9911796707
TMI Blog2022 (7) TMI 464X X X X Extracts X X X X X X X X Extracts X X X X ..... 341 of 2021 Company Appeal (AT) (CH) (Ins) No. 342 of 2021 - - X X X X Extracts X X X X X X X X Extracts X X X X ..... of Operational Creditors were Rs.175.13 Crores, however, the Resolution Plan provide a sum of Rs.3 crore to the Operational Creditors. 4. It is submitted that both the Appellant's are being an Operational Creditors were not part of deliberative process of any of the CoC meetings nor was any information made available to the Appellant's by the Resolution Professional with respect to the settlement proposal of the Operational Creditors claim. Further, the 1st Respondent herein filed IA 858/2020 in CP 941/2018 before the NCLT, Chennai seeking the reliefs as prayed therein more particularly to allow the revision of Resolution Plan as regards amended shareholding pattern and to exclude the time period from the date of rejection of the Applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view of the reasons as stated above, a Learned Counsel prayed this Bench to allow the Appeal by setting aside the impugned order dated 20.07.2020 passed by the NCLT, Chennai Bench in MA 1433/2019 in CP No. 941/2018. Analysis / Appraisal: 7. Heard the Learned Counsel appeared for the Appellants in both the Appeals and the Tribunal intend to dispose of the Appeals at the stage of admission itself, therefore, no notice was ordered to the Respondents. The Appeals have been listed on 11.02.2022 and at the request of Counsel for the Appellant the matter was adjourned to 04.03.2022, even on 04.03.2022 the matter was adjourned to 10.06.2022. On 10.06.2022 this Tribunal heard the Learned Counsel for the Appellant and adjourned the matter to 14.06. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P and is also incompliance with the Code as well as the Regulations. The Resolution Applicant enclosed the compliance certificate in Form-H of the Schedule and complied the procedure as per law. 10. The Learned Adjudicating Authority in its order dated 20.07.2020 at para 25 extracted the distribution of voting share of the CoC held on 27.11.2019 in its 16th meeting. From the table it is seen that 19 Members of CoC present and assented in favour of the Resolution Plan submitted by the 1st Respondent herein. From the calculation of voting share, it comes to approximately 70% of voting share in the CoC out of 100% assented in favour of the plan. Further, the Resolution Applicant proposed make payments towards the Resolution claims and dealt w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... website as given in the e-mail. From the impugned order it is evident that the CoC in their commercial wisdom approved the Resolution Plan submitted by the 1st Respondent herein and the same has been approved by the Learned Adjudicating Authority vide its order dated 20.07.2020 and there is no discrimination shown towards the Appellants in both the Appeals being Operational Creditors. This Tribunal is of the view that the commercial wisdom of the Committee of Creditors cannot be interfered with by this Tribunal in absence of any illegality or infirmity or violation of any statutory provisions of law. This Tribunal is of the view that the plan is in accordance with law and do not find any legal infirmity or illegality in the Resolution Plan, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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