9911796707
TMI Blog2021 (6) TMI 1028X X X X Extracts X X X X X X X X Extracts X X X X ..... vocate with Ms. Misha, Mr. Siddhant Kant and Ms. Moulshree Shukla, Advocates. For the Respondents: Mr. Arun Kathpalia, Sr. Advocate with Ms. Liz Mathew, Ms. Sonali Jain and Mr. Rohan Rajadhyaksha, Advocates for R-1. Dr. Abhishek Manu Singhvi and Mr. Ashish Dholakia, Sr. Advocates with Mr. Avishkar Singhvi, Mr. Ketan Gaur, Mr. Ashish Bhan, Ms. Chitra Rentala, Mr. Aayush Mitruka, Ms. Samriddhi Shukla, Advocates for R-2 (SRA). Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Mr. Aditya Marwah, Mr. Animesh Bisht, Ms. Richa Roy, Ms. Saloni Kapadia, Advocates for R-3 (CoC). ORDER (Virtual Mode) The Appellant - 'Prudential International Insurance Holdings Ltd.' has filed this appeal against impugned order and judgment dated 7th J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would be extinguished. It is argued and mentioned in the appeal that the Appellant is aggrieved with the impugned order as follows: "The Appellant is aggrieved to the extent that the Impugned Order: (a) allows the application for approval of resolution plan being I.A. 449/2021, which admittedly had three separate reliefs including a specific relief seeking grant of reliefs and concessions sought by the Resolution Applicant, without an express reference to the reliefs and concessions sought thereunder against the Appellant or any reference to I.A. 929 of 2021 ("Appellant's Application"), wherein the Appellant has inter-alia placed its objections to any term of the Resolution Plan that seeks to unilaterally modify or terminate the SHA, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut giving the Appellant a right of hearing, and without a just or proper adjudication of the Appellant's Application on merits, and without even applying its mind to the facts or prayers of the Appellant's Application opposing such reliefs which is sub judice before the Ld. Adjudicating Authority. In fact, it is in contravention of the assurance given by the Ld. Adjudicating Authority itself during the hearing of Appellant's Application on 02 June 2021, that the reliefs sought against the Appellant as part of the Plan Approval Application would not be granted till the Appellant's Application is heard and disposed off. Thus, the Impugned Order impacts the rights of the Appellant without giving it a proper and effective hearing while its Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to modify the Resolution Plan, if and to extent that it unilaterally alters/ amends/ modifies the mutually agreed terms of the SHA. Distribution Agreement and Articles or affects or extinguishes the rights of the Applicant and obligations and liabilities of the Corporate Debtor under the SHA, Distribution Agreement and Articles, in whatsoever manner, whether directly or indirectly; and/or" 5. It is argued that when the I.A. had come before the Adjudicating Authority on 12th May, 2021 order as at Annexure A-11 was passed and time to file reply was given. It is argued that the Application I.A. No. 929 of 2021 is yet not decided by the Adjudicating Authority and would be coming up before the Adjudicating Authority on 30th June, 2021. The Lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rayer (a) and (b) and that prayer (c) was left for the Successful Resolution Applicant to convince the Adjudicating Authority. It is stated that the Resolution Plan which has been approved, is as was produced and which was approved by the CoC. 8. The Learned Senior Counsel for the CoC, Mr. Ramji Srinivasan submitted that the plan which has been approved is not conditional and could not be interfered with at the instance of a third party like the Appellant. The Learned Counsel submitted that the Appellant had filed claim of Rs. 4100 Crore on count of losses which was rejected by the Resolution Professional and the same was not challenged. The Learned Counsel submitted that issue in such context, the Adjudicating Authority would deal when I. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Authority on 30th June, 2021. Without rights claimed by Appellant being adjudicated before Adjudicating Authority, Appellant cannot maintain challenge to approval of Resolution Plan by way of Appeal. Keeping in view the prayers in I.A. No. 929 of 2021, we are not making any comments on the merits of rival claims. Suffice it to state that the Appellant - third party is trying to maintain this appeal challenging the Resolution Plan approved, without getting decided I.A. No. 929 of 2021, one way or other. We decline to entertain the appeal.
11. The appeal is disposed of as premature with liberty to the Appellant to raise admissible issues as the Appellant may want to raise after decision of I.A. No. 929 of 2021. X X X X Extracts X X X X X X X X Extracts X X X X
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