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TMI Blog2024 (1) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... lication for staying the approval of the Resolution Plan till the disposal of his application. The Resolution Plan was approved on 27.06.2019 itself and the same has ultimately been approved by the Hon'ble Supreme Court on 28.02.2020. It is also a matter of fact that the Plan has also been implemented. In such circumstances, the application filed under Section 60(5) had lost its sheen as a new right of appeal become available to the Appellant to pursue its remedies in terms of Section 61(3)(iii) and (iv) of the Code before the Appellate Authority. The said procedure was not followed by the Appellant and therefore, in our considered opinion, the application filed under Section 60(5) was not maintainable. In view of the aforesaid discussi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de its order dated 28.02.2020. 4. Case of the Appellant is that the appellant had filed an application under section 60 (5) on 01.06.2019 which has been decided on 24.02.2021. It is submitted that the Tribunal has committed an error in not taking into account the invoices raised by the Appellant in the name of Orchid Health Care which is the other arm of M/s Orchid Pharma Ltd. because both the companies has the same GST number and the Appellant had been asked by the Corporate Debtor to raise its invoices on it. 5. On the other hand, Counsel appearing for the RP, at the very outset, has submitted that the application filed by the Appellant under section 60 (5) was not maintainable as the appellant has the statutory right to challenge the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Resolution Plan was approved on 27.06.2019 and has further been approved by the Hon'ble Supreme Court on 28.02.2020 and thereafter the same has also been implemented and three years have almost been passed, therefore, the application filed by the Appellant is without any purpose. 7. We have heard Counsel for the Parties and perused the records. 8. In order to appreciate the contention of the RP that the Appellant has the right to appeal in terms of Section 61(3) of the Code, it would be relevant to refer to Section 61 of the Code which read as under:- Section 61. Appeals and Appellate Authority. (1) Notwithstanding anything to the contrary contained under the Companies Act 2013 (18 of 2013), any person aggrieved by the order of the Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or fraud committed in relation to such a liquidation order. (5) An appeal against an order for initiation of corporate insolvency resolution process passed under sub-section (2) of section 54-O, may be filed on grounds of material irregularity or fraud committed in relation to such an order . ] 9. It is also relevant to refer to Section 60 of the Code much less Section 60(5) which has been invoked by the Appellant for the purpose of filing the application on which the Impugned Order has been passed, which is reproduced as under : - Section 60. Adjudicating Authority for corporate persons. (1) The Adjudicating Authority, in relation to insolvency resolution and liquidation for corporate persons including corporate debtors and personal guara ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the corporate debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and (c) any question of priorities or any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under this Code. (6) Notwithstanding anything contained in the Limitation Act, 1963 (36 of 1963) or in any other law for the time being in force, in computing the period of limitation specified for any suit or application by or against a corporate debtor for which an order of moratorium has been made under this Part, the period during which such moratorium is in place shall be excluded. 10. It is not disputed before us that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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