9911796707
TMI Blog2024 (8) TMI 212X X X X Extracts X X X X X X X X Extracts X X X X ..... ment to challenge the order dated 16.02.2024 by which earlier order was recalled - HELD THAT:- It was open for the Appellant to challenge the order dated 16.02.2024. The Appellant did not challenge the order of recall and participated in the hearing of the application again, in consequence of which hearing order has been delivered. The provision for filing an appeal against order of Adjudicating Autohrity is provided under Section 61 of the IBC and under Section 61(2) limitation for filing appeal is only 30 days. When appellant has not filed appeal against order dated 16.02.2024, the submission of the Appellant that he can be allowed to challenge order dated 16.02.2024 in the present appeal which is filed against order dated 14.03.2024 cann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er dated 16.02.2024 and thereafter matter was heard again and impugned order was passed. He submits that the Appellant is entitled to challenge the order dated 16.02.2024 in the appeal. He further submits that the CIRP against the Principal Borrower has already been completed by approval of the Resolution Plan which is pending consideration of the Adjudicating Authority. Appellant has submitted proposal for settlement/OTS offer which has not been considered and the Appellant has been communicated by letter dated 22.02.2024 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 challe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd CJ302, Kanti Apartment, Mount Mary Road Bandra West, Mumbai-400050 Dear Sir, Re: Your letter dated 26.02.2024 12.12.2023 for giving OTS Offer. We acknowledge receipt of your letter dated 16.02.2024 concerning the OTS offer. In this regard, we bring to your attention the following: 1. Pursuant to the directive of the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, Court-III in IA/2054/2020 in C.P.(IB)/2092(MB)2018, the Resolution Professional was mandated to convene a meeting of the Committee of Creditors (CoC). 2. The CoC meeting was duly convened on 29.11.2023, during which only one Resolution Plan from M/s Sadhana Nitro Chem Limited was presented to the CoC for consideration. This plan had previously been introduced in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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