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TMI Blog2024 (11) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... ating Authority of approving the Resolution Plan. The jurisdiction of the NCLT and NCLAT while considering the Plan approved by the Committee of Creditors ( CoC ) has a limited jurisdiction. The remit of the jurisdiction is to examine as to whether the Plan is in compliance of Section 30, sub-section (2) of the Insolvency and Bankruptcy Code, 2016 (IBC). Judgment of the Hon ble Supreme Court in K. SASHIDHAR VERSUS INDIAN OVERSEAS BANK OTHERS [ 2019 (2) TMI 1043 - SUPREME COURT] is referred in this context, where the Hon ble Supreme Court held ' The opinion on the subject-matter expressed by them after due deliberations in CoC meetings through voting, as per voting shares, is a collective business decision. The legislature, consciously, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s Adico Forge Pvt. Ltd. commenced vide order dated 23.06.2023. (ii) The Appellant Union filed their claim with the Interim Resolution Professional ( IRP ). Total claim of the workers of Rs.8,19,47,918/- was admitted, which was communicated by the RP to the Appellant by email dated 06.12.2023. (iii) A Resolution Plan was submitted by the Respondent Trinity India Forgetech Pvt. Ltd. (Respondent No.3 herein), which Plan came to be approved by the CoC in the 9th Meeting with 92.87% vote shares. (iv) IA No.5826 of 2023 was filed by the RP for approval of the Plan. The Adjudicating Authority by the impugned order has allowed the Application and approved the Resolution Plan. Aggrieved by which order, this Appeal has been filed. 3. Heard learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor in accordance with Section 30(2) of the IBC. I further say that Clause 6.6 (iii) of the approved Resolution Plan provides for payment of Provident Fund and Gratuity dues of the Corporate Debtor at actuals. The relevant extract of the Resolution Plan showing Clause 6.6 (iii) is annexed herewith and marked as ANNEXURE - 1. 13. I say that as per the approved Resolution Plan, the Appellant is being paid the entire admitted claim amount of TNR 8,19,47,9 18/- (inclusive of Provident Fund and Gratuity), as recorded in Para 21 of the Impugned Order. As mentioned above, the sum of INR 8,19,47,918/- includes the Provident Fund and Gratuity claimed by the Appellant. 14. I say that in addition to the Provident Fund and Gratuity claimed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Court laid down following in paragraph 52: 52. The legislature has not endowed the adjudicating authority (NCLT) with the jurisdiction or authority to analyse or evaluate the commercial decision of CoC much less to enquire into the justness of the rejection of the resolution plan by the dissenting financial creditors. From the legislative history and the background in which the I B Code has been enacted, it is noticed that a completely new Company Appeal (AT) (Insolvency) No.1645 of 2024 6 approach has been adopted for speeding up the recovery of the debt due from the defaulting companies. In the new approach, there is a calm period followed by a swift resolution process to be completed within 270 days (outer limit) failing which, initiat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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