Ajr Infra And Tolling Ltd vs Sutanu Sinha Resolution Professional ...

IN THE MATTER OF: AJR Infra and Tolling Ltd. ...Appellant Versus Sutanu Sinha RP Patna Highway Projects Ltd. &Ors. ...Respondents

Present For Appellant : Mr. Saurabh Suman Sinha, Ms. Rishbha Shivhare, Advocates For Respondents : Mr. Krishnendu Datta, Sr. Advocate with Ms. Pooja Mahajan, Ms. Mahima Singh, Mr. Karanvir Khosla, Mr. Rahul Gupta, Advocates for RP/R-1. Mr. Ramji Srinivasan, Sr. Advocate with Mr. Abhijeet Sinha, Mr. Madhav Gupta, Mr. Samar Bansal, Mr. Kaustubh Chaturvedi, Mr. Vedan tKapur, Advocates for CoC Mr. Arun Kathpalia, Sr. Advocate with Mr. Prateek Kumar, Ms. Raveena Rai, Advocates for SRA

With Company Appeal (AT) (Ins) No. 1072 of 2022

IN THE MATTER OF: Gammon Engineers and Contractors Pvt. Ltd. ...Appellant Versus Sutanu Sinha & Ors. ...Respondents

Present For Appellant : Mr. Rajshekhar Rao, Sr. Advocate with Mr. Raghavendra M. Bajaj, Mr. Kumar Karan, Advocates For Respondents : Mr. Krishnendu Datta, Sr. Advocate with Ms. Pooja Mahajan, Ms. Mahima Singh, Mr. Karanvir Khosla, Mr. Rahul Gupta, Advocates for RP/R-1. Mr. Ramji Srinivasan, Sr. Advocate with Mr. Abhijeet Sinha, Mr. Madhav Gupta, Mr. Samar Bansal, Mr. Kaustubh Chaturvedi, Mr. Vedant Kapur, Advocates

CA (AT) (Ins) Nos. 922, 1072 of 2022 2

for CoC Mr. Arun Kathpalia, Sr. Advocate with Mr. Prateek Kumar, Ms. Raveena Rai, Advocates for SRA

ORDER

20.10.2023: CA (AT) (Ins) No. 922 of 2022

This appeal has been filed against an order dated 10.05.2022 passed

by National Company Law Tribunal, Principal Bench, New Delhi in I.A. No.

2443/PB/2021. In the application I.A. No. 2443 of 2021 following prayers

were made in paragraph 1of the order:

"1. The present application is filed by Gammon Infrastructure Projects Ltd. (Applicant), promoter of Patna Highway Projects Ltd. (Corporate Debtor) under Section 60 (5), Insolvency and bankruptcy Code. 2016, Seeking following prayers:-

a) Reject the Resolution Plan submitted by Silver Point Luxembourg SARL on 11th March, 2021 and

b) Direct the Committee of Creditors of the Corporate Debtor to consider and approve the Proposal submitted by the Applicant; and

c) Pending herein of this Application, not pass any order or direction in IA. 1538 of 2021 in C.P. (IB) No. 1504 (PB)/2119, and/or

d) Pass such other or further order as this Adjudicating Authority may deem fit and proper".

Ld. Counsel for the Appellant submits that the proposal was

submitted by the appellant- the promoters of the corporate debtor under

12A which was arbitrarily rejected whereas proposal ought to have been

accepted closing the CIRP.

Ld. Counsel for the Respondent submits that against the order

approving the resolution plan passed by the Adjudicating Authority dated

10.05.2022 in CA (AT) (Ins) No. 920 of 2022 has been filed by the appellant

themselves which has been dismissed by this Tribunal by its order dated

25.05.2023 upholding the order of the Adjudicating Authority approving the

CA (AT) (Ins) Nos. 922, 1072 of 2022 3

resolution plan. As noted above the I.A. No. 2443 of 2021 which was filed by

the Appellant contained both the prayers i.e. reject the resolution plan and

further to consider and approve the proposal submitted by the applicant

under 12A. The resolution plan as noted above has already been approved

by the Committee of Creditors which has been approved by the Adjudicating

Authority on 10.05.2022 which order has already been affirmed by this

Tribunal by its order dated 25.05.2023 approval of resolution plan has

become final. As per Section 31 of the IBC, 2016 resolution plan is binding

on all concerned when the resolution plan has attained finality.

We are of the view that submissions raised by the appellant

challenging the rejection of 12A proposal had become academic only and

there is no necessity to consider the submission on merits with regard to

rejection of proposal under 12A. Due to subsequent event i.e. approval of

the plan by the Adjudicating Authority and dismissal of the appeal by this

Tribunal on 25.05.2023, the proposal of the plan under 12A has lost all its

importance and as on date no direction can be issued for consideration of

said proposal by this Tribunal.

We thus are of the view that the order passed by the Adjudicating

Authority dated 10.05.2022 in this appeal does not warrant any

interference. Consequently, the CA (AT) (Ins) No. 922 of 2022 is dismissed.

It is submitted by the Counsel for the Successful Resolution Applicant

that the plan has already been implemented and monitoring committee

stands dissolved.

CA (AT) (Ins) Nos. 922, 1072 of 2022 4 CA (AT) (Ins) No. 1072 of 2022

List this appeal on 02.11.2023 at 2.00 PM.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

sr/nn

CA (AT) (Ins) Nos. 922, 1072 of 2022