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TMI Blog2024 (4) TMI 569X X X X Extracts X X X X X X X X Extracts X X X X ..... Rawat, Adv. Mr. Siddhant Kant, Adv. Mr. Saurav Panda, Adv. Mr. Nikhil Mathur, Adv. Mr. Prithviraj Oberoi, Adv. Mr. Shyam Divan, Sr. Adv. Ms. Anannya Ghosh, AOR Mr. Brian Henry Moses, Adv. For the Respondent(s) Dr. A.M. Singhvi, Sr. Adv. Mr. Guru Krishna Kumar, Sr. Adv. Mr. Mahesh Agarwal, Adv. Mr. Mahesh Agarwal, Adv. Mr. Rishi Agrawala, Adv. Mr. Rohan Dakshni, Adv. Ms. Nikita Mishra, Adv. Mr. Himanshu Satija, Adv. Mr. Rohan Talwar, Adv. Ms. Nidhi Ram Shrama, Adv. Ms. Geetika Sharma, Adv. Ms. Nidhi Ram Sharma, Adv. Ms. Aakansha Kaul, Adv. Mr. E. C. Agrawala, AOR Mr. Shyam Divan, Sr. Adv. Ms. Anannya Ghosh, AOR Mr. Brian Henry Moses, Adv. ORDER 1. This order would decide the cross-appeals under Section 62 of the Insolvency and B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code is passed. These reasons include delay, consequences of the delay and the uncertainty and complexities that would arise in the Corporate Insolvency Resolution Process, which are unacceptable and not contemplated in law. Even the terms of the resolution plan, will not permit withdrawal or modification in the absence of a statutory provision, that allow withdrawal or amendment in the resolution plan after approval by the Committee of Creditors. The resolution plan approved by the Committee of Creditors is a creature of the Code and not a pure contract between two consenting parties. 6. During the course of arguments, our attention was drawn to the proviso to Section 31(1) of the Code, which postulates that the adjudicating autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d false statement was made with regard to the uninstalled imported components of 12,500 M.T. Press, which were stored in the land of a sister concern - Clover Forging and Machining Pvt. Ltd. (d) The successful resolution applicants were misled in view of the non-reliability of financial data. There was ongoing financial/forensic audit. 8. The aforesaid reasons or grounds taken by the successful resolution applicants do not qualify and cannot be treated as a fraud on the part of the resolution professional. This is not a case where misinformation or wrong information was given to the resolution applicants. 9. We have been taken through the information memorandum, as well as, the data in the virtual data room, access to which was grante ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... professional on the recoveries being made for prior period. The principle of "clean slate" is well established and known. 15. Resolution plans are not prepared and submitted by lay persons. They are submitted after the financial statements and data are examined by domain and financial experts, who scan, appraise evaluate the material as available for its usefulness, with caution and scepticism. Inadequacies and paltriness of data are accounted and chronicled for valuations and the risk involved. It is rather strange to argue that the superspecialists and financial experts were gullible and misunderstood the details, figures or data. The assumption is that the resolution applicant would submit the revival/resolution plan specifying the mon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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