9911796707
TMI Blog2024 (9) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... egulations of 2016 to be read with sub Clause (i) of XV of the Impugned Judgment of 20th March 2024, 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. 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 decided in accordance with law. Subject to the above, the Company Appeal stands disposed off. - [ J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor under leave and license agreements executed by it prior to the Plan Approval Date) shall be vested in the Resolution Applicant, free and clear of all Encumbrances, other than Encumbrances required to be assigned In further elaboration of his argument in support of the provisions made in Clause I of the Judgment of Learned Adjudicating Authority, he submits that for the purposes of enforcement of the Resolution Plan, in fact, the remedy which lies with the Appellant would be to invoke sub clause 8 of Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Regulation Process of Corporate Persons) Regulations, 2016 (hereinafter mentioned as Regulations of 2016) Sub Clause 8 of Clause 39 the said Regulations prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised by the Counsel for the Respondent, the Learned Counsel for the Appellant submits that she may be granted liberty to invoke provisions of Sub Regulation 8 of Regulation 39 of Regulations of 2016 to be read with Clause (i) of the Judgment and to resort to remedies in the light of Clause (i) of Para XV of Impugned Judgment which contemplates that, in order to meet out any encumbrances, if any, on the assets of the Corporate Debtor and any other impediments, which may be faced by the Successful Resolution Applicant, he will have to seek the appropriate remedies by filing an application before the learned Adjudicating Authority. Owing to the aforesaid legal propositions as well as the directions contained in the Impugned Order, the insta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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