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TMI Blog2024 (9) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... lan , Advocate for R4 ORDER ( Hybrid Mode ) The Appellant herein is a Successful Resolution Applicant. In the Company Appeal (AT) (CH) (Ins) No. 127/2024, he has put a challenge to the order dated 20th March 2024, as it was passed by the National Company Law Tribunal, Chennai Bench in M.A. No.37/2021 which was preferred in C.P.(IB)No.1006/IB/2018. By virtue of the Impugned Order in question, the Resolution Plan has been directed to be enforced subject to the conditions, as it has been given in the operative portion of the Judgment under challenge. Today the matter was listed on IA No.691/2024 preferred by the Appellant praying for an early hearing of the matter. During the course of argument, the Learned Counsel for the respondent point ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evant Sub Regulation 8 of Regulation 39 is extracted hereunder: "Regulation 39 - Approval of Resolution Plan: (8) A person in charge of the management or control of the business and operations of the corporate debtor after a resolution plan is approved by the Adjudicating Authority, may make an application to the Adjudicating Authority for an order seeking the assistance of the local district administration in implementing the terms of a resolution plan." On the simpliciter reading of Sub Regulation 8 of Regulation 39, it provides that after approval of the Resolution Plan, the Successful Resolution Applicant has to make an application to the Adjudicating Authority for the purposes of seeking assistance for enforcement and implementati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , and if the Appellant does so, the Application thus to be preferred by the Appellant for the purposes of lifting the embargoes for enforcement of the Resolution Plan, by lifting attachment, the same would be adjudicated upon by the Learned Adjudicating Authority, in accordance with law. It is agreed by the Counsel for the Parties in Appeal that the Appeal itself can be disposed off, subject to the aforesaid liberty being granted to the Appellant. Owing to the aforesaid reasons, since the Appeal is only the enforcement of the approved resolution plan, which has been sought by the appellant for that, he will have to abide by Sub Regulation 8 of Regulation 39 of Regulations of 2016 and if the appellant does so, it may be proceeded to be decid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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