2023 (1) TMI 109

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....Caveator For Respondent No.3 : Mr. Vijay K. Singh, Advocate ORDER ( Virtual Mode ) Heard Mr. Srinath Sridevan, the Learned Counsel appearing for the 'Appellant'. 2. According to the Learned Counsel for the 'Appellant' / 'Applicant' in IA/791/2021 in CP(IB) No.17/9/HDB/2020, before the 'Adjudicating Authority', (National Company Law Tribunal, Hyderabad Bench - I), on 17.10.2022 the 'observations' have been made in the 'impugned order' are as follows:- 'In these circumstances, the reference is answer that the Committee of Creditors cannot be restrained from considering the Resolution Plan of the 3rd Respondent and I agree with the findings of the Hon'ble Judicial Member and accordingly I am of the view that this Application deserves to....

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....approval' of the 'Committee of Creditors'. Thereafter, when, 'Request for Proposal' (RFP) was issued, the 'sole member' of the 'Committee of Creditor' filed an 'Application' before the 'Adjudicating Authority', (Tribunal) for appointing one Mr. Bhavan Madan, as a 'Resolution Professional' of M/s. Sathavahana Ispat Limited and he was appointed as the 'Resolution Professional' of M/s. Sathavahana Ispat Limited vide order dated 08.09.2021 and the order was received by the Resolution Professional on 15.09.2021. 5. As seen from the public notice issued on 16.09.2021, the 1st Respondent received notice of his appointment as the 'Resolution Professional' on 15.09.2021. 6. The grievance of the 'Appellant' / 'Applicant' is that Mr. Bhuvan Madan, w....

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....y way of SARFAESI Act and to whether the 'Appellant' / 'Applicant' had 'locus standi', to be appointed as an observer in the meetings as 'Member' of the Committee of Creditors of the Corporate Debtor. 10. The 'Members' of the 'Adjudicating Authority', (National Company Law Tribunal, Hyderabad Bench - I) had deferred on the issue viz., whether the Committee of Creditors could be restrained from considering the 'Resolution Plan' of the 'Third Respondent' / 'Jindal Saw Limited, Uttar Pradesh' and in fact the 'Judicial Member' of the 'Adjudicating Authority', (National Company Law Tribunal, Hyderabad Bench - I) held that there was no legality, requiring willingness of the 'Corporate Deal'. Per contra, the Hon'ble Member (Technical) of the 'Adj....

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....the 12th Committee of Creditors meeting of Sathavahana Ispat Limited dated 18.10.2021, in confirming the Jindal Saw Limited as the 'Resolution Applicant' and also prayed for passing an 'Order' in 'setting aside' the 'Letter of Intent' dated 19.10.2022, issued by the 'Resolution Professional' to the '3rd Respondent' / 'Jindal Saw Limited', confirming the 'Jindal Saw Limited', as the 'successful Resolution Applicant'. Not resting with these two prayers, the 'Appellant' / 'Applicant', had also prayed for calling a 'fresh Resolution Plan', with respect to the 'Corporate Debtor', by extending the time period for the Corporate Insolvency Resolution Process (CIRP). 13. Admittedly, the present 'Appellant' / 'Applicant', had the benefit of dismissa....

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....journed date, as the case may be. 15. On behalf of the 2nd Respondent / Caveator, it is brought to the notice of this 'Tribunal' that one Mr. Prakash Sharma (Chartered Accountant) had filed Writ Petition (s) (Civil) No (s).979/2022, before the Hon'ble Supreme Court of India, arraying Union of India & Ors. as the Respondents, seeking to challenge the validity of Section '27' and the Proviso to Section 30(5) of the Insolvency & Bankruptcy Code, 2016, coupled with the Notification dated 11.10.2022 issued by the Reserve Bank of India dealing with the review of the regulatory framework for Assets Reconstruction Companies and the Hon'ble Supreme Court of India on 18.11.2022, ultimately, had dismissed the Writ Petition among other things observin....