2024 (9) TMI 1321

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....an , Advocate for R4 ORDER ( Hybrid Mode ) The Appellant herein is a Successful Resolution Applicant. In the Company Appeal (AT) (CH) (Ins) No. 127/2024, he has put a challenge to the order dated 20th March 2024, as it was passed by the National Company Law Tribunal, Chennai Bench in M.A. No.37/2021 which was preferred in C.P.(IB)No.1006/IB/2018. By virtue of the Impugned Order in question, the Resolution Plan has been directed to be enforced subject to the conditions, as it has been given in the operative portion of the Judgment under challenge. Today the matter was listed on IA No.691/2024 preferred by the Appellant praying for an early hearing of the matter. During the course of argument, the Learned Counsel for the respondent pointe....

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....vant Sub Regulation 8 of Regulation 39 is extracted hereunder: "Regulation 39 - Approval of Resolution Plan: (8) A person in charge of the management or control of the business and operations of the corporate debtor after a resolution plan is approved by the Adjudicating Authority, may make an application to the Adjudicating Authority for an order seeking the assistance of the local district administration in implementing the terms of a resolution plan." On the simpliciter reading of Sub Regulation 8 of Regulation 39, it provides that after approval of the Resolution Plan, the Successful Resolution Applicant has to make an application to the Adjudicating Authority for the purposes of seeking assistance for enforcement and implementatio....