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TMI Blog2025 (2) TMI 564X X X X Extracts X X X X X X X X Extracts X X X X ..... which is pending consideration. There are various Applications, which were filed objecting to the Resolution Plan, which are also pending consideration before the Adjudicating Authority. The Adjudicating Authority by the order impugned itself, adjourned the Applications to next date, i.e., 09.12.2024. When a Resolution Plan has been approved by the CoC, the CoC is clearly bound by such approval of Resolution Plan. The law in this reference is well settled by the Hon'ble Supreme Court in Ebix Singapore Pvt. Ltd. vs. Committee of Creditors of Educomp Solutions Ltd. & Anr. [2021 (9) TMI 672 - SUPREME COURT], wherein it has been held by the Hon'ble Supreme Court that Resolution Plan even prior to the approval of the Adjudicating Authority is b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be noticed for deciding the Appeal are: (i) The Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor ("CD") - International Recreation and Amusement Ltd. commenced vide order dated 03.08.2018 passed by Adjudicating Authority. Mr. Pramod Kumar Sharma, was appointed as Resolution Professional ("RP"). (ii) The claims were invited by the RP and Committee of Creditors ("CoC") was constituted. The CoC in its Meeting dated 09.05.2019 approved the Resolution Plan submitted by HGASApex JV (a joint venture of Hari Global Advisory Services and Parklane Investment and Securities Ltd.). The RP filed an IA for approving the Resolution Plan before the Adjudicating Authority in the year 2019. The Resolution Plan approval Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21 (Dr. Ravi Shankar Vedam vs. Tiffins Barytes Asbestos and Paints Ltd. & Ors.). 5. We have heard Shri Gopal Jain, learned Senior Counsel for the Appellant; Shri Arun Kathpalia, learned Senior Counsel and Shri Abhishek Anand, learned Counsel for the RP; Shri Abhijeet Sinha, learned Senior Counsel for Successful Resolution Applicant ("SRA"); and learned Counsel for Respondent. 6. Learned Counsel for the Appellant submits that the Appellant is a Promoter of the CD and is desirous of carrying out the construction and development of the CD and as a Promoter of the CD has submitted a Resolution Plan to be placed before the CoC for its consideration, which has been rejected by the Adjudicating Authority, relying on judgment of this Tribunal in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch were brought on the record by the Appellant, it is clear that Resolution Plan submitted by SRA has been approved by the CoC and Application for approval of Resolution Plan is filed by the RP, which is pending consideration. There are various Applications, which were filed objecting to the Resolution Plan, which are also pending consideration before the Adjudicating Authority. The Adjudicating Authority by the order impugned itself, adjourned the Applications to next date, i.e., 09.12.2024. When a Resolution Plan has been approved by the CoC, the CoC is clearly bound by such approval of Resolution Plan. The law in this reference is well settled by the Hon'ble Supreme Court in (2022) 2 SCC 401 - Ebix Singapore Pvt. Ltd. vs. Committee of Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... successful resolution applicant. Thus, the ability of the resolution plan to bind those who have not consented to it, by way of a statutory procedure, indicates that it is not a typical contract." 10. The CoC is clearly not entitled to consider any other request for consideration of any Resolution Plan, after it has approved the Resolution Plan, which is pending consideration for approval before the Adjudicating Authority. The learned Counsel for the Appellant submitted that the SRA itself is no longer in existence and one of the JV Partner has withdrawn and it has requested to opt another JV Partner, which itself makes the Plan unimplementable. We are of the view that in this Appeal, we are not required to consider any issue pertaining ..... X X X X Extracts X X X X X X X X Extracts X X X X
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