{"id":281287,"date":"2023-01-09T16:00:37","date_gmt":"2023-01-09T10:30:37","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=281287"},"modified":"2023-01-11T17:38:03","modified_gmt":"2023-01-11T12:08:03","slug":"corporate-debtor-corporate-insolvency-resolution-process-cirp-resolution-plan-coc-approved-nclt-allowed-appeal-nclat-commercial-wisdom-dismissed","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/09\/corporate-debtor-corporate-insolvency-resolution-process-cirp-resolution-plan-coc-approved-nclt-allowed-appeal-nclat-commercial-wisdom-dismissed\/","title":{"rendered":"NCLAT cannot direct modifications of claims once the Resolution Plan is approved"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"text-indent: 18pt;\">&#160; &#160;<\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">National Company Law Appellate Tribunal, New Delhi<\/span>: A bench consisting of Anant Bijay Singh, J. and <span style=\"font-weight: bold;\">Shreesha Merla* (Technical Member)<\/span> held that the Tribunal does not have residual equity-based jurisdiction to direct modifications of claims once the Resolution plan is approved.<\/p>\n<p><b>Factual Matrix<\/b><\/p>\n<p style=\"margin-bottom: 3%;\">In the instant case, the appellants are a group of small-scale firms who supplied services to the Corporate Debtor. Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor and in their capacity as &#8216;Operational Creditors&#39; claims were submitted by the Appellants. The CoC approved the Resolution Plan of one &#8216;One City Infrastructure Pvt. Ltd.&#39; The Adjudicating Authority approved the Resolution Plan without conducting any hearing of the objections raised by the appellants. Aggrieved by the impugned order of Adjudicating Authority, all the appeals were preferred by the appellants\/creditors challenging the same before this Tribunal on the ground that the creditors had not received fair and equitable treatment under the Resolution Plan.<\/p>\n<p><b>Moot Point<\/b><\/p>\n<p style=\"margin-bottom: 3%;\">Whether the Tribunal has equity-based jurisdiction once the Resolution Plan is approved and was there discrimination between the classes of Creditors?<\/p>\n<p><b>Assessment<\/b><\/p>\n<p style=\"margin-bottom: 3%;\">The Tribunal observed that there is no procedural irregularity in the order passed by the Adjudicating Authority as the order had already pronounced that the application would be allowed, and the Resolution Plan would be approved.<\/p>\n<p style=\"margin-bottom: 3%;\">The Tribunal observed that the appellants could not have raised the grounds of natural justice at this stage as they were only allowed to file an appeal on merits.<\/p>\n<p style=\"margin-bottom: 3%;\">The Tribunal relied on <span style=\"font-weight: bold;\">Committee of Creditors of Essar Steel Ltd. v. Satish Kumar Gupta, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/0V3C5aSt\">(2020) 8 SCC 531<\/a><\/span>, where it was held that <span style=\"font-weight: bold; font-style: italic;\">&#8220;the equity principle cannot be stretched to treating unequal equally as they will destroy the very objective of the Code while the Adjudicating Authority cannot interfere on merits with the commercial decision taken by the CoC, the limited Judicial Review available is to see that the CoC has taken into account the fact that the &#8216;Corporate Debtor needs to be kept going as a going concern during the Insolvency Resolution Process, that it needs to &#8216;maximise the value of its assets&#39; and the interest of all stakeholders&#39;.&#8221;<\/span><\/p>\n<p style=\"margin-bottom: 3%;\">The Tribunal opined that if the provisions and regulations of IBC have been met, it is the Commercial Wisdom of the CoC which is to negotiate and accept the Resolution Plan, which may involve differential payments to different classes of Creditor.<\/p>\n<p style=\"margin-bottom: 3%;\">The Tribunal observed that GAMDA was in communication with the Resolution Professional and the statutory dues owed to GMADA cannot be faulted. Moreover, the differential treatment of the dues of the Operational Creditors is solely based on the commercial decision of the CoC and the same cannot be construed as material irregularity.<\/p>\n<p style=\"margin-bottom: 3%;\">The Tribunal opined that once the Resolution Plan is approved, the Adjudicating Authority has a very limited jurisdiction except in determining whether the requirements which are specified in S. 30(2) have been fulfilled or not and cannot interfere in the merits of the &#8216;Business Decision of the CoC&#39;.<\/p>\n<p><b>Decision<\/b><\/p>\n<p style=\"margin-bottom: 3%;\">Upholding the impugned order passed by the Adjudicating Authority, the Tribunal did not consider this case as a fit to set the clock back and held that the Resolution Plan was approved by the CoC way back in 2019 and the Adjudicating Authority has approved the Plan after a period of two years and the Plan has already been implemented.