Prakash Chemtex (India) Limited vs Maya Gupta Interim Resolution ...
- CitationCompany Appeal (AT) (Insolvency) No.997 of 2023
Ratio decidendi
The rule this decision rests on
The objections of a dissenting or affected party to a resolution plan may be raised and must be considered by the Adjudicating Authority at the stage of approval of the plan; the rejection of an applicant's interlocutory applications seeking relief against the plan does not preclude the Adjudicating Authority from considering those objections when it decides whether to approve the plan.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Saraf Credit and Portfolio Pvt. Ltd. ...Appellant
Versus
Maya Gupta Resolution Professional Action Ispat and Power Pvt. Ltd. & Anr. ...Respondents
With
Company Appeal (AT) (Insolvency) No.1000 of 2023
IN THE MATTER OF:
Prakash Chemtex (India) Ltd. ...Appellant
Versus
Maya Gupta Resolution Professional Action Ispat and Power Pvt. Ltd. & Anr. ...Respondents
Present: For Appellant: Mr. Kanishk Khetan, Advocate. For Respondents: Mr. Sandeep Bajaj, Mr. Devansh Jain and Ms. Vasudha Chadha, Advocates.
ORDER
07.08.2023: These two Appeals have been filed by the Appellant
challenging the order passed by the Adjudicating Authority dated 14.06.2023
passed in I.A. No. 2653/2023 and I.A. No. 2707/2023.
2. Appellant's case is that Appellant has filed his objections. It is
submitted that in the said applications the Appellant has raised objection to
the Resolution Plan which was approved by the Committee of Creditors. It is
Cont'd.../ -2-
submitted that in the applications which were filed by the Appellant, there
were objections to the Resolution Plan and were not only confined to the
rejection of the part claim of the Appellant.
3. We have been informed that the Resolution Plan is still pending
consideration before the Adjudicating Authority for approval. It is always
open for the Appellant, who are objecting the Resolution Plan, to raise their
submissions/ objections at the time of approval of the plan. We make it clear
that rejection of the applications of the Appellant shall not be a reason for the
Adjudicating Authority for not considering the objections to the plan. Subject
to observations as above, we dismiss this Appeal.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical) Archana/nn
Company Appeal (AT) (Insolvency) No.997 & 1000 of 2023
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