TaxTMI 
TaxTMI 
2022 (4) TMI 309
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....Advocate with Mr. Pranaynath Jha, Ms. Simran Soni, Mr. Mahesh Kumar, Mr. Shubham Gupta, Advocates for R1. Mr. GP Madaan, Mr. Aditya Madaan, Ms. Aishwarya Adlakha, Advocates for R3 ORDER (Through Virtual Mode) These two Appeals have been filed against the same order dated 02.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench, Prayagraj, in IA No. 59 of 2022. I.A No. 59 of 2022 was filed by one Ms. Upma Jaiswal seeking a direction to the Resolution Professional to place the Resolution Plan submitted by the Appellant before the Committee of Creditors (CoC). The Adjudicating Authority after hearing the parties issued following directions in para 5: "5. When these provisions are read t....
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....nt contends that the question as to whether the plan submitted by Ms. Upma Jaiswal is to be rejected or approved is a question which need to be decided by the CoC. The Resolution Professional at best can give his opinion with regard to eligibility of the Resolution Applicant whether it conforms to Section 29A and other provisions of the Code or not. It is submitted that the Resolution Professional of its own cannot withhold any plan and refuse to submit the same before the CoC. 5. We have considered the submissions of the Counsel for the Appellant and Respondents. 6. Both the parties have placed reliance on the judgment of the Hon'ble Supreme Court in "Arcelormittal India Private Limited vs. Satish Kumar Gupta- (2019) 2 SCC 1" wherein....
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....ations of Fry, L. J., at page 519: "The only alternative construction offered to us would lead to this result, that the plain intention of the legislature has entirely failed by reason of a slight inexactitude in the language of the section. If we were to adopt this construction, we should be construing the Act in order to defeat its object rather than with a view to carry its object into effect". Vide also Craies on Statute Law, p. 90 and Maxwell on The Interpretation of Statutes, Tenth Edn., pp. 236-237. "A statute is designed", observed Lord Dunedin in Whitney v. Commissioners of Inland Revenue [1925] 10 Tax Cas.88, 110, "to be workable, and the interpretation thereof by a court should be to secure that object, unless c....
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.... of Creditors such period, not exceeding 30 days, to make payment of overdue amounts in accordance with the proviso to Section 29A(c). A conspectus of all these provisions would show that the Resolution Professional is required to examine that the resolution plan submitted by various applicants is complete in all respects, before submitting it to the Committee of Creditors. The Resolution Professional is not required to take any decision, but merely to ensure that the resolution plans submitted are complete in all respects before they are placed before the Committee of Creditors, who may or may not approve it. The fact that the Resolution Professional is also to confirm that a resolution plan does not contravene any of the provisions of law....
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.... supporting documents within five days from the date of issue of the provisional list. (12) On considering the objections received under subregulation (11), the resolution professional shall issue the final list of prospective resolution applicants within ten days of the last date for receipt of objections, to the committee." 81. Thus, the importance of the Resolution Professional is to ensure that a resolution plan is complete in all respects, and to conduct a due diligence in order to report to the Committee of Creditors whether or not it is in order. Even though it is not necessary for the Resolution Professional to give reasons while submitting a resolution plan to the Committee of Creditors, it would be in the fitness....