Appeal Disposed: Appellant Granted Liberty to Apply Under Insolvency Regulation, Must Meet Statutory Requirements.

The NCLAT disposed of the Company Appeal, granting the Appellant liberty to file an application under Sub Regulation 8 of Regulation 39 of the Insolvency and Bankruptcy Board of India Regulations, 2016, alongside the Judgment provisions. The Appellant must adhere to statutory requirements to address impediments to the Resolution Plan's enforcement.

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Issues:
Challenge to order of National Company Law Tribunal, Enforcement of Resolution Plan, Relief sought for lifting attachment, Invocation of Regulation 39 of Insolvency and Bankruptcy Board of India Regulations, 2016.

Analysis:
The judgment pertains to an appeal filed by a Successful Resolution Applicant challenging an order passed by the National Company Law Tribunal, Chennai Bench regarding the enforcement of a Resolution Plan. The Appellant sought relief for lifting an attachment hindering the implementation of the Plan. The Respondent argued that the relief sought by the Appellant was already granted by the Adjudicating Authority in its Judgment, emphasizing the provisions made in Clause I of the said Judgment. The Respondent referred to Sub Clause 8 of Regulation 39 of the Insolvency and Bankruptcy Board of India Regulations, 2016, which mandates the Successful Resolution Applicant to seek assistance for enforcement of the Plan after approval. The Appellant, however, requested liberty to invoke Sub Regulation 8 of Regulation 39 and Clause (i) of the Judgment to address any encumbrances or impediments faced.

The Court considered the legal propositions and directions in the Impugned Order, ultimately disposing of the appeal but granting the Appellant the liberty to file an application under Sub Regulation 8 of Regulation 39 read with Clause (i) of the Judgment. The Appellant was advised to seek appropriate remedies to lift any embargoes hindering the enforcement of the Resolution Plan. Both parties agreed to dispose of the Appeal with the condition that the Appellant could file the necessary application as per the mentioned regulations. The judgment emphasized that the Appellant must comply with Sub Regulation 8 of Regulation 39 for the enforcement of the approved resolution plan, with the understanding that if the Appellant follows the procedure, the application would be decided in accordance with the law.

In conclusion, the Company Appeal was disposed of, subject to the Appellant filing an application under Sub Regulation 8 of Regulation 39 of the Insolvency and Bankruptcy Board of India Regulations, 2016, in conjunction with the provisions of the Judgment. The judgment highlighted the importance of following the statutory requirements for the enforcement of the Resolution Plan and ensuring that any impediments are addressed through the appropriate legal channels.

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