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TMI Blog2025 (2) TMI 564X X X X Extracts X X X X X X X X Extracts X X X X ..... thpalia, Sr. Advocate with Mr. Abhishek Anand, Mr. Karan Kohli, Ms. Palak Kalra, Mr. Aditya, Advocates for RP. Mr. Abhijeet Sinha, Sr. Advocate with Mr. Nilotpal Shyam, Mr. Avishkar Singhvi, Mr. Auritro Mukherjee, Vivek Kumar Singh, Advocates for SRA. Mr. Keshri Kumar , Advocate JUDGMENT ASHOK BHUSHAN , J. This Appeal has been filed challenging the order dated 04.12.2024 passed by National Company Law Tribunal, New Delhi, Principal Bench rejecting New IA-4783/2024 filed by the Appellant. 2. Brief facts necessary to be noticed for deciding the Appeal are: (i) The Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor ("CD") - International Recreation and Amusement Ltd. commenced vide order dated 03.08.2018 passe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... holding in Appu Ghar Entertainment Pvt. Ltd. filed an Application IA No.4783/2024 praying for following reliefs: "1. Direct the Respondent to place the resolution plan of the Applicant/ promoter of IRAL proposing a reverse insolvency resolution, before the CoC for its consideration; 2. Pass any other order as this Hon'ble Adjudicating Authority may deem fit in interest of justice." 4. The Application came to be rejected by the Adjudicating Authority relying on the judgment of this Tribunal in TA (AT) No.134/2021 (Dr. Ravi Shankar Vedam vs. Tiffins Barytes Asbestos and Paints Ltd. & Ors.). 5. We have heard Shri Gopal Jain, learned Senior Counsel for the Appellant; Shri Arun Kathpalia, learned Senior Counsel and Shri Abhishek Anan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at it intended to replace "Parklane Investment and Securities Limited" with another entity "Paras Buildtech" as its JV Partner. It is submitted that the Appellant has no authority or jurisdiction to submit a new Resolution Plan for resolution of the CD, nor it has any jurisdiction to file an Application and Application filed by the Appellant has rightly been rejected by the Adjudicating Authority. 8. We have considered the submission of learned Counsel for the parties and have perused the record. 9. From the facts, which were brought on the record by the Appellant, it is clear that Resolution Plan submitted by SRA has been approved by the CoC and Application for approval of Resolution Plan is filed by the RP, which is pending consideratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... maining creditors" [ 3.3.1, The Report of the Bankruptcy Law Reforms Committee, Vol. I : Rationale and Design (November 2015), p. 13, available at X X X X Extracts X X X X X X X X Extracts X X X X
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