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2021 (5) TMI 551 - AT - Insolvency and BankruptcyApproval of Resolution Plan - grievance of the Appellant is that the ‘Adjudicating Authority’ had committed an error by placing an additional paragraph 22 of the ‘Impugned Order’, as a result thereof, the financial viability of the plan has been seriously affected by opening of the plan towards ‘undecided claims’ - HELD THAT:- It comes to be known that the final ‘Resolution Plan’ was put up for due consideration by the ‘Committee of Creditors’ in the meeting that took place through ‘Video Conferencing’ on 15.09.2020. In reality, the said ‘Resolution Plan’ was approved by 80.64% of the voting share of the ‘Committee of Creditors’. Besides this, the ‘Resolution Applicant’ had confirmed that ‘Resolution Plan’ duly complied with the requirements of the I & B Code and Regulations made thereunder. Based on the approval of ‘Resolution Plan’ by the ‘Committee of Creditors’ under Section 30(4) of the Code, as the successful ‘Resolution Plan’, the ‘Applicant’ projected an application under Section 30(6) of the Code, before the ‘Adjudicating Authority’ praying for its approval as per ingredients of Section 31(1) of the Code and Regulation 39(4) of the CIRP Regulations. This Adjudicating Authority is of the considered view that if any waiver is sought in the Resolution Plan, the same shall be subject to approval by the concerned Authorities. The same view has also been held by Hon’ble Principal Bench, NCLT in the case of [2018 (9) TMI 55 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI] and therefore, the same is to be setaside, this ‘Tribunal’ comes to a resultant conclusion that the said ‘Observations’ are not in the form of ‘imposition of an additional condition’ thereby opening up the plan in regard to the ‘undecided claims’, because of the reason that the ‘Adjudicating Authority’ is within its limits to express its views/opinion(s). Appeal dismissed.
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