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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 ..... Section 61 of the I B Code. There is nothing on record to show that the approved resolution plan is in contravention of the provisions of any law for the time being in force or there has been any material irregularity in exercise of the powers by Resolution Professional (i) during the corporate insolvency resolution period; it is not the case of the Appellant that (ii) the debt owed to the operational creditors of the corporate debtor have not been provided in the resolution plan in the manner specified by the Board; or (iii) the insolvency resolution process costs have not been provided for repayment in priority to all other debts; or (iv) resolution plan does not comply with the criteria specified by the Board - As none of the cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pendency of the above appeal, the resolution plan of Atyant Capital India Fund-I was approved by the Adjudicating Authority on 15th December, 2017. However, on account of the pendency of the appeal of Exim Bank before this Appellate Tribunal, the same could not be given effect as this Appellate Tribunal directed not to give effect to the resolution plan approved by order dated 15th December, 2017 without prior permission of this Appellate Tribunal. 3. Finally, this Appellate Tribunal by judgment dated 14th August, 2018 disposed of the matter and made it clear that the Committee of Creditors cannot go in for rebidding on account of the resolution plans having already opened. The aforesaid issue was raised because one of the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ol Internation Inc. has challenged the aforesaid order dated 4th February, 2020 in these 2 appeals. Learned counsel appearing on behalf of the Appellant submits that Government of India, in exercise of the powers conferred under Section 5 and 6 of the Oil Fields Act and in supersession of the Petroleum Concession Rules, 1949 framed (PNG Rules) for regulating the grant of exploration licenses and mining leases in respect of petroleum and natural gas which belong to the Government of India and for conservation and development thereof. Rule 5 of the PNG Rules empowers the Central Government, while granting a license or lease, to prescribe such other additional terms, covenants and conditions by an agreement between the Central Government an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or is 25% participating interest in and any direct or indirect sale of the said participating interest which was strictly governed by the provisions of the Production Sharing Contract and the Joint Operating Agreement. The Appellant has first charge of the participating interest of the Corporate Debtor which rank above the charge holding by any other secured creditor. Further according to the Appellant pursuant to Article 7.4 of the Production Sharing Agreement, the Appellant and the Corporate Debtor, Oil India Limited and Geoenrpo also executed a joint operating agreement dated 16th June, 1995 to define their respective rights, interest and obligations for the proper regulation of the Petroleum Operations pursuant to the contract. There ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en provided for in the resolution plan in the manner specified by the Board; (iv) the insolvency resolution process costs have not been provided for repayment in priority to all other debts; or (v) the resolution plan does not comply with any other criteria specified by the Board. 11. There is nothing on record to show that the approved resolution plan is in contravention of the provisions of any law for the time being in force or there has been any material irregularity in exercise of the powers by Resolution Professional (i) during the corporate insolvency resolution period; it is not the case of the Appellant that (ii) the debt owed to the operational creditors of the corporate debtor have not been provided in the re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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