TMI Blog2021 (5) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench has a doubt on the legal point whether an Asset Reconstruction Company can be a Resolution Applicant or not. This aspect of question of law can also be cleared by the unsuccessful Resolution Applicant or any person once they are impleaded as a party apart from various other issues with regard to the approval of the resolution plan by the CoC and its minutes can also be brought on record for perusal of the Adjudicating Authority at the time of approval of the Resolution Plan. Application allowed by impleading the Applicant as proper and necessary party - List TA No. 537/2020 on 05.05.2021. - IA (IBC)/189/2021, IA Nos. 537, 564, 565, 621, 931/2020 and IA No. 281/2019 in CP (IB) No. 219/7/HDB/2017 - - - Dated:- 28-4-2021 - Bhas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing the aforesaid appeal, has categorically mentioned that since no order of approval of the resolution plan has been passed by the Adjudicating Authority under Section 31 of IBC, 2016, they shall not come in the way of Appellant i.e. the unsuccessful Resolution Applicant or any person to move appropriate forum if the plan is approved or rejected. Now, here the question is whether the unsuccessful Resolution Applicant can move the Adjudicating Authority before or after the approval/rejection of the Resolution Plan. It is common-sense point that once the Resolution Plan is approved, there is nothing left for the unsuccessful Resolution Applicant or any person to question the same and the only course open to the unsuccessful Resolution Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of the Adjudicating Authority but also the fact that the Bench will have an opportunity to enlighten itself on merits (if the unsuccessful Resolution Applicant is brought on record. Further, various issues with regard to the approval of the resolution plan by the CoC can be brought to light by the unsuccessful Resolution Applicant. 5. The Supreme Court in various judgments has noted that a view has to be taken on a liberal side. This Adjudicating Authority is not hesitant to say that the unsuccessful Resolution Applicant i.e. Applicant in IA 189/2021 is not only a necessary party but also a proper party for adjudication of the lis involved between the parties. 6. It is not out of place to mention that this Bench has a doubt on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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