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TMI Blog2024 (11) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Respondents : Mr. Abhirup Dasgupta, Mr. Jayashree Shukla Dasgupta, Advocates for R-3. Mr. Kunal Kannungo, Advocate JUDGMENT ASHOK BHUSHAN , J. This Appeal has been filed challenging order dated 02.05.2024 passed by National Company Law Tribunal, Mumbai Bench, Court-III in IA No.5826/2023 filed by the Resolution Professional ("RP") for approval of the Resolution Plan. By the impugned order, the Adjudicating Authority allowed the application and approved the Resolution Plan. Aggrieved by which order this Appeal has been filed. 2. Brief facts necessary to be noticed for deciding the Appeal are : (i) On an application filed by Financial Creditor, Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor - M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 024. The learned Counsel for the SRA submits that entire claim of the workmen, which was filed in the CIRP of the Corporate Debtor has been admitted. The learned Counsel for the SRA submits that the Resolution Plan provides for payment of provident fund and gratuity dues of the Corporate Debtor at actuals. The Resolution Plan fully takes care of claim of the workmen and the dues of the workmen having been accepted in full and paid in full in the Resolution Plan, no grievance can be raised by the learned Counsel for the Appellant. The learned Counsel for the SRA in affidavit, which has been filed, in paragraphs 12, 13 and 14 has pleaded as follows: "12. I say that the approved Resolution Plan provides for payment to the Operational Credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Corporate Debtor shall be paid at actuals, from the total financial commitment proposed under this Resolution Plan, and shall be paid, at actuals, as on date of approval of the Resolution Plan, in priority to the payments contemplated to be made to the Secured Financial Creditors." 8. The jurisdiction of the NCLT and NCLAT while considering the Plan approved by the Committee of Creditors ("CoC") has a limited jurisdiction. The remit of the jurisdiction is to examine as to whether the Plan is in compliance of Section 30, sub-section (2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "IBC"). Judgment of the Hon'ble Supreme Court in K. Sashidhar vs. Indian Overseas Bank and Ors. - (2019) 12 SCC 150 is referr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ination of the proposed resolution plan and assessment made by their team of experts. The opinion on the subject-matter expressed by them after due deliberations in CoC meetings through voting, as per voting shares, is a collective business decision. The legislature, consciously, has not provided any ground to challenge the "commercial wisdom" of the individual financial creditors or their collective decision before the adjudicating authority. That is made non-justiciable." 9. The gratuity and provident fund having been admitted in full and paid in full in the Resolution Plan, compliance of provisions of IBC are fully met. We, thus, are of the view that no error has been committed by the Adjudicating Authority in approving the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X
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