2021 (8) TMI 1257 - SC - Companies Law

Stay on order passed by NCLT - HELD THAT - The appellant submitted a Resolution Plan which was approved by the Committee of Creditors. The adjudicating authority has also approved the Resolution Plan - The NCLAT stayed the order passed by the NCLT and directed the appeals to be listed for hearing on 07.09.2021. We do not intend to express any opinion on the merits of these appeals. Appeal dismissed.

Summary

Issues:
Approval of Resolution Plan by Committee of Creditors and adjudicating authority, Stay order by NCLAT, Dismissal of appeals

Analysis:
The Supreme Court heard the matter where the appellant had submitted a Resolution Plan approved by the Committee of Creditors and the adjudicating authority. However, the NCLAT had stayed the order passed by the NCLT and directed the appeals to be listed for a future hearing date. The Supreme Court clarified that they did not intend to express any opinion on the merits of the appeals. Ultimately, the appeals were dismissed, and any pending applications were disposed of. The NCLAT was directed to decide the appeals on the next date of hearing, which was set for 07.09.2021.