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TMI Blog2022 (3) TMI 1001X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Plan by the Adjudicating Authority, which got approval of each stage of Resolution Framework. No grounds have been made to interfere with the impugned order in this Appeal - Appeal dismissed - Comp. App. (AT) No. 38 of 2022 - - - Dated:- 22-3-2022 - [Justice Ashok Bhushan] Chairperson, [Dr. Alok Srivastava] Member (Technical) And [Shreesha Merla] Member (Technical) For the Applicants : Mr. Angad Mehta, Mr. Narendar Naik, Advocates For the Respondents : Mr. Raunak Dhillon, Mr. Adarsh Saxena, Mr. Shubhankar Jain, Ms. Ritu Vishwakarma, Ms. Drishti Das, Mr. Yash Johri, Mr. Abhijeet Das, Mr. Vikash Kumar Jha, Ms. Isha Malik, Mr. Nihaad Dewan, Advocates for R1. Mr. Gaurav Juneja, Mr. Arijit Oswal, Advocates for R3-5 O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the submissions of the Learned Counsel for the parties and have perused the record. 6. The order of the Tribunal noticed in detail the various steps taken in pursuance of the Resolution Framework which was approved by this Appellate Tribunal in Company Appeal (AT) No. 346 of 2018 and in Company Appeal (AT) No. 347 of 2018. According to the Resolution Framework, the Resolution Plan was submitted which passed through different stages as was contemplated in Resolution Framework and after approval of the Board of Directors, an Application was filed before Justice D.K Jain (Retd.) seeking approval of the sale of the Applicant s and IL FS Employees Welfare Trust s shareholding in IEISL which was also approved on 24.08.2020. In paras 33 and 34 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the subject matter of consideration before the Board of Directors as well as Justice D.K Jain (Retd.) which was approved. We are of the view that in exercise of our limited jurisdiction of the judicial review of an order of approval of the Resolution Plan, we see no reason to interfere with the order of approval of the Resolution Plan by the Adjudicating Authority, which got approval of each stage of Resolution Framework. We thus, are of the view that no grounds have been made to interfere with the impugned order in this Appeal. We, however, observe that as far as inter se issues between the Appellants and the Respondent No.4 are concerned, it is always open for the Appellant to take such remedy as available in law. 9. With these observ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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