TMI Blog2019 (9) TMI 1457X X X X Extracts X X X X X X X X Extracts X X X X ..... with its requisite majority or they may record their dissenting vote, such exercise needs to be completed in the light of the above stated decision of the Hon'ble Supreme Court of India. If such formality is complied with, the Resolution Plan, which earlier has been approved in the 10th meeting of the CoC dated 06.05.2019 will continue to be binding and operative on its all members. Exclusion of certain period from CIRP process - HELD THAT:- This Adjudicating Authority is competent to exempt/exclude certain period from Corporate Insolvency Resolution Process in the light of the decision of the Hon'ble Supreme Court of India in the matter of Arecellormittal vs. Satisk Kumar Gupta [ 2018 (10) TMI 312 - SUPREME COURT ]. The perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated IA, this Adjudicating Authority had noted the opinion of the RP, which was submitted to us by opining that the claims of the claimants/ applicants (in IA 427 of 2018) can be classified as Financial Debts, therefore, claimants can be treated as Financial Creditor. Hence, there arise need to re-constitute the CoC comprising of newly inducted financial creditor, our such order/direction was based on the decision of the Hon'ble Supreme Court of India, in the matter of Swiss Ribbons vs. Union of India and by following previous decision of this Adjudicating Authority, in the matter of Reliance Industries Ltd. vs. Satish Kumar Gupta. Thus, we directed the RP to do the needful exercise in respect of the provisions of the Insolvency and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the rest of the members of the CoC including the members appointed/joined subsequently. 5) Hence, it is made clear that the newly appointed member can be provided a copy of the Resolution Plan in compliance of the decision of the Hon'ble Supreme Court of India, in the matter of Vijay Kumar Jain vs. Standard Chartered Bank, so as to express their opinion on the same either they may ratify the Resolution Plan already approved by the CoC with its requisite majority or they may record their dissenting vote, such exercise needs to be completed in the light of the above stated decision of the Hon'ble Supreme Court of India. If such formality is complied with, the Resolution Plan, which earlier has been approved in the 10th meeting of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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