2021 (5) TMI 317

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.... -<br>Insolvency & Bankruptcy<br>Bhaskara Pantula Mohan, Member (J) And Veera Brahma Rao Arekapudi, Member (T) ORDER 1. This Application is filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 by the unsuccessful Resolution Applicant to implead into IA No. 537/2020 on the ground that they are not only a necessary party but also a proper party and is required to be heard while ....

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....ion plan in IA No. 347/2019 wherein a reasonable and lengthy order was passed by the Adjudicating Authority on 04.12.2019 rejecting the claim made by the unsuccessful Resolution Applicant. Subsequently, the unsuccessful Resolution Applicant had preferred an appeal against the said order and Hon&#39;ble Appellate Tribunal while dismissing the aforesaid appeal, has categorically mentioned that since....

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....he Hon&#39;ble NCLAT is very clear and the Bench&#39;s interpretation of the order of Hon&#39;ble NCLAT is that while considering the approval of the resolution plan, the parties who are dissatisfied with the manner in which the CoC has approved the Resolution Plan in favour of the successful Resolution, can move Application before NCLT and the same can be considered and appropriate orders be pass....

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.... are very clear. There is no bar for the unsuccessful Resolution Applicant to get impleaded, into IA No. 537/2020 for the simple reason that they would be not only affected by the orders of the Adjudicating Authority but also the fact that the Bench will have an opportunity to enlighten itself on merits (if the unsuccessful Resolution Applicant is brought on record. Further, various issues with re....