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TMI Blog2020 (8) TMI 454X X X X Extracts X X X X X X X X Extracts X X X X ..... d Ms. Charu, Advocates Mr. Arvind Nayar, Senior advocate with Mr. N.P.S. Chawla, Mr. Kaustubh Prakash, Ms. Manishat Karia, Mr. Adarsh Kumar, Ms. Upasana, Mr. Chandrashekaran, Ms. Pragati Banka, Advocates ORDER The 'corporate insolvency resolution process' against the 'JEKPL Private Limited' (Corporate Debtor) was initiated in the year 2017 but it could not proceed because of different petitions/applications preferred before the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench and followed by the appeal before this Appellate Tribunal (National Company Law Appellate Tribunal) in 'Company Appeal (AT) (Insolvency) No. 254 of 2017' and this Appellate Tribunal directed the Adjudicating Authority to decide the question o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or maintenance of status quo as on the said date. Subsequently the said appeal was dismissed by order dated 23rd January, 2019. 5. The case was re-heard and by order dated 17th January, 2020 the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench again approved the resolution plan of the 'successful resolution applicant i.e. 'Atyant Capital India Fund-1' wherein facts of some other case were also recorded. However, it appears that the facts of other case had been recorded in the order dated 17th January, 2020 which was brought to the notice of the Adjudicating Authority (National Company Law Tribunal) by the 'Resolution Professional'. The Adjudicating Authority thereafter by impugned order dated 4th February, 2020 made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rces in the Kharsang field. Based on the representations and bids from the Appellant - 'Geopetrol International Inc.' and other companies including the 'Corporate Debtor' which had the necessary financial and technical resources, competence and experience, the Government of India granted a mining lease to Oil India Limited and the 'Corporate Debtor' (formerly known as 'Enprol India Limited'). 8. Their production sharing contract, the initial participating interest is as follows: Oil India Limited 40% Geopetrol International Inc. 25% Enpro (now JEKPL) 25% Geoenpro Petroleum Limited 10% 9. Learned counsel for the Appellant submits that the principal assets of the 'Corporate Debtor' is 25% participating interest in and any di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor' or 'financial creditor' and the appeal can be filed against approval of a plan by any aggrieved person o any ground, mentioned in subsection (3) of Section 61 of the 'I&B Code, which reads as follows: 61 (3) An appeal against an order approving a resolution plan under section 31 may be filed on the following grounds, namely:- (i) the approved resolution plan is in contravention of the provisions of any law for the time being in force; (ii) there has been material irregularity in exercise of the powers by the resolution professional during the corporate insolvency resolution period; (iii) the debts owed to operational creditors of the corporate debtor have not been provided for in the resolution plan in the manner specifi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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