TMI Blog2021 (4) TMI 803X X X X Extracts X X X X X X X X Extracts X X X X ..... by NCLT Order dated 11th February, 2020 - appeal disposed off. - Company Appeal (AT) (Ins) No.240 of 2021 - - - Dated:- 31-3-2021 - [Justice A.I.S. Cheema] Member (Judicial) And [Dr. Alok Srivastava] Member (Technical) For the Appellant : Shri Rakesh Kumar and Ms. Preeti Kashyap, Advocates For the Respondent : None ORDER (Virtual Mode) This Appeal has been filed by the Resolution Professional of Corporate Debtor M/s. GSS Procon Pvt. Ltd. against the Impugned Order dated 9th February, 2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in I.A. 411/ND/2021 in Company Petition bearing No.(IB)1896/ND/2019 whereby the Adjudicating Authority partly allowed the Interlocutory Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me Court in the matter of Committee of Creditors of Essar Steel India Limited versus Satish Kumar Gupta Ors. Civil Appeal No.8766-67 of 2019 has observed in the context of newly added Proviso to Section 12 of Insolvency and Bankruptcy Code, 2016 (IBC in short), as under in Para - 79:- However, on the facts of a given case, if it can be shown to the Adjudicating Authority and/or Appellate Tribunal under the Code that only a short period is left for completion of the insolvency resolution process beyond 330 days, and that it would be in the interest of all stakeholders that the corporate debtor be put back on its feet instead of being sent into liquidation and that the time taken in legal proceedings is largely due to factors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the 10th CoC Meeting held on 04.12.2020 with a majority voting share of 93.43% assent. 5. The learned Counsel Shri Rakesh Kumar submits that the Resolution Plan has already been approved by a voting majority of 93.43% (which can be seen in Impugned Order also) and the M.A. is pending. The learned Counsel for the Appellant submits that the I.A. 5670 of 2020 under Sections 30 and 31 of IBC to seek approval to the Resolution Plan is pending and Replies have been called by Adjudicating Authority in the said Application. The learned Counsel submits that in order to avoid later complications and technicalities, it would be appropriate that the prayers as sought in CA 411/ND/2021 (Annexure A-4 Page 48 @ 61) may be approved. 6. This mat ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
