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2021 (10) TMI 1276 - Tri - Insolvency and BankruptcySeeking direction against RP - HELD THAT - RP is directed to conduct CoC meeting as early as possible. Put both the plans before CoC. Both the Resolution Applicants are at liberty to explain CoC and seek liberty either to revive their plan or refer to any proceeding conducted by CoC. Learned Counsel for the other Resolution Applicant Alchemist Assets Reconstruction Company (one of the CoC member) states that Resolution Plan submitted by Alchemist Assets Reconstruction Company is withdrawn in terms of the said statement - application disposed off.
Issues:
1. Withdrawal of application by Standard Chartered Bank 2. Deferred application for liquidation filed by RP 3. Resolution Applicant seeking direction against RP Withdrawal of Application by Standard Chartered Bank: In the case, an application was filed by Standard Chartered Bank, and after completion of pleadings, the bank expressed its wish to withdraw the application. The Learned Counsel confirmed the withdrawal, and the Tribunal allowed the application to be withdrawn and disposed of. Deferred Application for Liquidation by RP: Another application was filed by the Resolution Professional (RP) seeking liquidation, which was deferred due to an order passed in another application. The Tribunal scheduled this application to be listed on 25.11.2021 for further proceedings. Resolution Applicant Seeking Direction Against RP: Furthermore, an application was filed by one of the Resolution Applicants seeking direction against the RP. After hearing both sides and considering the interests of stakeholders and the Corporate Debtor, the Tribunal directed the RP to conduct a meeting of the Committee of Creditors (CoC) at the earliest. The CoC was instructed to reconsider two pending plans for transparent voting. Both Resolution Applicants were given the liberty to present their plans before the CoC for reconsideration. Additionally, one of the Resolution Applicants withdrew its plan, making a part of the application infructuous. The application was disposed of based on the directions given to the RP and CoC. This judgment by the National Company Law Tribunal, New Delhi, involved the withdrawal of an application by a bank, the deferral of a liquidation application by the RP, and the direction given to the RP and CoC regarding reconsideration of pending resolution plans. The Tribunal emphasized transparency and stakeholder interests in its decision-making process.
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