9911796707
TMI Blog2021 (4) TMI 237X X X X Extracts X X X X X X X X Extracts X X X X ..... For Appellant : Mr.Praveen Kumar Jain, Advocate ORDER ( VIRTUAL MODE ) Heard the Learned Counsel appearing for the Appellant. 2. After hearing the Learned Counsel for the Appellant in the instant Company Appeal (AT)(Ins) No.11 of 2021, when this Tribunal posed a query to the Learned Counsel for the Appellant as to how the instant appeal is per se maintainable in the teeth of ingredients of Section 33(2) of the Insolvency Bankruptcy Code, 2016, coupled with the judgement of the Hon ble Supreme Court dated 10.3.2021 in Civil Appeal 2943-2944/2020 with Civil Appeal Nos.3138-3139 of 2020, Civil Appeal No.2949-2950 of 2020, Civil Appeal No.847-848/2021 (D.No.24125 of 2020) in the matter of Kalpraj Dharamshi Anr. V. Kotak Inve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... importance given to the decision of CoC, which is to be taken on the basis of commercial wisdom , NCLAT was not correct in law in interfering with the commercial decision taken by CoC by a thumping majority of 84.36%. 157. It is further to be noted, that after the resolution plan of Kalpraj was approved by NCLT on 28.11.2019, Kalpraj had begun implementing the resolution plan. NCLAT had heard the appeals on 27.2.2020 and reserved the same for orders. It is not in dispute, that there was no stay granted by NCLAT, while reserving the matters for orders. After a gap of five months and eight days, NCLAT passed the final order on 5.8.2020. It could thus be seen, that for a long period, there was no restraint on implementation of the resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by RP and Civil Appeal Nos.3138-3139 of 2020 filed by Deutsche Bank deserve to be allowed. It is ordered accordingly. The order passed by NCLAT dated 5.8.2020 is quashed and set aside and the orders passed by NCLT dated 28.11.2019 are restored and maintained and at this stage, the Learned Counsel for the Appellant seeks permission from this Tribunal to withdraw the instant Appeal. 3. Further, the Adjudicating Authority (NCLT, Hyderabad) had also observed in the impugned order dated 8.2.2021 in IA No.791 od 2020, IA NO.792 of 2020 and IA No.1176 of 2020 inter alia to the effect that the direction sought for to interfere with the decision of Committee of Creditors cannot be considered in as much as Resolution Plan was submi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
