9911796707
TMI Blog2023 (8) TMI 618X X X X Extracts X X X X X X X X Extracts X X X X ..... e Appellant/ Petitioner, as projected in IA/361/IB/2020 in CP(IB)540/CHE/2017 (being the Correct Company Petition Number, according to the Appellant , instead of C.P.(IB)/889(CHE)/2019), is granted by the Adjudicating Authority / Tribunal or this Appellate Tribunal , for that matter, then, the same will not satisfy the requirement of Law . This Tribunal , pertinently points out that even the Hon ble Supreme Court had Approved the Resolution Plan , through, its Order dated 28/02/2020, (which is not in dispute), and the same is accepted by the Learned Counsels appearing for the respective Parties. Suffice it for this Tribunal , to succinctly point out, that in one of the Miscellaneous Applications , dated 03/07/2019 filed befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 12/05/2023 (filed by the Appellant / Petitioner under Section 60(5) of the I B Code, 2016) at Paragraphs Nos. 11-13 had observed the following: 11. Given the factual matrix, it is to be noted that the applicant who is aggrieved by its categorization as an Unsecured Creditor had sufficient opportunity to challenge the same during the consideration of the Resolution Plan before its approval by this Tribunal. This was not done by the applicant. The applicant had filed an application seeking intervention when the matter was taken in appeal before the Hon ble Supreme Court. However, the application/petition was withdrawn by the applicant. 12. The scope of this Tribunal after approval of a Resolution Plan is very limited and is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Impugned Order is not a Correct one for which the Learned Counsel for the Appellant had given a letter to the Adjudicating Authority / Tribunal , dated 06/06/2023, to rectify the creeping in of error, which is an inadvertent one. Hence, the Impugned Order dated 12/05/2023, is arising out of IA/361/IB/2020 in CP(IB)/540(CHE)/2017, and the Company Petition number , mentioned in the Appeal as CP(IB)/889/(CHE)/2019 is an incorrect one, and the said fact is hereby recorded by this Tribunal . Appellant s Pleas : Assailing the validity , legality , propriety of the Impugned Order, dated 12/05/2023 in IA/361/IB/2020 in CP/IB/540(CHE)/2017, (being the correct Company Petition Number), passed by the Adjudicating Authority / ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority / Tribunal had approved the Resolution Plan on 27/06/2019 and that the Resolution Plan got implemented on 31/03/2020 and by virtue of the Plan being implemented and before that when the Resolution Plan came to be approved, there had occasioned a complete change in control and ownership of the Corporate Debtor . As such, the Impugned Order of the Adjudicating Authority / Tribunal , in not entertaining the IA/361/IB/2020 in CP/IB/540/CHE/2017 is free from any legal infirmities . Pros Cons : It must be borne in mind that the ambit of the Adjudicating Authority / Tribunal , subsequent to the Approval of Resolution Plan , is limited in character . That apart, any relief sought, which can a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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