TMI Blog2020 (6) TMI 346X X X X Extracts X X X X X X X X Extracts X X X X ..... claim. 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', as per offer as inconsonance with section 30(2) of the 'I B Code', the Appellants cannot be allowed to pursue the alternative remedy of suit or arbitration proceeding even if it is pending - the 3rd Respondent ('Successful Resolution Applicant') to provide Appellant(s) with the same treatment as has been given to the other similarly situated 'Financial Creditors' and pay pro-rata amount i.e., same percentage of claim amount, as made available to other similarly situated 'Financial Creditors'. Appeal disposed off. - Co. Appeal (AT) (Insolvency) Nos. 47 to 50 of 2019 - - - Dated:- 13-11-2019 - Justice S.J. Mukhopadhaya, Chairperson, Justice A.I.S. Cheema, Judicial Member, And Kanthi Narahari, Technical Member For the Appellant : P. Nagesh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties, the Appellant(s) Company filed an application before the Hon'ble Calcutta High Court under section 8 of the Arbitration Conciliation Act, 1996. The Application 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 matter to the Hon'ble High Court of Calcutta for fresh consideration of the Application filed under section 8 of the Arbitration Conciliation Act, 1996. Thereafter, the Hon'ble High Court of Calcutta vide its order dated 13th June, 2016 referred the Appellant(s) Company an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led by the Appellant(s)- ('Financial Creditor(s)'). 12. In the alternative, it was submitted that the Appellant(s) may also pursue the Arbitration Proceeding in terms of sub-section (6) of section 60 of the 'I B Code'. 13. On 3rd September, 2019, the 3rd Respondent ('Successful Resolution Applicant') provided revised offer to the Appellant(s) which was taken into consideration by this Appellate Tribunal and observed that the offer appears to be justified. The Appellant(s) were given opportunity to accept the same, failing which the appeal may be determined on merit. 14. On 19th September, 2019, when the matter was taken up, learned counsel appearing on behalf of 3rd Respondent- 'SREI Multiple Asset Investment Trust (Vision India Fund)' submitted that that 3rd Respondent will take into consideration the claim filed by the Appellant(s) and provide the same treatment as has been given to the similarly situated 'Financial Creditors'. 15. Learned counsel for the Appellant(s) suggested that they should be allowed to continue with the Arbitration Proceeding. However, the 'Resolution Applicant' wants to get the matter finally sett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sue 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 the corporate debtor and its employees, members, creditors, [including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed,] guarantors and other stakeholders involved in the resolution plan. [Provided that the Adjudicating Authority, before passing an order for approval of resolution plan under this sub-section, satisfy that the resolution plan has provisions for its effective implementation.] (2) Where the Adjudicating Authority is satisfied that the resolution plan does not confirm to the requirements referred to i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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