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2023 (5) TMI 611 - AT - Insolvency and BankruptcyRevival of dismissed application - Seeking direction to revoke decision of approving the resolution plan submitted by Respondent No. 6 - to accept the resolution plan submitted by the Appellant - HELD THAT - The Judgment relied upon by the Appellant in the case of M/S. VEDANTA LIMITED VERSUS CA VIKASH GAUTAMCHAND JAIN ANR 2022 (8) TMI 1375 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI is not applicable because the facts of the said case are altogether different from the facts of the present case as in the case of M/s Vedanta Limited an appeal was filed by the Unsuccessful Resolution Applicant who had filed an application to set aside the communication issued by the RP rejecting his prayer to allow it to submit a revised resolution plan and since the Appellant in the said case could not appear, therefore, order was passed rejecting the application. However, subsequently, the Appellant in the said application filed another application for revival of the application I.A No. 406 of 2022 but the said application was also dismissed - In this background, order was passed by this Tribunal that since the application for approval of the resolution plan is under consideration before the Adjudicating Authority, therefore, the appeal filed by the Appellant in the said case was not required to be entertained and the end of justice be served giving liberty to the Appellant to raise his objections regarding the approval of the resolution plan which may be heard by the Adjudicating Authority while considering the application for approval of the resolution plan. However, in the present case, the Appellant has raised all the issues available to it for the purpose of revoking the decision of the CoC to approve the resolution plan submitted by the Respondent No. 6 and has also made a prayer that resolution plan submitted by the Appellant be accepted. The said application has been thoroughly discussed both on the issue of facts and law and ultimately the same has been dismissed by a detailed order. There are no merit in the present appeal - appeal dismissed.
Issues involved:
The judgment involves the dismissal of an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, related to the approval of a resolution plan submitted by the Appellant in a case where the CoC selected a different resolution plan. Details of the Judgment: 1. The case originated from a petition filed by a Financial Creditor against a Corporate Debtor, leading to the appointment of an Interim Resolution Professional. 2. The Appellant submitted a financial proposal and resolution plan, but the CoC selected a different plan which was not approved by the Appellant. 3. The Appellant sought a direction to revoke the decision of approving the other resolution plan, but the application was dismissed. 4. The Adjudicating Authority considered the arguments of both parties and evaluated the resolution plans submitted. 5. The Tribunal upheld the CoC's decision based on the evaluation matrix, which highlighted the financial strength and experience of the successful resolution applicant. 6. The Tribunal emphasized that the approval of a resolution plan is not solely based on the highest amount offered but also considers the credibility and track record of the resolution applicant. 7. The Appellant cited a previous Tribunal decision in a similar case but was informed that the facts were different, leading to the dismissal of the appeal. 8. The Tribunal concluded that all issues raised by the Appellant were thoroughly examined and dismissed the appeal, finding no merit in it. Separate Judgment: No separate judgment was delivered by the judges in this case.
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