TMI Blog2023 (3) TMI 1282X X X X Extracts X X X X X X X X Extracts X X X X ..... Plans was approved, the CoC under the CIRP Regulations was empowered to issue fresh RFRP. There are no error in the order of the Adjudicating Authority refusing the prayers of the Appellant to reissue RFRP and reinitiate the voting process. The present Appeal arise out of the order dated 20.02.2023 by which I.A. No. 602/2023 was rejected, by which Appellant was challenging the RFRP issued on 10.02.2023. Subsequent events which took place after 10.02.2023 are not subject matter of this Appeal and needs no consideration by this Tribunal. Learned counsel for the Appellant submitted that Resolution Professional has already filed an I.A. No. 791/2023 before the Adjudicating Authority for approval of a Resolution Plan. It is open for the Appellant to file an appropriate application/objection in I.A. No. 791/2023, the issues raised by the Appellant subsequent to 10.02.2023 need no consideration. Appeal dismissed. - Company Appeal (AT) (Insolvency) No.356 of 2023 - - - Dated:- 29-3-2023 - [ Justice Ashok Bhushan ] Chairperson And [ Barun Mitra ] Member ( Technical ) For the Appellant : Mr. Ramji Srinivasan, Sr. Advocate, Mr. Abhinav Vasisht, Sr. Advocate, Mr. Bishwajit Dub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cided to issue fresh RFRP. vii. Fresh RFRP was issued on 10.02.2023. On 14.02.2023, the Appellant filed I.A. No. 602/2023 before the Adjudicating Authority praying for following reliefs: i. allow the present Application; ii. rescind the re-issued RFRP dated February 10, 2023 issued by the RP and the CoC as the same is in contravention of the NCLAT Order; iii. Not accept any revisions to the earlier resolution plans submitted by the PRAS and to not receive or open any new resolution plans pursuant to the request for resolution plan dated February 10, 2023; iv. Direct the RP and the CoC to re- initiate the Voting process on the resolution plans received till July 18, 2022 and conclude the process by February 28, 2023 in terms of the directions laid down by the Hon'ble NCLAT vide its order dated January 18, 2023 passed in Company Appeal (AT) (Ins.) No. 1058 of 2022; v. To grant a stay on any steps taken by the RP and the CoC pursuant to the request for resolution plan dated February 10, 2023 until the final disposal of the present Application; and/or vi Pass any such other order(s) as it may be necessary in the facts and circumstances of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that CoC as well as the Resolution Professional has duly complied the directions of this Tribunal dated 18.01.2023 and when all the plans received could not be approved, CoC had every right to take a decision to issue new RFRP as per Regulation 36B(7) of CIRP Regulations, 2016. It is submitted that on 10.02.2023, the Appellant was also intimated to submit his plan by Resolution Professional by email but the Appellant chose not to submit any plan; instead filed I.A. No. 602 of 2023 before the Adjudicating Authority. 4. We have considered the submissions of learned counsel for the parties and perused the record. 5. The Adjudicating Authority in Para 8 of the impugned order has noted the relevant portion of the order dated 18.01.2023 and has come to the conclusion that the actions of the Resolution Professional and the CoC are consistent with the NCLAT order. Para 8 of the impugned order is as follows: 8. In order to deal with the first issue, it is pertinent to note the observations and directions of the Hon'ble NCLAT in its Order dated 18th January 2023, relevant portions of which are reproduced hereinbelow: 26. We have gone through the whole Application filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of all four Prospective Resolution Applicants including that of Shyam SEL, without any modifications made post 18th July 2022. The voting was conducted thereafter and all the four plans came to be rejected by the CoC in exercise of their commercial wisdom. Therefore, in our opinion, the actions of the RP and the CoC are consistent with the NCLAT Order. 6. When we look into order dated 18.01.2023 passed by this Tribunal, it is clear that this Tribunal directed the Resolution Professional to initiate fresh voting process on the Resolution Plans received in the process which was to be completed within a month. The Adjudicating Authority has noticed that in pursuance of the order dated 18.01.2023, all the Resolution Plans were put before the CoC in its meeting dated 25.01.2023 and voting result was declared in its meeting dated 10.02.2023 where all plans were rejected by voting share of 89.10% and it was decided by the CoC to issue fresh RFRP. 7. We are of the view that consideration of all Resolution Plans and voting on the plans by the CoC as per direction of this Tribunal dated 18.01.2023 cannot be said to be non-compliance of order of this Tribunal. When none of the Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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