9911796707
TMI Blog2024 (8) TMI 212X X X X Extracts X X X X X X X X Extracts X X X X ..... tice Ashok Bhushan ] Chairperson , [ Barun Mitra ] Member ( Technical ) And [ Arun Baroka ] Member ( Technical ) For the Appellant : Mr. Aayush Agarwala , Mr. Kunj Mehra , Advocates ORDER ( Hybrid Mode ) Heard learned counsel for the Appellant. The Appeal has been filed against order passed by the Adjudicating Authority dated 14.03.2024 by which Section 95 application filed by the Bank of Baro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2024 that Respondent shall not consider the proposal of OTS. 3. We have considered the submissions of the Appellant and perused the record. 4. In so far as first submission of the Appellant that Appellant is entitled to challenge the order dated 16.02.2024 by which earlier order was recalled, we are of the view that it was open for the Appellant to challenge the order dated 16.02.2024. The Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iew that both the orders are separate orders and both orders need to be challenged separately in the scheme of IBC as provision under Section 61 and the submission which has been made by the Appellant cannot be accepted. 6. In so far as second submission of the Appellant that Appellant's proposal for OTS has not been accepted, Appellant has referred to letter dated 22.02.2024 of the Bank which pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itro Chem Limited was presented to the CoC for consideration. This plan had previously been introduced in the 9th CoC meeting held 13.10.2020. on 3. The CoC, upon due consideration, voted in favor of the Resolution Plan, which has subsequently been filed with the NCLT for approval. Given the aforementioned legal developments in the Corporate Insolvency Resolution Process (CIRP) of M/s Caichem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hile finalizing the Resolution Plan. We are, thus, of the view that at the time of finalization of Resolution Plan of the Personal Guarantor, the Adjudicating Authority shall consider all aspects of the matter. 9. We do not find any error in the order of the Adjudicating Authority admitting Section 95 application warranting any interference in exercise of our appellate jurisdiction. Subject to ob ..... X X X X Extracts X X X X X X X X Extracts X X X X
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