2021 (11) TMI 1202 - AT - IBC

Seeking stay of approval of Resolution Plan - investigation sought of the whole Corporate Insolvency Resolution Process - Adjudicating Authority had not appreciated the aspects in right earnest and dismissed the application by passing the Impugned Order - principles of natural justice - HELD THAT - This Tribunal on going through the Impugned Order passed by the Adjudicating Authority is of the considered view that the Adjudicating Authority had rightly observed that in view of Resolution Plan being approved on 07.06.2021, the said interlocutory application had become an infructuous one. This Tribunal is in complete agreement with the view arrive at the Adjudicating Authority which is free from legal flaw viewed in that perspective the instant Company Appeal is devoid of merits. Appeal dismissed.

Summary

The Appellate Tribunal dismissed Company Appeal (AT) (Ins.) No. 797 of 2021 as the Resolution Plan was already approved on 07.06.2021, rendering the application infructuous. The Tribunal agreed with the Adjudicating Authority's decision, stating the appeal lacked merit. No costs were awarded.