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TMI Blog2024 (4) TMI 402X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of the corporate debtor. HELD THAT:- Having upheld the Resolution Plan and granted liberty, both the parties are to act in pursuance of the liberty as granted and the order being only an interim direction and the application being still pending, there are no reason to entertain this Appeal. While disposing of the application, Adjudicating Authority shall take into consideration the judgment of this Tribunal of the date in SHRISTI INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED VERSUS MR. AVISHEK GUPTA, RESOLUTION PROFESSIONAL [SARGA HOTEL PRIVATE LIMITED UNDER CIRP] , JC FLOWERS ASSET RECONSTRUCTION PRIVATE LIMITED, SHRIRAM MULTICOM PRIVATE LIMITED [ 2024 (4) TMI 321 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the Resolution Plan. Committee of Creditors (CoC) on 30.05.2023 approved the Resolution Plan submitted by the Respondent No.1 and application being IA No.1054 of 2023 was filed by the Resolution Professional for approving the Resolution Plan. IA No.690 of 2022 was filed by the Appellant praying for exclusion of the lease land from the assets of the Corporate Debtor. The Adjudicating Authority on 04.01.2024 rejected IA No. 690 of 2022 filed by the Appellant against which Company Appeal (AT) (Insolvency) No. 71 of 2024 has been filed by the Appellant. On 04.01.2024, the Adjudicating Authority also allowed IA No.1054 of 2023 approving the Resolution Plan. Against the order dated 04.01.2024 passed in IA No. 1054 of 2023, Company Appeal (AT) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ervants, and agents for wilfully contravening the resolution plan approved by this Hon'ble Tribunal on 4th January 2024 in I.A. (IBC) No. 1054/KB/2023 in accordance with Section 74 (3) of the I B Code, 2016 with imprisonment of 5 years along with fine to the tune of Rs. 1,00,00,000 (Indian Rupees One Crore) each; F. Ad interim orders in terms of prayers made hereinabove G. Pass further Order(s) and/or Directions as this Hon'ble Tribunal may deem fit and proper. 4. Learned Counsel for the Appellant challenging the order dated 23.02.2024 submits that the Adjudicating Authority passed order hurriedly without giving appropriate opportunity to the Appellant to respond to the application. It is submitted that the order passed by the Adjud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mit that the Resolution Plan has already been approved on 04.01.2024 by the Adjudicating Authority and there is no interim order passed by this Tribunal. It is further submitted that the order dated 23.02.2024 was passed by the Adjudicating Authority as an interim measure to ensure that the Corporate Debtor runs as a going concern and the plan be implemented. It is submitted that as per the approved Resolution Plan, Corporate Debtor is entitled to use the common facility and services in which no obstruction can be created by the Appellant. It is submitted that the Adjudicating Authority has granted opportunity to the Appellant to complete the pleading and order is only an interim measure and matter has further fixed for 04.03.2024. 6. Learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the date. We by our order has upheld the order dated 04.01.2024 as well as the reliefs and concessions granted by the order that Corporate Debtor shall continue to give unfettered access to all its assets, including movable assets located on properties that do not belong to the Corporate Debtor on the same term. However, while upholding the order, this Tribunal has granted certain liberties and the Appeals have been disposed of by order of the date. It is useful to extract paragraph 13 of the judgment of Company Appeal (AT) (Insolvency) No. 70 of 2024, which is as follows : - 13. The Resolution Plan having been approved by 100% vote share of the CoC and no grounds having been made out to interfere with the approval of the Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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