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2023 (10) TMI 1096 - AT - Insolvency and BankruptcyExistence of vested right to file a Resolution Plan pursuant to the process in published Form – G - approval of Resolution Plan - HELD THAT:- The Appellant does not have any vested right in submitting the Resolution Plan in the absence of filing one Plan pursuant to Form – G, and taking the right steps at the appropriate time, specifically keeping in view that the Appellant had attended the 5th CoC Meeting when the entire contours of the Resolution Plan was discussed. Reliance on the Judgment of the Hon’ble Apex Court in the matter of MAHARASHTRA SEAMLESS LIMITED VERSUS PADMANABHAN VENKATESH & OTHERS [2020 (1) TMI 903 - SUPREME COURT] in which the Hon’ble Apex Court has held Certain allegations were made by the MSL over failure on the part of the Resolution Professional in taking possession of the assets of the corporate debtor and subsequently in their failure in handing over the same to MSL. These issues are factual. The ratio of the aforenoted Judgment directly contradicts the contention of the Appellant that the bid value has to match the liquidation value. It is significant to mention that the Resolution Plan has already been implemented and we do not wish to set the clock back. This Tribunal is of the considered view that there is no illegality in the Order of the ‘Adjudicating Authority’ dismissing the Intervention Application - Appeal dismissed.
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