2021 (1) TMI 715

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..... Resolution Plan and the Adjudicating Authority failed to appreciate the important issue - Resolution Plan approved by the Committee of Creditors - HELD THAT:- The Resolution Plan in the Corporate Insolvency Resolution Process against the Corporate Debtor has been approved by the Committee of Creditors as also by the Adjudicating Authority. That being the admitted position, Section 31 (1) of the .....

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..... e Appellant not only at a highly belated stage but also after approval of the Resolution Plan. In these circumstances, the Adjudicating Authority was right in rejecting the application as being non maintainable. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 964 of 2020 - - - Dated:- 10-11-2020 - Justice Bansi Lal Bhat Acting Chairperson, Justice Anant Bijay Singh Member (Judicial .....

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..... ution Plan and the Adjudicating Authority failed to appreciate the important issue. 2. After hearing learned counsel for the Appellant, we find that the Resolution Plan in the Corporate Insolvency Resolution Process against the Corporate Debtor has been approved by the Committee of Creditors as also by the Adjudicating Authority. That being the admitted position, Section 31 (1) of the I B Code .....

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..... Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta Ors. , Civil Appeal No. 8766-67 of 2019, reported in MANU/SC/1577/19 is relevant in this regard. Relevant portion thereof is reproduced hereinbelow: 67. For the same reason, the impugned NCLAT judgment in holding that claims that may exist apart from those decided on merits by the resolution professional and by the Adjudicatin .....

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..... es on a fresh slate, as has been pointed out by us hereinabove. For these reasons, the NCLAT judgment must also be set aside on this count. 3. In the instant case it is not disputed that the claim has been filed by the Appellant not only at a highly belated stage but also after approval of the Resolution Plan. In these circumstances, the Adjudicating Authority was right in rejecting the appli .....

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