TMI Blog2019 (8) TMI 1605X X X X Extracts X X X X X X X X Extracts X X X X ..... receipt of an authentic copy of this order. Further, the respondents and other objectors in the pending IAs are at liberty to file their objection(s), if any, to the proposed Resolution Plan and their objection, if any, will be dealt with the proposed Resolution Plan (for approval) along with all pending IAs by way of common hearing. Meanwhile, the parties are advised to complete their part of pleadings at the earliest. List the matter on 06.09.2019. - IA 476 of 2019 in CP (IB) No. 14/NCLT/AHM/2018 - - - Dated:- 29-8-2019 - Harihar Prakash Chaturvedi, Member (J) and Prasanta Kumar Mohanty, Member (T) ORDER The parties are represented through their respective Sr. Advocates and Ld. Counsels. 1. We heard the preliminary sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Resolution Plan. Hence, he further sought two weeks' time to offer his comment or file objection, if any, with regard to approval or otherwise of the Resolution Plan. 4. Shri Rashesh Sanjanwala, Ld. Sr.Advocate, appearing on behalf of the Suspended Management put forth his submission by contending that the scheme of the Code make its clear although erstwhile Board of Directors of the corporate debtor company are not members of the Committee of the Creditors (CoC) yet they still possess right to participate in each and every meeting of the CoC and they have further right to discuss along with the members of the CoC about all Resolution Plans which are presented in such meetings under Section 25(2) (i). Hence, as per the obser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expression, which definitely and certainly include all the Resolution Plans put before the CoC for its consideration. Hence, such procedural formalities are mandatory in nature before voting upon a Resolution Plan, which are allegedly not complied with. Hence, the members of the Suspended Management could not be able to participate effectively in the meetings of the CoC or to file their objection(s) in respect of the Resolution Plan placed before the CoC and is now under consideration before this Adjudicating Authority. Therefore, as per the Ld. Counsel for the Suspended Management, the entire procedure of the CoC for approval of the Resolution Plan is vitiated and it needs to redo exercise by completing all procedural formalities, those ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an inordinate delay is caused in approval of otherwise, this would loss its very purpose to achieve the revival of the resolution of the corporate debtor company, as the value of the assets of the corporate debtor company is going diminishing day by day. Hence, he made such request that this Bench must proceed for hearing of the main IA i.e. IA 476 of 2018, seeking approval or otherwise of the Resolution Plan. So that the interest of the successful Resolution Applicant also be taken care of adequately. 10. Having heard the Ld.Counsels for the parties at length, we feel that the RP as well as CoC may revisit and re-consider its decision and to ensure whether the mandate and direction as issued by the Hon'ble Supreme Court in the matte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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