2025 (1) TMI 315

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....ief facts which engage our consideration are that the challenge in the instant Company Appeal, as given by the Appellant is to the Impugned Order dated 12.09.2024, on the ground that the order rendered in IA (IBC) No. 1862/2024, by the Learned Adjudicating Authority is without assigning any reasons and without considering the stand taken by the Appellant in the application which was preferred by him, before the Learned Adjudicating Authority. 2. If the controversy is taken into consideration, the facts which are revealed are that, the Corporate Debtor had entered into a term loan agreement, with a consortium of Banks, led by the State Bank of India, for the purpose of setting up a 5-Star Hotel, that the Corporate Debtor has admittedly sign....

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....he Appellant further submits that after the approval of the Resolution Plan, the SRA failed to implement the approved Resolution Plan and the Financial Creditor filed an application to re-start CIRP proceedings again. Against this backdrop, he submitted a fresh OTS proposal of Rs. 90 Crores, by filing an application in IA No. 1862/2024, thereby offering a better recovery than the Resolution Plan, which has already been approved on 07.12.2023. 5. The NCLT, Hyderabad, however, dismissed the said application preferred by the Appellant containing the offer of OTS of Rs. 90 Crores, by an order of 12.09.2024, observing thereof that since the Resolution Plan has already been approved, the application is not maintainable and accordingly, the said ....