TaxTMI 
TaxTMI 
2024 (12) TMI 361
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....e Samuel, Erstwhile RP for R-1. Mr. Diwaker Goel, Mr. Sagar Aggarwal, Ms. Anjali Jain and Ms. Swati Sood, Advocates for R-2 JUDGMENT ASHOK BHUSHAN, J. This Appeal by two Suspended Directors of the Corporate Debtor, Jason Dekor Private Limited has been filed challenging the Order dated 10.05.2024 passed by the Learned Adjudicating Authority (National Company Law Tribunal, Ahmedabad, Division Bench, Court No. 2) in I.A. 36/NCLT/AHM/2021 in CP (IB) No.257/NCLT/AHM/2019, by which Order, the Adjudicating Authority approved the Resolution Plan submitted by Respondent No. 3. 2. Brief facts of the case necessary to be noticed for deciding the Appeal are: i. Corporate Insolvency Resolution Process (CIRP) against the Corporate De....
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....nded Management aggrieved by the Impugned Order has come up in this Appeal. 3. We have heard Learned Counsel for the Appellant as well as Learned Counsel appearing for the RP. 4. Learned Counsel for the Appellant challenging the Impugned Order contends that various submissions were raised by the Suspended Management including the RP having violated various procedural requirement which have although noticed by the Adjudicating Authority in Paragraph 13 of the Impugned Order but have not been considered. Learned Counsel for the Appellant submits that there is violation of Regulation 37(ba) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (for short `The 2016 Regulations'....
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....s submitted that Successful Resolution Applicant (SRA) itself has filed an Application for recall of the approved Resolution Plan. SRA has not implemented the Resolution Plan and matter is pending consideration before the Adjudicating Authority. It is submitted that there is no merit in the Appeal, Appeal deserves to be dismissed. It is further submitted that Valuation Reports are required to be shared only with the Member of the CoC in an electronic form on receiving and undertaking to maintain confidentiality. 6. We have considered the submissions of Counsel for the Parties and perused the record. 7. The submission which has been sought to be advanced by the Counsel for the Appellant are mainly regarding procedural requirement of RP....
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....Debtor, hence a Plan which does not contain such Clause regarding restructuring of the Corporate Debtor cannot be said to violate any provisions of law. Insofar as the submissions that second Addendum was not voted upon by the CoC the Minutes of the CoC held on 28.12.2020 clearly indicate that what was decided that Resolution Applicant shall provide an Addendum and the said may be proposed for e-voting. Addendum was provided by the Resolution Applicant which has been filed and annexed at Page 251 of the Appeal, which Addendum dated 28.12.2020 provides as follows : "To, Mr. George Samuel, Resolution Professional of Jason Dekor Private Limited (In CIRP) 110, Atria-B, Saragasan Circle, Gandhinagar Gujarat - ....
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....of the CoC held on 28.12.2020 under agenda Item No. B2 following was minuted: "In view of the above, the Committee of Creditors agreed that a resolution for the approval of the Revised Resolution Plan dated 25-12-2020, along with the Addendum to the resolution plan to be received from the Resolution Applicant, Jay Overseas Pvt. Limited is proposed for e-voting to be voted upon through e-voting process to be initiated by the Resolution Professional. After the meeting of the CoC, within the same day on 28-12-2020 itself the Resolution Professional has received the Addendum. Thus, a proposed resolution enclosed as RES/JASON/02, modified for the receipt of Addendum dated 28-12-2020, in the approval of the Revised Resolution Pl....