TaxTMI 
TaxTMI 
2025 (12) TMI 1616
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.... Mohit Kumar, Advocate For the Respondents : Mr. P. Raj Kumar Jhabhakh, Advocate & Ms. Ragha Sudha, Advocate for R1 Mr. Srinath Sridevan, Senior Advocate For Mr. Bhagavath Krishnan, Advocate for R2 Mr. K Mohit Kumar, Advocate for R4 ORAL JUDGMENT: Justice Sharad Kumar Sharma, Member (Judicial) These are a bunch of five Company Appeals. Each of these Company Appeals, though they are emanating from a common order i.e., an order dated 15.06.2023, as it has been passed in IA (IBC)/1381/CHE/2022 that was preferred in IBA/653/2020, IA(IBC)/391(CHE)/2022 in IBA/653/2020 and IA(IBC)/1453(CHE)/2022 in IBA/653/2020. The consequential effect of the Impugned Order, has been the rejection of the Resolution Plan of M/s. Sunbeam Structural Pvt. Ltd. by Learned NCLT, Chennai, which was placed for its approval under Section 30(6) of the I & B Code. Appeal against the aforesaid rejection of the Resolution Plan is for consideration before this Appellate Tribunal. 2. The parties to these Company Appeals have ventured into a settlement and in relation there to, they have placed on record the memorandum of settlement based on, which they have resolved to settle the dispute. But still f....
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....g in force, such as authorities to whom statutory dues are owed, guarantors other stakeholders involved in the Resolution Plan; and d. To pass such orders as this Hon'ble Tribunal may deem fit and necessary in the nature and circumstances of this case". 5. The nature of relief, which was modulated therein was that M/s. Sunbeam Structural Private Limited, the Appellant herein who was the Resolution Applicant had sought for a direction that, the plan as submitted by them may be directed to be made binding on the Corporate Debtor and its employees and all other connected staff. The said application was rejected by Learned Adjudicating Authority after observing certain irregularities in the functioning of the Resolution Professional, with regard to procurement of MSME Certificate as it has been observed in para 3.2 & 3.3 of the impugned order, and in para 3.9 & 3.10 of the said order, in respect non-filing of application under Section 66 of the Code, and coming to a conclusion in para 3.11 of the impugned order that, the Resolution Professional has failed to exercise its duties as contemplated to be exercised under the Code and that there were dereliction in performance of ....
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....ined under Section 30(2)(e) of the I & B Code, it deserves to be dismissed. The said application was dismissed by Learned NCLT on the ground that the unsuccessful Resolution Applicant has no vested rights to challenge the Resolution Plan which has been approved by the Committee of Creditors. 9. Comp App (AT) (CH) (Ins) No.263/2023 has been preferred by the Financial Creditor, (Premier Chennai Properties Limited) the Appellant herein as against the order which has been passed on IA(IBC)/391(CHE)/2022, which was preferred in IBA/653/2020 wherein the Appellant has sought for the following relief: - "a. Place the Applicant in the CoC and reconstitute the CoC; b. Direct Respondent No.1 to admit the entire claim of Rs.55,26,38,374/- filed by the Applicant; c. Direct the CoC to not hold any meetings and to not take any actions in relation to the CIRP of the Corporate Debtor during the pendency of this Application before the Hon'ble Tribunal; and d. Pass any such other order/s and or direction/s as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case". 10. The Learned Tribunal has rejected the Application IA(IBC)....
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....tural Private Limited vide its second addendum to the Resolution Plan. M/s. Winwind Power Energy Private Limited has also affirmed the same by signing the second addendum to the Resolution Plan. 13. In the terms of the settlement that has been submitted by way of an affidavit by Sunbeam Structural Private Limited, it was submitted that the creditors of the Corporate Debtor i.e., M/s. Edelweiss Asset Reconstruction Company Limited and M/s. Premier Chennai Properties Private Limited have expressed their willingness and have consented to the revised payout as per the second addendum to the Resolution Plan, which contains the stipulation that the amount as agreed upon will be paid within 7 working days, from the date on which the plan, thus submitted stands approved by the Learned NCLT. The same conditions as contained in the proposed settlement are extracted hereunder:- "a. Payment of the Corporate Insolvency Resolution Process (CIRP) cost up to the date of approval of this Resolution Plan; b. An increase in the total payouts to Edelweiss Asset Reconstruction Company Limited (Secured Financial Creditor) from Rs. 38.00 Crores to Rs. 42.00 Crores, with the Earnest M....
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....nce of the Code and the Extant Regulations in respect of the replacement of the Resolution Applicant (including compliance of Sec. 29A of the Code) and the terms in the addendum to the Resolution Plan, may be subject to requirements of the Code and further orders of this Hon'ble Appellate Tribunal". 16. The Learned Counsel for the Appellant submitted that, their proposals for acceptance of the Resolution Plan with modifications as proposed in the addendum to it would be covered by the principles laid down by the Principal Bench in Comp App (AT) (Ins) No.732/2025, which was decided on 20.05.2025 in the matters of Vashishth Builders and Engineers Limited and Vashisth Estates Limited and Ors. Vs. Trishul Dream Homes Limited and Ors. For the aforesaid purpose, the Learned Counsel for the Appellant has made a reference to para 30 of the said Judgment, wherein the Appeals were allowed, the Impugned Order therein was set aside, and the Resolution Plan which has been submitted by the SRA was approved with the advice to the Learned Adjudicating Authority to pass the consequential order, within 60 days from the date of production of the order of the approval of the Resolution Plan before ....