2018 (8) TMI 1966 - AT - Insolvency and Bankruptcy

Approval of Resolution Plan - CIRP process - Section 31 of the I B Code - HELD THAT - The Adjudicating Authority has no jurisdiction to reopen resolution process -2- under Section 31 of I B Code, the said Authority rightly rejected the application. No relief can be granted in absence of any challenge to the approved resolution plan. There are no merits in the appeal - appeal dismissed.

Summary

The National Company Law Appellate Tribunal rejected an appeal by a Financial Creditor claiming that their application was rejected by the Resolution Professional of 'M/s Divya Jyoti Sponge Iron Pvt. Ltd.' The Adjudicating Authority had approved a resolution plan before the application was filed, leading to the rejection of the appeal. The Tribunal found no merit in the appeal and dismissed it.