CoC has to take final call with regard to resolution plan or modification thereof: NCLAT Delhi

By POONAM GANDHI Corporate Law Judiciary December 12, 2024

TaxGuru Citation: 2024 taxguru.in 6054
Case Name: Meenakshi And Kushal Goyal Vs Amit Agarwal (NCLAT Delhi)
Appeal Number: Only available for paid members
Date of Judgement/Order: Only available for paid members
Courts: Delhi NCLAT, NCLAT

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Meenakshi And Kushal Goyal Vs Amit Agarwal (NCLAT Delhi)

NCLAT Delhi held that resolution professional needs to place the resolution plan after incorporating directions by Hon’ble Supreme Court before CoC before presenting plan to the Adjudicating Authority as CoC has to take a final call with regard to resolution plan or modification thereof.

Facts- The Corporate Debtor, Mastana Foods Private Limited came to be admitted in Corporate Insolvency Resolution Process (CIRP) by Order dated 18.09.2019. In response to `Form-G’ issued by the RP, Resolution Plan was submitted and in the 10^th Committee of Creditors (CoC) Meeting held on 07.11.2020, Resolution Plan of the Appellant along with the Addendum dated 12.10.2020 was duly approved by 100% CoC.

The Excise & Taxation Officer, Officer-Cum-Assessing Authority, Kaithal State of Haryana filed an application before the Adjudicating Authority which was allowed on 16.02.2021 and 16.04.2021. Notably, Hon’ble Supreme Court vide Order dated 22.01.2024 allowed the Civil Appeals filed by the Excise & Taxation Officer, Officer-Cum-Assessing Authority setting aside the Order dated 22.03.2022 passed by the Appellate Tribunal.

After the Judgment of the Hon’ble Supreme Court I.A. 961/2024 was filed by the RP before the Adjudicating Adjudicating Authority who has reserved the Judgment in I.A. 5283/2022, i.e. Plan approval Application de-reserved the same. By Order dated 01.05.2024, Adjudicating Authority disposed of the Application, I.A. 961/2024, allowing the Prayer, aggrieved by which Order this Appeal has been filed.