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TMI Blog2024 (2) TMI 1258X X X X Extracts X X X X X X X X Extracts X X X X ..... he Appellant was duly considered and deliberated by the CoC. The reasons have also been noted in the minutes due to which the proposal did not find favour with the CoC. The decision to accept or reject the proposal under Section 12A is essentially a business decision and is in the domain of commercial wisdom of the CoC - the submission of learned counsel for the Appellant that proposal of the Appellant was not adequately considered by the CoC or there is any error in consideration or CoC has arbitrarily acted in rejecting the proposal of the Appellant, is not accepted. It is well settled that jurisdictional review of the decision of CoC for accepting or rejecting a proposal by the Adjudicating Authority is only on the ground that decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturning the said finding has dismissed the application. 2. Shri Sunil Fernandes, learned counsel for the Appellant challenging the order contends that there is no appropriate consideration of the proposal. When the Appellant was giving an amount which could have satisfied claims of all stakeholders, the CoC ought to have reasonably consider the proposal, which have been beneficial to all stakeholders. For any clarification it was open for the CoC to call Appellant and discuss the proposal. 3. We have considered the submissions of the Appellant and perused the record. 4. The Settlement Proposal under section 12A of the Code was placed before the CoC for consideration in 13th meeting of the CoC held on 19.05.2023. The minutes of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . within 3 years. Statutory Dues 4.73 0.01 INR 0.01 Cr. within 3 years. Operational Creditors 24.42 4.39 INR 0.44 Cr. upfront and INR 3.95 Cr. within 3 years Other Creditors INR 1 - 816.38 598.39 *As per the settlement proposal dissenting financial creditors will be given Nil amount under settlement. The CoC members were then asked to share their views opinion on the 12A settlement proposal of SIDCL. The representatives of JCF stated that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he operational creditors are ongoing, and settlements are expected to be reached shortly. He further stated that the proposal of SIDCL was submitted on 30th September 2022 but the same was not discussed by the CoC. The RP team emphasised that the proposal submitted by SIDCI on 30th September 2022 was discussed in the 8th CoC meeting held on 4th October 2022 and the details were shared with CoC members for their consideration. Further, the representatives of JCP stated that they had duly considered the proposal submitted by SIDCL earlier on 30th September 2022 as well as the addendum. They noted that the details with respect to the business unaddressed by SIDCL, in both the proposals and despite having sufficient time to provide a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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