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2021 (5) TMI 317 - Tri - Insolvency and BankruptcySeeking of hearing - unsuccessful Resolution Applicant claims that they are not only a necessary party but also a proper party and is required to be heard while disposing of application for approval of Resolution Plan - HELD THAT:- The Supreme Court in various judgments has noted that a view has to be taken on a liberal side. This Adjudicating Authority is not hesitant to say that the unsuccessful Resolution Applicant i.e. Applicant is not only a necessary party but also a proper party for adjudication of the lis involved between the parties. It is not out of place to mention that this Bench has a doubt on the legal point whether an Asset Reconstruction Company can be a Resolution Applicant or not. This aspect of question of law can also be cleared by the unsuccessful Resolution Applicant or any person once they are impleaded as a party apart from various other issues with regard to the approval of the resolution plan by the CoC and its minutes can also be brought on record for perusal of the Adjudicating Authority at the time of approval of the Resolution Plan. Application allowed by impleading the Applicant as proper and necessary party - List TA No. 537/2020 on 05.05.2021.
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