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TMI Blog2020 (11) TMI 551X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned order on the application filed under Section 60(5) of the I B Code to the Successful Resolution Applicant follows as a necessary corollary to the dismissal of appeal filed against approval of Resolution Plan of the Successful Resolution Applicant to implement the approved Resolution Plan on or before the extended date of 30th September, 2020. Once the Appellant is out of the fray, it has neither locus to call in question any action of any of the stakeholders qua implementation of the approved Resolution Plan nor can it claim any prejudice on the pretext that any of the actions post approval of the Resolution Plan of Successful Resolution Applicant in regard to its implementation has affected its prospects of being a Successful Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sal order from the Hon ble Apex Court, directed implementation of the approved Resolution Plan on or before the extended date i.e. 30th September, 2020. The impugned order has been assailed on the ground that the erstwhile Committee of Creditors of the Corporate Debtor, in connivance with the Successful Resolution Applicant, accepted a re-negotiated fresh Resolution Plan and the application of the Committee of Creditors under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ( I B Code for short) filed before the Adjudicating Authority was not maintainable and should not have been entertained by the Adjudicating Authority for the Committee of Creditors had become functus officio after approval of the Resolution Plan. It is submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20. Once the Appellant is out of the fray, it has neither locus to call in question any action of any of the stakeholders qua implementation of the approved Resolution Plan nor can it claim any prejudice on the pretext that any of the actions post approval of the Resolution Plan of Successful Resolution Applicant in regard to its implementation has affected its prospects of being a Successful Resolution Applicant. If the terms of the approved Resolution Plan of Successful Resolution Applicant have been varied or time extended to facilitate its implementation and the creditors have not claimed any prejudice on that count and the Committee of Creditors comprising of the creditors as stakeholders has not objected to same rather been privy to i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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