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TMI Blog2023 (1) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... ncluding the aspect of raising such necessary pleas concerning the recent Order, about which the Appellant / Applicant is aggrieved, viz., in respect of the impugned order passed by the Adjudicating Authority, (National Company Law Tribunal, Hyderabad Bench I). The Adjudicating Authority, (National Company Law Tribunal, Hyderabad Bench I) shall expressly permit the Appellant / Applicant to raise those pleas (both on Facts and in Law), which are available to it, before the Adjudicating Authority, (National Company Law Tribunal, Hyderabad Bench I), at the time of Hearing in a conclusive manner and after providing an opportunity of Hearing to the other side, by adhering to the Principles of Natural Justice, is to pass a fair, just and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Registry to place the order before the NCLT-Hyderabad to pass appropriate orders with regard to disposal of the Application. In view of the findings above we make it clear that the Committee of Creditors are at liberty to consider the resolution plans which are already received including that of the 3rd Respondent, for voting and follow up further as per the procedure under the code. With these directions IA No.791/2021 stands dismissed. Restraint order earlier passed stands lifted. 3. Assailing the validity, propriety, legality and correctness of the impugned order dated 17.10.2022, passed by the Adjudicating Authority , (National Company Law Tribunal, Hyderabad Bench I) in IA/791/2021 in CP(IB) No.17/9/HDB/2020, the Learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jindal Group and had worked as Associate Vice President Finance Treasury , at Jindal Steel Power Ltd. for a period of 9 years, which was not disclosed before the Adjudicating Authority , (Tribunal) and ascertaining to that the 1st Respondent had issued an Addendum on 17.09.2021 to the request for proposal on non-standard term. 7. It is brought to the notice before this Tribunal , that the 1st Respondent / Resolution Professional , thereafter, issued an Invitation for Expression of Interest on 05.09.2021, 14.10.2021 and 16.10.2021 by virtue of Single Member of the Committee of Creditors, the 3rd Respondent / Jindal Saw Limited, Uttar Pradesh was selected as the Contractor for the said repair and maintenance work . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... National Company Law Tribunal, Hyderabad Bench I) took a different view and found that the Corporate Insolvency Resolution Process to be vitiated by fraudulent contact and coalition between various Group businesses of the 2nd and the 3rd Respondents and directed the Committee of Creditors not to consider the Resolution Plan , submitted by the 3rd Respondent. 11. Because of the diversion of opinion between the Two Members of the Adjudicating Authority , (National Company Law Tribunal, Hyderabad Bench I), the matter was referred to the 3rd Member and viz., the Hon ble Judicial Member of the Adjudicating Authority , (Tribunal) Cuttack Bench and the 3rd Hon ble Judicial Member, Cuttack Bench took a view that concurring with the vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 in CP(IB) No.17/9/HDB/2020, before the Adjudicating Authority , (National Company Law Tribunal, Hyderabad Bench I) on 17.10.2022, and has preferred the IA/1475/2022 in CP(IB) No.17/9/HDB/2020, seeking to set aside the decision , taken in the 12th Committee of Creditors Meeting of Sathavahana Ispat Limited dated 18.10.2022, in confirming the 3rd Respondent / Jindal Saw Limited , as the Successful Resolution Applicant , etc. 14. When the Appellant / Applicant has preferred IA/1475/2022 in CP(IB) No.17/9/HDB/2020 before the Adjudicating Authority , (National Company Law Tribunal, Hyderabad Bench I), after an order was passed in IA/791/2021 in CP(IB) No.17/9/HDB/2020 on 17.10.2022, whereby and whereunder the Appellant / ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petitioner was not able to satisfy his Locus and Bonafides . 16. At this stage, this Tribunal , simpliciter, in the instant Appeal , without expressing any opinion on the Merits of the matter, one way or the other, and not delving deep, permits the Appellant / Applicant to raise all available factual and legal pleas, before the Adjudicating Authority , (National Company Law Tribunal, Hyderabad Bench I), including the aspect of raising such necessary pleas concerning the recent Order, about which the Appellant / Applicant is aggrieved , viz., in respect of the impugned order dated 17.10.2022 in IA/791/2021 in CP(IB) No.17/9/HDB/2020, passed by the Adjudicating Authority , (National Company Law Tribunal, Hyderabad Ben ..... X X X X Extracts X X X X X X X X Extracts X X X X
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