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TMI Blog2019 (9) TMI 1457X X X X Extracts X X X X X X X X Extracts X X X X ..... RDER Harihar Prakash Chaturvedi, Member (J) 1) The RP through the present IA has sought for further clarification in respect of our previous order dated 23.08.2019, passed in IA 427 of 2018 in CP (IB) 209 of 2017 whereby we have already directed the RP to do the needful to update the applicants' claims by collating it and to prepare Memorandum of Information and further update other statutor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Bankruptcy Code (I & B Code) and to act accordingly by treating the claimants i.e. the applicants of the IA 427 of 2018) as Financial Creditors. Therefore, the RP is du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffect the validity of any decision taken by the CoC prior to such inclusion ". 4) By following the procedure prescribed in the I & B Code read with above stated circular, which is clarifacatory in nature makes such position clear that whatever previous decision has been taken by the CoC prior to the inclusion of new Financial Creditor. It shall not be treated as invalid and any decision taken in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 as per the decision of the Hon'ble Supreme Court in the matter of K. Sashidhar vs. Indian Overseas Bank and only their dissenting view in form of voting percentage needs to be recorded noted and, thus, there arise no need for re-looking t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019, i.e., filed on 09.09.2019, needs to be exempted for the purpose of counting of Corporate Insolvency Resolution Process of 270 days, equally the time consumed for hearing of disposal of IA No. 427 of 2018, (filed on 19.11.2018), till it was decided/disposed on 23.08.2019, to be excluded for counting the purpose of Corporate Insolvency Resolution Process of the Corporate Debtor company. Hence ..... X X X X Extracts X X X X X X X X Extracts X X X X
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