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TMI Blog2024 (11) TMI 928X X X X Extracts X X X X X X X X Extracts X X X X ..... Ankur Mittal and Ms. Preety Choudhary, Advocates for R-2/CoC Mr. Virender Ganda Sr. Advocate with Ms. Akansha Mathur and Mr. Asraf Belal, Advocates for R-4/ Objector JUDGMENT ASHOK BHUSHAN , J. This Appeal by a Successful Resolution Applicant (SRA) has been filed challenging the Order dated 01.05.2024 passed in I.A. 961/2024 filed by the Resolution Professional (RP). The Adjudicating Authority allowed Prayer (c) of the Application, aggrieved by which Order, this Appeal has been filed. 2. Brief facts necessary to be noticed for deciding the Appeal are: i. The Corporate Debtor, Mastana Foods Private Limited came to be admitted in Corporate Insolvency Resolution Process (CIRP) by Order dated 18.09.2019. ii. In response to `Form-G' is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judicating Authority disposed of the Application, I.A. 961/2024, allowing the Prayer (c), aggrieved by which Order this Appeal has been filed. 3. We have heard Learned Counsel Mr. Sumesh Dhawan appearing for the Appellant, Learned Counsel Mr. Ankur Mittal appearing for the CoC, Learned Sr. Counsel Mr. Virender Ganda appearing for the Intervener, Learned Counsel Mr. Pankaj Agarwal appearing for R-1 and Learned Counsel Mr. Amit Agarwal appearing for the RP. 4. Learned Counsel for the Appellant submits that the Resolution Plan of the Appellant has been approved by the CoC with 100% votes and after the Judgment of the Hon'ble Supreme Court dated 22.01.2024, Appellant has filed an Affidavit on 18.03.2024, where it offered to undertake the enti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourse of action, but on account of pendency of this Appeal, agenda could not be placed before the CoC. Counsel for the RP submits that it is the CoC which is empowered to take all decision regarding CIRP Process and CIRP Process is conducted under the CoC. Hence it is for the CoC to take a call with regard to further steps. It is submitted that there is no ground to interfere with the Impugned Order. 7. Learned Sr. Counsel Mr. Virender Ganda appearing for the Intervener/Unsuccessful Resolution Applicant submits that the clear intendment of the Order of the Hon'ble Supreme Court was that a fresh CIRP process be conducted. It is submitted that had the Hon'ble Supreme Court not intended to initiate fresh CIRP Process, there was no occasion to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2022 passed by the National Company Law Appellate Tribunal. It is obvious that these appeals will be governed by the directions issued in the said decision. The appeals are accordingly allowed on the above terms. Cause Title be amended accordingly. We grant 90 days' time to the substituted Resolution Professional to complete the entire process." 10. The Hon'ble Supreme Court in the above Order has referred to the directions issued in the Judgment of the Hon'ble Supreme Court in `State Tax Officer' (Supra). The Judgment of `State Tax Officer' (Supra), where in Paragraphs 55 to 59, following has been laid down: "55. In our considered view, NCLAT clearly erred in its observation that Section 53 IBC overrides Section 48 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19 SCC OnLine NCLAT 910] , [STO v. Chandra Prakash Jain, 2020 SCC OnLine NCLAT 536] are set aside. The resolution plan approved by the CoC is also set aside. The resolution professional may consider a fresh resolution plan in the light of the observations made above. However, this judgment and order will not prevent the resolution applicant from submitting a plan in the light of the observations made above, making provisions for the dues of the statutory creditors like the appellant." 11. It was after the Judgment of the Hon'ble Supreme Court in Appeals filed by Excise & Taxation Officer, Officer-Cum-Assessing Authority that I.A. No. 961/2024 was filed by the RP. In I.A. No. 961/2024, following prayers were made by the RP: "(a) Take jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r (c) but has not issued any direction as to what process, RP has to conduct. The expression used is "conduct the ongoing Corporate Insolvency Resolution Process for M/s. Mastana Foods Private Limited". 13. Learned Counsel for the RP very fairly has submitted that RP has proposed an agenda to be placed before the CoC for taking a call regarding ongoing process. Learned Counsel for the RP has also relied on the Judgment of the Hon'ble Supreme Court in the matter of `M.K. Rajagopalan' Vs. `Dr. Periasamy Palani Gounder & Anr.' reported in (2024) 1 SCC 42, decided on 03.05.2023 to support his submission that Hon'ble Supreme Court has held in the above case that whatever be the reason, the Plan has to be presented to the CoC and could have been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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