2020 (9) TMI 357 - Tri - Insolvency and Bankruptcy

Approval of Resolution - Section 30(6) of the IB Code, 2016 - HELD THAT - List these applications also on 16.06.2020. The learned counsel for the Resolution Professional shall communicate this order to all the remaining counsels in these applications as well as the parties in the proposed IA.

Summary

Issues: Compliance with Supreme Court order for resolution plan approval under Section 30(6) of IB Code, 2016; Listing of pending CAs and IAs for hearing; Delinking of certain applications from resolution plan approval IA.

Compliance with Supreme Court Order for Resolution Plan Approval:
The Tribunal received an order from the Hon'ble Supreme Court directing the matter of a fresh resolution passed by the Committee of Creditors to be considered by the NCLT for appropriate orders within fifteen days. In compliance, pending CAs and IAs in a specific case were listed for hearing through Video Conferencing. The Resolution Professional was contemplating filing an application under Section 30(6) of the IB Code, 2016 for approval of the resolution plan, with directions to scrutinize and list the application if found in order by a specified date. The applications were to be decided collectively, with completed pleadings, and the counsels were instructed to communicate the order to all relevant parties.

Listing of Pending CAs and IAs for Hearing:
The Tribunal listed pending CAs and IAs in compliance with the Supreme Court order for a specific case. The Resolution Professional was directed to file an application seeking approval of the resolution plan under Section 30(6) of the IB Code, 2016, with instructions for the registry to scrutinize and list the application by a specified date if found in order. The Resolution Professional and other counsels were required to ensure completion of pleadings and communicate the order to all relevant parties for a coordinated approach.

Delinking of Certain Applications from Resolution Plan Approval IA:
Certain applications were proposed to be delinked from the application seeking approval of the resolution plan under Section 30(6) of the IB Code, 2016. The Resolution Professional submitted that these applications could be delinked and were listed for a later date as per the submission. The Tribunal directed the listing of these applications on a specified date, separate from the resolution plan approval application, based on the Resolution Professional's submission.