<\/p>\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\">[<span style=\"font-weight: bold; color: #632423;\">Paramvir Singh Tiwana v. Puma Realtors (P) Ltd., <a href=\"http:\/\/www.scconline.com\/DocumentLink\/R9ddBsw3\">2022 SCC OnLine NCLAT 1605<\/a>, decided on 22-12-2022<\/span>]<\/p>\n<p style=\"text-indent: 18pt;\"><strong><span style=\"color: #000080;\">*Judgment by Ms. Shreesha Merla<\/span><\/strong><\/p>\n<hr\/>\n<p>Advocates who appeared in this case :<\/p>\n<p style=\"text-indent: 18pt;\">Mr. Bilal Ali and Mr. Adarsh Kumar Gupta, Counsel for the Appellants;<\/p>\n<p style=\"text-indent: 18pt;\">Mr. Krishnendu Datta (Senior Advocate), Mr. Adhish Sharma, Mr. Nitin Pandey, Ms. Varsha Himat Singh and Mr. Akash Kattar, Counsel for the Respondent No. 2;<\/p>\n<p style=\"text-indent: 18pt;\">Mr. Virendar Ganda (Senior Advocate), Mr. Vivek Sinha, Mr. Vivek Malik and Ms. Akanksha, Counsel for Axis Finance;<\/p>\n<p style=\"text-indent: 18pt;\">Mr. Abhijeet Sinha, Mr. Kushank Sindhu, Ms. Gazal Ghai and Mr. Anmol Singh, Counsel for Erstwhile Resolution Professional;<\/p>\n<p style=\"text-indent: 18pt;\">Ms. Akanksha Mathur &amp; Ms. Sreemantini Mukherjee, Counsel for the Respondent.<\/p>\n<hr\/>\n<p style=\"text-indent: 18pt;\"><strong><span style=\"color: #000080;\">*Ritu Singh, Editorial Assistant has put this report together.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In instant matter, the appellants filed an appeal challenging the NCLT order approving the Resolution Plan approved by the CoC. The NCLAT held that once Resolution plan is approved by CoC, it cannot direct modifications of claims to Resolution Plan as the Tribunal does not have residual equity-based jurisdiction.<\/p>\n","protected":false},"author":67011,"featured_media":279124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[43781,47183,30596,22814,30182,22014,12521],"class_list":["post-281287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-cirp","tag-commercial-wisdom","tag-corporate-debtor","tag-corporate-insolvency-resolution-process","tag-national-company-law-appellate-tribunal","tag-nclat","tag-nclt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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In the\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":253407,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/30\/nclat-personal-properties-of-the-corporate-debtor-cannot-be-realised-by-sale-transfer-in-the-cirp-nclt-and-nclat-at-odds-order-stands-quashed\/","url_meta":{"origin":281287,"position":2},"title":"NCLAT | Personal properties of the Corporate Debtor cannot be realised by sale\/transfer in the CIRP-NCLT and NCLAT at odds \u2013Order stands quashed","author":"Editor","date":"August 30, 2021","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): Justice A.I.S Cheema (The Officiating Chairperson) and Dr. Alok Srivastava (Technical Member)while allowing an appeal, quashed NCLT\u2019s order and rejected the Resolution Plan so approved along with the consequences which would have arisen thereafter. The pertinent matter was filed against the impugned Order of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":287006,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/16\/financial-creditor-application-section-7-cirp-corporate-debtor-nclat-shareholder-no-locus-standi-legal-research-news-scc-blog\/","url_meta":{"origin":281287,"position":3},"title":"Do Third-party\/shareholders have locus to challenge initiation of CIRP against Corporate Debtor? NCLAT answers","author":"Ritu","date":"March 16, 2023","format":false,"excerpt":"The NCLAT held that there is no law which allows a third party or shareholders to settle the claims of Financial Creditor on behalf of the Corporate Debtor, M\/s McDowell Holdings Limited.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":268888,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/23\/homebuyers-resolution-professional-delayed-claims-information-memorandom-corporate-insovency-ibc-nclat-legal-research-updates-news\/","url_meta":{"origin":281287,"position":4},"title":"Should Resolution Professional include delayed claims of homebuyers under \u00a0memorandum of information? NCLAT decides","author":"Editor","date":"June 23, 2022","format":false,"excerpt":"National Company Appellate Tribunal, New Delhi: The Coram of \u00a0Ashok Bhushan, J (Chairperson), Shreesha Merla (Technical member), and Naresh Salecha (Technical member) has held that regardless of the delay made in filing the claims by homebuyers, a resolution professional should include the corporate debtor\u2019s liabilities as mentioned in the Memorandum\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":274550,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/27\/nclat-rejection-of-resolution-plan-by-the-nclt-due-to-non-serious-casual-and-non-diligent-conduct-of-resolution-appellant-is-good-in-law\/","url_meta":{"origin":281287,"position":5},"title":"NCLAT | Rejection of Resolution Plan by the NCLT due to Non-Serious, Casual and Non-Diligent Conduct of Resolution Appellant is Good in Law","author":"Editor","date":"September 27, 2022","format":false,"excerpt":"\"The CIRP is a time bound process where timeline has been prescribed for each step. The CIRP cannot be allowed to continue for indefinite period.\"","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/281287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=281287"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/281287\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/279124"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=281287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=281287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=281287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}