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TMI Blog2024 (10) TMI 294X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency Resolution Process (CIRP) - HELD THAT:- Settlement proposal was initially rejected but revised proposal have been submitted and pending which needs to be considered by CoC in accordance with law. It will be open for the CoC to consider the resolution plan as well as the settlement proposal simultaneously - it is not necessary for CoC to either hear the respondent no.1 unless CoC itself decides to call the respondent no.1 for necessary negotiations and deliberations. The revised settlement proposal having been submitted by respondent no.1 there is no occasion to submit any evidence or any further material unless required by the CoC or the IRP. CIRP has neither been stayed by the Supreme Court which is clearly from the order dated 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st following order was passed on 03.05.2024. ORDER IA No. 84962 of 2024 It will be open for the appellant to submit a proposal for settlement to the first respondent. If such a proposal is submitted, the same shall be processed in accordance with law. The application is accordingly disposed of. Civil Appeal No.2211 of 2024. The notice has been already issued on the statutory appeal. Therefore, the same shall be treated as admitted for final hearing. List on 5th September, 2024. Subsequent to the order of Hon ble Supreme Court 03.05.2024 the respondent No.1 submitted the proposal to the Resolution Professional, thereafter filed the I.A. No. 1049/KB/2024. The Adjudicating Authority vide in its order dated 24.05.2024 noticed the order of Hon b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submissions on the next date. It appears that subsequent to said order the 6th CoC meeting was held on 07.06.2024 in which CoC meeting the proposal which was given by the respondent no.1 was not accepted. Thereafter, the respondent no.1 filed another application I.A. No. 1178 of 2024 seeking directions challenging the decision of CoC dated 07.06.2024 rejecting the proposal for settlement and further directing the respondent to reconsider the proposal of settlement submitted by the respondent together with necessary modifications. The said application was heard by Adjudicating Authority on 01.07.2024 and after noticing the earlier proceedings the Adjudicating Authority in paragraph- 15 and 16 following was directed by Adjudicating Authority. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by respondent no.1 in the Supreme Court the Supreme Court did not grant any stay on the CIRP process either in the time of issuing notice or on 03.05.2024 and hence there was no occasion for Adjudicating Authority to direct for stay of CIRP Process by the impugned order dated 01.07.2024. It is submitted that in so far as the earlier order which was challenged, in response to which order CoC has already considered the settlement proposal on 07.06.2024 hence the said order has run its course. It is submitted that in the CIRP Process several resolution plans have been received which are under consideration before the CoC and the promoters have been filing applications to obstruct the proceedings. Ld. Counsel for the appellant submitted that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the appellant on which IA directions dated 01.07.2024 have been issued. Revised settlement proposal have been submitted by the respondent no. 1 on 09.08.2024 which is yet to be considered. Ld. Counsel for the appellant submitted that in the CIRP resolution plan has been received and the CoC is entitled to evaluate the resolution plan for successful revival of the corporate debtor. Ld. Counsel for the respondent no.1 also contends that the revised settlement proposal given by respondent no.1 is capable of fully reviving the corporate debtor. As noted above the liberty has already been granted to respondent no.1 to submit settlement proposal. Settlement proposal was initially rejected but revised proposal have been submitted and pending whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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