Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
The judgment addresses various procedural issues, including notice acceptance, filing of reply affidavits, caveat petition errors, certified copy submission, and approval of Resolution Plans during appeal pendency. Parties are granted time for filings, errors in the Caveat Petition are noted, and instructions are given for proper re-filing. The counsel is directed to submit a certified copy of the impugned order, essential for case progression. The judgment allows for approval of Resolution Plans by the Committee of Creditors and Adjudicating Authority during the appeal, ensuring flexibility in the resolution process.
Issues: 1. Notice acceptance and filing of reply affidavits by the parties. 2. Caveat petition filing and disposal. 3. Certified copy submission of the impugned order. 4. Approval of Resolution Plans during the pendency of the Appeal.
Analysis: 1. The judgment begins with the acceptance of notice by the parties involved in the case. Mr. Mahesh Agarwal accepts notice on behalf of Ultratech Cement Limited, while Mr. Sumant Batra and Ms. Puja Chakraborty accept notice on behalf of Bank of Baroda representing the Committee of Creditors. They are granted time to file their reply affidavits, with the Appellant allowed to file a rejoinder within five days. Notice is to be issued on Respondent No. 2 through the Resolution Professional, and the necessary requisites and process fee are to be filed by a specified date.
2. A Caveat Petition is discussed, highlighting errors in the provision of section and the cause title. The judgment clarifies that no specific order is passed on this petition due to the mentioned discrepancies. The caveator is given the option to file a fresh Caveat Petition in accordance with the NCLAT Rules, showing proper 'Memo of Parties' and prayer. The disposal of Caveat Petition No. 255 of 2018 is confirmed, with instructions for further actions if required.
3. The judgment instructs the counsel for the appellant to file a certified copy of the impugned order passed by the National Company Law Tribunal, Kolkata Bench, in a specified timeframe. This submission is crucial for the progression of the case and is mandated by the tribunal.
4. Lastly, the judgment addresses the approval of Resolution Plans during the pendency of the Appeal. It is stated that the Committee of Creditors and the Adjudicating Authority have the authority to approve a Resolution Plan, subject to the decision of the ongoing Appeal. This provision allows for the consideration and potential approval of various Plans, ensuring flexibility in the resolution process.
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