2025 (4) TMI 516

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....dvocates with Abhijeet Sinha, Mr. Bhagavathy and Ms. Aastha Vishwakarma, Advocates for R-3 JUDGMENT ASHOK BHUSHAN, J. This Appeal has been filed challenging order dated 11.03.2025 passed by National Company Law Tribunal, Kolkata Bench in IVN. P (IBC)/5(KB)2025. The Appellant aggrieved by the order has come up in this Appeal. 2. Brief background facts necessary to be noticed for deciding the Appeal are: i. Corporate Insolvency Resolution Process ("CIRP") was initiated against Hindusthan National Glass & Industries Ltd. - Corporate Debtor ("CD") vide order dated dated 21.10.2021. Mr. Girish Sriram Juneja (Respondent No.2 herein) was appointed as Interim Resolution Professional ("IRP"), who was latter confirmed as Resolution Professional ("RP") of the CD. ii. In the CIRP of the CD, three Resolution Plans were received, i.e. by the Appellant, AGI Greenpac ("AGI") and Nirma Chemical Works Private Limited. CoC on 28.10.2022 approved the Resolution Plan of AGI with 98% vote share. The Resolution Plan of the Appellant received 88% vote share. iii. The AGI - Resolution Applicant had submitted an Application with the Competition Commission of India ("CC....

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....lso resolved to file an Application seeking extension of CIRP period. I.A. 269/KB/2025 has been filed by RP, praying for various reliefs, including extension of CIRP. v. The Adjudicating Authority on 14.02.2025 framed certain questions with respect to resolution process. On 14.02.2025, the Adjudicating Authority observed that it hopes and trust that till the matter is finally heard, no further steps would be taken by the CoC or RP pursuant to the 'resolution' adopted on 04.02.2025. The Applications were heard on 27.02.2025. The RP also filed an Application before the Adjudicating Authority seeking approval of Resolution Plan being IA (Reso Plan) 6/KB/2025. An Appeal in this Tribunal was also filed challenging order dated 27.02.2025, which was dismissed by this Tribunal on 07.03.2025. vi. The Application - INV. P (IBC) No.5/KB/2025 was filed by Soneko Marketing Pvt. Ltd., an Operational Creditor, praying for intervention. The said Application came for consideration before the Adjudicating Authority on 11.03.2025, on which date, following order was passed by the Adjudicating Authority : "IVN.P (IBC)/5(KB)2025 Heard Ld. Sr. Counsel for the parties o....

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....e matter was fixed for 28.03.2025. The Appeal was heard on the said date and the order was reserved. 4. We have heard Shri Ritin Rai, learned Senior Counsel appearing for the Appellant; Shri Joy Saha, learned Senior Counsel appearing for Respondent No.3, who had filed the Application for Intervention Petition No. IBC)/5(KB)2025. We have also heard Shri Krishnendu Datta, learned Senior Counsel for the RP and learned Counsel appearing for the CoC/ Respondent No.1. 5. Learned Counsel for the Appellant in support of the Appeal submits that by order of the Hon'ble Supreme Court dated 29.01.2025, the Hon'ble Supreme Court has directed for consideration of the Appellant's Resolution Plan and any other Resolution Plan, which possessed the requisite CCI approval as on 28.10.2022, i.e. the date on which the CoC voted upon the Resolution Plan of AGI. In view of the direction of the Hon'ble Supreme Court, it was obligatory on the CoC and the RP to consider the Resolution Plan of the Appellant. After the order was passed by the Hon'ble Supreme Court, a show cause notice dated 30.01.2025 was issued to the RP by IBBI, which show cause notice has no effect on continuation of ....

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....tly restrained the RP from proceeding with the Resolution Plan. Learned Counsel has relied on the judgment of High Court of Madras in CA. V. Venkata Sivakumar vs. Insolvency and Bankruptcy Board of India - (2024) SCC OnLine Mad 156 as well as judgment of High Court of Bomaby in Kairav Anil Trivedi vs. Insolvency and Bankruptcy Board of India and ors. - (2024) SCC OnLine Bom 2572. 7. Learned Counsel for the CoC submits that the Resolution Plan having been approved by the CoC on 04.02.2025, Application for approval of Resolution Plan needs to be considered. It is submitted that Intervenors, dissenting secured Financial Creditors and Suspended Management are trying to stall the CIRP by filing one after another Intervention Applications. It is submitted that by issuance of show cause notice, the RP is not prohibited from continuing the existing assignment. The RP cannot take any new assignment in view of suspension of AFA. Reference has been made to Regulation 7A of IBBI (Insolvency Professional) Regulations, 2016. 8. We have considered the submissions of learned Counsel for the parties and have perused the records. 9. The Appellant is aggrieved by the following part of the im....