Asset Reconstruction Company (India) ... vs Corporation Ltd. & Ors

Asset Reconstruction Company (India) Ltd. ....Appellant

Vs.

Corporation Ltd. & Ors. ....Respondents

Present: Appellant: Mr. Pranav Vyas and Mr. Shashank Agarwal, Advocates. Respondents: Mr. Alok Kumar, Ms. Somya Yadava and Mr. Ketul Hansraj, Advocates for R-1

ORDER

13.03.2020: From the record we find that in the Corporate Insolvency

Resolution Process against 'Unimark Remedies Limited' (Corporate Debtor) the

resolution plan submitted by the Appellant - 'Asset Reconstruction Company

(India) Ltd.' has been approved by the Committee of Creditors. However, the

matter is pending since long and the Adjudicating Authority (National Company

Law Tribunal), Court No. 5, Mumbai Bench has not passed any order under

Section 31 of the I&B Code approving or rejecting the resolution plan, as it has

already called for fresh valuation.

2. The Appellant has challenged the decision for fresh valuation as made by

the Adjudicating Authority vide order dated 20th January, 2020 on the ground

that it is not permissible.

3. Having heard Mr. Pranav Vyas, learned counsel for the Appellant and

Mr. Alok Kumar, learned counsel for Respondent No. 1 - Corporation Bank

(applicant who asked for fresh valuation), we are not inclined to interfere with -2-

the impugned order as no party has a right to say whether the Adjudicating

Authority should go for further valuation before approval of the plan or not and

it is open to the Adjudicating Authority to satisfy itself of the plan approved by

the Committee of Creditors, to ascertain whether to approve the plan under

Section 31 of the I&B Code or not. As the matter is pending since long, we hope

that the Adjudicating Authority (National Company Law Tribunal), Mumbai

Bench will pass appropriate order under Section 31 in the application taking into

consideration the valuation and the plan as approved by the Committee of

Creditors. The delay of 12 days in preferring the appeal is condoned. The appeal

stands disposed of with aforesaid observation.

[Justice S. J. Mukhopadhaya] Chairperson

[Justice Bansi Lal Bhat] Member (Judicial)

[Alok Srivastava] Member (Technical) am/gc

Company Appeal (AT) (Insolvency) No. 418 of 2020