9911796707
TMI Blog2020 (6) TMI 346X X X X Extracts X X X X X X X X Extracts X X X X ..... r, 2018 is under challenge and common question of law involved, they were heard together and are being disposed of by this common judgment. 2. The brief case of the Appellant(s) is that Appellant(s) entered into 'Term Loan Agreement(s)' on 8th March, 2008 with the 'M/s. Kitply Industries Limited' ('Corporate Debtor') for a sum of Rs. 6.03 Crore whereby the Appellant(s) advanced the said sum of Rs. 6.03 Crore to the 'Corporate Debtor' which was to be repaid by 13th December, 2009 along with interest @ 12% per annum and 24% (penal) and Liquidated Damages @ 24%. On 19th February, 2010, upon the failure of the 'Corporate Debtor' to pay back the loan amount to the Appellant(s), the Appellant(s) sent Deman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation under section 8 was dismissed by the Hon'ble High Court vide its order dated 10th September, 2010. The Appellant(s) Company filed an appeal against the order dated 10th September, 2010 which was dismissed by the Hon'ble High Court of Calcutta vide its order dated 17th August, 2011. The Appellant(s) Company filed a Special Leave Petition bearing No. 21492/2012 before the Hon'ble Supreme Court against the order dated 17th August, 2011 passed by the Hon'ble High Court of Calcutta. The SLP bearing No. 21492/2012 later got converted into a Civil Appeal bearing No. 165 of 2014 and vide its Order dated 7th January, 2014, the Hon'ble Supreme Court set aside the order dated 10th September, 2010 and further remanded back the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cess for Corporate Persons) Regulations, 2016. The Appellant(s) filed an Interlocutory Application No. 88 of 2018 under section 60(5) of the 'I&B Code' for directing the 'Resolution Professional' to take into consideration the claim with proof filed by the Appellant(s) in Form C. 9. The 'Resolution Plan' submitted by 'SREI Multiple Asset Investment Trust (Vision India Fund)' was approved by the 'Committee of Creditors' on 20th October, 2018 with 92.74% voting shares. The Adjudicating Authority thereafter by impugned order dated 7th December, 2018 approved the 'Resolution Plan' under section 31 of the 'I&B Code'. 10. The Interlocutory Application No. 88 of 2018 which was preferred by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the Arbitration Proceeding. However, the 'Resolution Applicant' wants to get the matter finally settled at the stage of Resolution itself. 16. This Appellate Tribunal allowed the 3rd Respondent to file an Affidavit enclosing a copy of distribution chart showing the distribution as made in favour of the 'Financial Creditors'. 17. Learned counsel for the 3rd Respondent ('Successful Resolution Applicant') submitted that earlier 3rd Respondent paid a sum of Rs. 3,02,000/- to the Appellants which they returned and now 3rd Respondent is ready to provide more than Rs. 31,87,829/- on the basis of the claim made by the Appellants. 18. It was in this background, this Appellate Tribunal decided to look into the plan in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'Financial Creditors'/'Operational Creditors', the 'Financial Creditors'/'Operational Creditors', thereafter cannot take the benefit of sub-section (6) of section 60 of the 'I&B Code' nor they can pray to pursue the suit or arbitration proceeding or to file a fresh suit or arbitration proceeding for the same claim. 22. Section 31 of the 'I&B Code' reads as follows: "31. Approval of resolution plan.- (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of section 30 meets the requirements as referred to in sub-section (2) of section 30, it shall by order approve the resolution plan which shall be binding on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hever is later: Provided that where the resolution plan contains a provision for combination as referred to in section 5 of the Competition Act, 2002 (12 of 2003), the resolution applicant shall obtain the approval of the Competition Commission of India under that Act prior to the approval of such resolution plan by the Committee of Creditors." 23. In terms of section 31, once the 'Resolution Plan' is found to be in accordance with section 30(2) and is duly approved by the Adjudicating Authority, it is binding on all the stakeholders including the 'Financial Creditor'/'Operational Creditor' and the 'Corporate Debtor' etc. The approved 'Resolution Plan' including the revised 'Resolution Plan' ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
