a verification of the Resolution Plan submitted by M/s Lissie Medical Institutions it is seen that requirement of Sub- Section (2) of Section 30 has been followed before submitting the Resolution Plan for the approval of the Adjudicating Authority. Section 31(1) of the Code lays down in clear terms that for final approval of a Resolution Plan, the Adjudicating Authority has to be satisfied that the requirement of Sub-Section (2) of Section 30 of the Code has been complied with. It is worthwhile to note that when the Resolution Professional has filed the Resolution Plan before this Tribunal, on a Caveat Petition, this applicant was also heard on 28.1.2021 and he has been given time to make his objection, if any, and the pronouncement of the approval of the Resolution Plan was fixed on 22.2.2021. However, the applicant approached with this IA only on 12.2.2021 (after curing the defects), ie., the last moment when the Plan is to be approved. It seems, this is only a delaying tactics putting hurdle in the process of approval of Resolution Plan by this Adjudicating Authority, which cannot be accepted. This Tribunal do not find any convincing reason to interfere with the request of the respondent Resolution Professional for approving the Resolution Plan - Application dismissed.
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