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TMI Blog2024 (3) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... limited ground for interference with the resolution plan is only when resolution plan violates or is in non-compliance of Section 30(2) of the Code. The Appellant has no such right that its resolution plan should be approved by the CoC which proposition has already been laid down by the Hon ble Supreme Court in ARCELORMITTAL INDIA PRIVATE LIMITED VERSUS SATISH KUMAR GUPTA ORS. [ 2018 (10) TMI 312 - SUPREME COURT ]. There are no ground in this Appeal warranting any interference with the order of the Adjudicating Authority dated 04th January, 2024 by which the Adjudicating Authority has approved the Resolution Plan. The CoC after considering the Resolution Plan of the Appellant and all other Resolution Applicants has approved the res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor-Sarga Hotel Pvt. Ltd. commenced vide Order dated 11.02.2020. Form-G was issued by Resolution Professional in response to which Appellant submitted his expression of interest . On 30th September, 2022, Appellant submitted a Resolution Plan. Appellant on 11th April, 2023 submitted a revised signed resolution plan, three other resolution applicants also submitted their revised signed resolution plans on 11th April, 2023. On 12th CoC meeting held on 12th April, 2023, signed revised resolution plans were opened. On 3rd May, 2023, all resolution applicants including the Appellant were asked to submit a revised signed resolution plans after incorporating the legal comments without changing the commercial offer as submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idered the email dated 23rd May, 2023 of the Appellant and decided to consider appellant s resolution plan as submitted on 11th April, 2023. All plans were put to e-voting on the basis of result of e-voting the Resolution Plan submitted by Shriram Multicom Pvt. Ltd. was approved with 100% vote share. On 2nd June, 2023, RP filed an application I.A. No. 1054/KB/2023 for approval of the Resolution Plan. On 26th June, 2023, RP by email informed the applicants other than successful resolution applicant that earnest money and bank guarantee will be returned after the approval of resolution plan. Shriram Multicom Pvt. Ltd. was also informed. On 21st August, 2023, the Appellant filed an I.A. No. 1470 of 2023 seeking a direction to consider its r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority against which C.A.(AT) Ins. No. 1304 of 2023 has been filed which is pending consideration. It is submitted that COC itself being not properly constituted, approval of the resolution plan cannot be valid. The Appellant has also filed an I.A. No. 1470 of 2023 seeking a direction to RP to place the resolution plan before the CoC to consider the revised resolution plan dated 23rd May, 2023 which application was illegally rejected by the Adjudicating Authority against which C.A.(AT) Ins. No. 1689 of 2023 has been filed by the Appellant. 4. Learned Counsel for the Resolution Professional refuting the submissions of the Appellant submits that Appellant was only one Resolution Applicant whose resolution plan was duly cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , only limited ground for interference is that when resolution plan violates any provision of Section 30(2) of the Code. There is not even allegation or any averment or ground in the appeal that resolution plan approved by the CoC violates any provision of Section 30(2) of the Code. 5. The CoC has also supported the approval of the resolution plan and submits that present Appeal has been filed on the same ground on which appeal has already been filed being C.A.(AT) Ins. No. 1689 of 2023. The plan of Appellant has been duly considered by the CoC in its 14th CoC meeting held on 24th May, 2023 and the resolution plan of the Respondent No. 3 being approved, there is no right in the Appellant to challenge the commercial wisdom of the CoC and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which C.A.(AT) Ins. No. 1689 of 2023 has been filed by the Appellant, we by our separate order passed of the date has already dismissed C.A.(AT) Ins. No. 1689 of 2023 upholding the order of the Adjudicating Authority rejecting I.A. No. 1470 of 2023. 8. We do not find any ground in this Appeal warranting any interference with the order of the Adjudicating Authority dated 04th January, 2024 by which the Adjudicating Authority has approved the Resolution Plan. The CoC after considering the Resolution Plan of the Appellant and all other Resolution Applicants has approved the resolution plan of Respondent No. 3 with 100% vote share which resolution plan has ultimately been approved by the Adjudicating Authority on 04th January, 2024. We do n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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