2025 (1) TMI 1102 - SCH - IBC

Approval of Resolution Plan - Applicant submits that RP has not issued clarification with regard to certain commercial spaces in the Corporate Debtor s asset - It is submitted that the Applicant/ Appellant was not informed about the 4th to 9th floor also belong to the Corporate Debtor - it was held by NCLAT that There is no substance in the submission advanced by the Applicant in the present Application praying for setting aside the order of the Adjudicating Authority and to remand the Plan back to the CoC for fresh consideration. HELD THAT - No case is made out for interference - Appeal dismissed.

Summary

The Supreme Court, presided by HON'BLE MR. JUSTICE ABHAY S. OKA and HON'BLE MR. JUSTICE UJJAL BHUYAN, addressed an appeal involving the appellant represented by Mr. Siddharth Bhatnagar, Sr. Adv., and others, and the respondent represented by Mr. Ramji Srinivasan, Sr. Adv., and others. The Court heard the learned senior counsel for the appellant and decided to condone the delay in filing the appeal. However, the Court found no grounds for interference with the findings recorded in paragraphs 6 and 7 of the impugned order. The appellant had previously claimed that certain submissions were not considered by the National Company Law Appellate Tribunal (NCLAT), but the respondent's counsel maintained that these contentions were never actually argued. The Court noted that the appellant failed to have the same counsel argue the appeal again or file an affidavit. Consequently, the Supreme Court concurred with the NCLAT's decision and dismissed the appeal.