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TMI Blog2022 (3) TMI 1112X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellant, Learned Counsel for the Resolution Professional and Learned Counsel for the Committee of Creditors. 2. This Appeal has been filed against the Order dated 14.12.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench) in I.A. (IB) No. 98/ALD/2021. This application was filed by the Resolution Professional for approval of the Resolution Plan which has been allowed and the Resolution plan in respect to Corporate Debtor has been approved. 3. Learned Counsel for the Appellant challenging the Order contends that the Appellant was one of the ex-directors of the Corporate Debtor and was running the Hospital. Though the Hospital was permitted to be run by the Indian Medical Association under the dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Meetings of the CoC and he was requested to submit his plan and his proposal was duly considered by the CoC and deliberated and it was resolved that Appellant may submit a plan if otherwise eligible under Section 29A of the Code. It is submitted that no plan was even submitted by the Appellant and the offer which was given by the Appellant was only of Rs. 1 Crore which was too less than the plan which has now been approved. Mr. Abhijeet Sinha, Advocate submits that the Appellant has attended 04th Meeting of the CoC although notice of all meetings was given. Mr. Abhijeet Sinha submitted that all financial claims have already been updated and included in the Memorandum. 5. Learned Counsel for the CoC has also supported the submission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the same have been filed before the Hon'ble Adjudicating Authority to create hindrances in CIRP process of the Corporate Debtor and to make mockery of the IBC and legal system. Still CoC recommended to Mr. Vijay Kumar Pandey that if he is willing to take over the Corporate Debtor, he may file the proposal by way of submission of Resolution Plan provided he is eligible as per the eligibility criteria approved by CoC under the provisions of Section 25(2)(h) of IBC, 2016. To all the above points raised by CoC, Mr. Vijay Kumar Pandey stated that unintentionally certain mistakes were happened. Despite all the above shortcomings, still he is intended to make the request to the Coc to consider his proposal, which CoC after further deliberation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hospital, the Resolution Professional is not supposed to take physical possession of the hospital for running the hospital in the facts of the present case. The visiting of the Resolution Professional and all steps taken by the RP has duly been noted and considered by the CoC in 04th Meeting and subsequent meeting which indicate that what was expected by the RP was duly performed. Advertisements, Steps pertaining to issue of Notice under Form G and other steps have duly been taken by the RP and in pursuance of which the Resolution Plan was submitted which got approval by the CoC with 100% Voting Share. It is the commercial wisdom of the CoC to take a decision as to whether Resolution Applicant is eligible to run the Corporate Debtor and whe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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