9911796707
TMI Blog2025 (1) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... ee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta [ 2019 (11) TMI 731 - SUPREME COURT ] and Gujarat Urja Vikas Nigam Limited v. Amit Gupta [ 2021 (3) TMI 340 - SUPREME COURT ]. It is important to note that CIRP proceedings commenced on 26.10.2018, six years ago, and the resolution plan of the appellant was approved in 2020, four years back. The importance of concluding the CIRP proceedings was highlighted by this Court, on a number of occasions. In a recent order in COMMITTEE OF CREDITORS OF KSK MAHANADI POWER COMPANY LIMITED VERSUS M/S UTTAR PRADESH POWER CORPORATION LIMITED AND OTHERS [ 2024 (10) TMI 1624 - SUPREME COURT] , this Court has observed that an unjustified interference with the proceedings initiated under the Inso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... v. Mr. Varad Kilor, Adv. Mr. Vinay N Kumar, Adv. Mr. Shaurya R Rai, Adv. Mr. Gopal Singh, AOR Mr. Tushar Mehta, Solicitor General Mr. Madhav Kanoria, Adv. Ms. Srideepa Bhattacharyya, Adv. Ms. Neha Shivhare, Adv. Mr. Sumit Attri, Adv. M/S. Cyril Amarchand Mangaldas Aor, AOR M/S. Khaitan Co., AOR JUDGMENT 1. Leave Granted. 2. These appeals under Article 136 of the Constitution are against the judgment of the High Court of Karnataka exercising power of judicial review In Writ Petition No. 483 of 2023 (GM-RES) dated 22.04.2024. interdicting Corporate Insolvency Process culminating in the acceptance of a resolution plan by the Committee of Creditors in minutes of meeting dated 11.02.2020. In this batch of matters, there are three appeals, one by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded director of the corporate debtor. Be that as it may, the resolution professional is said to have issued notice to the suspended directors of the corporate debtor on 11.02.2020, including respondent no.1, that the meeting will be held at 3.00 pm. 4. While the appellant contends that the second adjourned 19th COC meeting was convened after notice to all, Mr. Shyam Divan has submitted that no such notice was ever received by his client. In the meeting, a slightly revised, amended, and re-stated resolution plan was considered, deliberated upon by the COC and put to vote. The resolution plan is said to have been approved by the COC through e-voting on 11.02.2020, the appellants plan was approved and the resettlement proposal submitted by re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction to the CoC for acceptance of its proposal dated 07.12.2022 and for setting aside of Minutes of Meeting dated 21.12.2022, wherein the CoC Members had unanimously rejected the settlement proposal of respondent no.1. It is apparent from these prayers that the main grievance of the respondent no.1 was with respect to the decision of the Minutes of Meeting dated 11.02.2020, out of which all other orders and decisions have emanated. 8. The High Court initially granted ex-parte stay directing adjudicating authority to maintain the status quo, and finally by order dated 22.11.2023 allowed the writ petition whereby appellant s resolution plan was set aside. Review Petitions were filed by the consortium banks were allowed on 22.11.2023 and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of submissions, he would further submit that by contrasting the amounts submitted as per the information memorandum, it would be clear that the offer made by the resolution applicant is much inferior to the proposal made by the first respondent under Section 12(A) of the Code. Finally, he sought to clarify that there is no delay in filing the writ petition as the contest raised by Swamitva Consortium was pending between the cause of action and the filing of the writ petition. 11. Having considered the matter in detail, we are of the opinion that the last point taken by Mr. Shyam Divan, that there is no delay in approaching the High Court, must be rejected. The reason is this. The CIRP proceedings commenced on 26.10.2018. The sheet anchor of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terated by this Court in Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta ( 2020 ) 8 SCC 531 and Gujarat Urja Vikas Nigam Limited v. Amit Gupta ( 2021 ) 7 SCC 209 . It is important to note that CIRP proceedings commenced on 26.10.2018, six years ago, and the resolution plan of the appellant was approved in 2020, four years back. The importance of concluding the CIRP proceedings was highlighted by this Court, on a number of occasions In State Bank of India Ors. v. Consortium of Mr. Murai Lal Jalan Ors; 2024 SCC Online SC 3187 pars 151 and 152. In a recent order in Committee of Creditors of KSK Mahanadi Power Company Ltd. v. M/s Uttar Pradesh Power Corporation Ltd (supra), this Court has observed that an unjustified inte ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
