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TMI Blog2024 (2) TMI 1314X X X X Extracts X X X X X X X X Extracts X X X X ..... du Datta, Sr. Advocate with Mr. Raghav Sabharwal, Advocates for R - 2 ORDER ( Hybrid Mode ) Heard Shri Abhijeet Sinha, learned senior counsel for the Appellant, Shri Arvind Varma, learned senior counsel appearing for Respondent No.1 and Mr. Krishnendu Datta, learned senior counsel appearing for the Resolution Professional. This Appeal has been filed against the order dated 08.02.2024 by which order the Adjudicating Authority has passed an order in I.A. No.437/MB/2024 in the CIRP process. The Appellant as well as the Respondent No.1 both have submitted their Resolution Plans they being the Resolution Applicants. The Resolution Plans were opened by the Resolution Professional. 2. Learned counsel for the Resolution Professional submits tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel for the Applicant submits that the main allegation against RP, is that the plan was submitted by the PRA in the sealed cover which was opened by the RP in the absence of CoC and PRAs which is against the Regulations. Ld. Counsel for the Applicant stated that this constitutes violation of the process of conducting the approval of the plan. 4. Counsel for the RP admits that he opened the cover due to non-availability of the password of the PRA. The reasons submitted by the RP is not satisfactory and we note that the RP has violated the due process under law. Hence, this Bench directs the concern RP to call for fresh bids from all the PRAs and table the same before the CoC for taking a considered decision on the Plan." 5. Learned co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ii) the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of the corporate debtor. Explanation 1.--For the removal of doubts, it is hereby clarified that a distribution in accordance with the provisions of this clause shall be fair and equitable to such creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h resolution plans which confirm the conditions referred to in sub-section (2)." 9. Regulation 39 of the CIRP Regulations, 2016 also requires the Resolution Professional to look into the Resolution Plan submitted by the Applicants and to place the plan before CoC which is in compliance with Section 30(2). The opening of Resolution Plan by Resolution Professional is essential for further process in the CIRP. The Resolution Professional without opening the plan cannot come to any opinion whether the plan is complaint to Section 30(2) or not. There is no regulation or law which provide that the Resolution Professional should open the plan in presence of CoC and PRAs. Learned counsel for the Respondent No.1 has been unable to show any provisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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