TaxTMI 
TaxTMI 
2023 (5) TMI 16
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....Mr. Anant Singh, Mr. Harish Nanda, Mr. Kumar Shashank, Mr. Aashish Vats, Advocates for SRA (Applicant in I.A. No. 4254 of 2022) Mr. Raghav Chadha, Advocate for R-1. Mr. Abhinav Vasisht, Sr. Advocate with Ms. Vishrutyi Sahni, Ms. Akshita Sachdeva and Ms. Aishna Jain, Advocates for R-3 (CoC). ORDER Heard Shri Ravi Shankar Prasad, Learned senior counsel appearing for the Applicant (Successful Resolution Applicant), Shri R. Venkatramani, Learned Attorney General appearing for the Punjab National Bank and Shri Abhinav Vashisht, learned senior counsel appearing for the CoC. 2. This is an application filed under Rule 11 of the NCLAT Rules, 2016 praying for following reliefs: "PRAYER In view of the aforesaid facts and ....
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.... order of Adjudicating Authority approving the Resolution Plan. The interest of justice will be served in issuing direction to the Resolution Applicant to make distribution to the Appellant as per its admitted claim of Rs.956.21 crores as noted above, which however, shall be without affecting distribution of amounts to other Financial Creditors both Assenting and Dissenting Financial Creditors and other stake holders. In result, we allow this Appeal with following directions: (I) It is held that Appellant is entitled to their accepted admitted claim of Rs.956.21 crores. Reduction of their claim by Resolution Professional is set aside. (II) The Appellant shall be entitled for distribution under the Resolution Plan as per th....
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....pellant is entitled to their accepted admitted claim of Rs.956.21 crores. Reduction of their claim by Resolution Professional is set aside. (II) The Appellant shall be entitled for distribution under the Resolution Plan as per their admitted claim of Rs.956.21 crores which shall be proportionately distributed as per the fixed payout to Assenting Financial creditors as envisaged in the Resolution Plan"." 5. Shri Ravi Shankar Prasad, learned senior counsel appearing for the Applicant submits that the Resolution Plan which was approved with the majority of CoC was on the basis of its commercial wisdom and the Resolution Applicant has offered the amount which was to be borne by the Applicant for implementing the Resolution Plan. It ....
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.... and cannot modify its directions in Para 30. 7. Learned senior counsel for the CoC submits that the CoC opposes the prayers made in the application and it is submitted that the application cannot be accepted. The consequence of the direction has to be borne by the Resolution Applicant which is clearly contemplated in the judgment. It is submitted that the present application is in guise a review application which application is not permissible before this Tribunal. It is submitted that the judgment of this Tribunal is clear and no clarification or modification is required. 8. We have considered the submissions of learned counsel for the parties and perused the record. 9. Learned counsel for the Applicant has placed reliance on jud....
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....gly decline to entertain any plea in regard to the merits of the matter involved at the bottom of the appeal and confine ourselves to the interpretation of the findings recorded and the conclusions derived therefrom as regards fate of the application under Section 7 of I&B Code filed by the Financial Creditor and the disposal of appeal." 10. Rule 11 states the inherent powers of the Appellate Tribunal to make such orders or give such directions as may be necessary for meeting the ends of justice or to prevent abuse of the process of the Appellate Tribunal. The power has to be exercised to avoid ambiguity and confusion. However, Rule cannot be invoked to revisit the findings retuned as regards the assertion of facts and pleas raised in th....