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2022 (3) TMI 636 - NATIONAL COMPANY LAW TRIBUNAL , AMARAVATI BENCHValidity of rejection of resolution plan - it is alleged that Resolution Plan submitted by the Applicant was not placed before the CoC and the Resolution Professional (RP) unilaterally disqualified the Applicant on the ground that the Applicant is a connected party to an undischarged insolvent. Whether the Resolution Professional (RP) should place the Resolution Plans before the CoC without he himself disqualifying any of the Resolution Applicants unilaterally? - HELD THAT:- After approving the plan by the Committee the Resolution Professional (RP) shall submit to the Adjudicating Authority. It was finally held that the CoC has power to decide and approve the Resolution Plan of the Resolution Applicant's and CoC also can consider the eligibility/ineligibility of the Resolution Applicants under Section 29(A)(e) of the Code. Hence, since the law is made very clear with regard to placing of the Resolution Plan before the CoC before disqualifying any of the Applicants under any of the Provisions of law and under Section 29A of IBC which is the case with the Applicant present before this Tribunal, by answering this point infavour of the Applicant, this Tribunal is inclined to allow the Application partly. Whether the rejection of the Resolution Plan by the Resolution Professional (RP) is valid? - HELD THAT:- This Tribunal is not inclined to make any observation with regard to this point as the same would have the effect of influencing the decision that has to be taken by the CoC after the Resolution Plan of this Applicant is placed before it. The Application is partly allowed.
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