Case Law Details
Dr. Ravi Shankar Vedam Vs Tiffins Barytes Asbestos and Paints Limited (NCLAT Chennai)
NCLAT Chennai held that subsequent to the approval of the Resolution Plan of the CoC and before the approval by the Adjudicating Authority, no modifications / alterations can be called for as IBC is a time bound process.
Facts- The present appeals are filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 vide which the appellant has sought for forensic audit of the ‘Books of Accounts’ of the Corporate Debtor, and not to approve the Resolution Plan till the disposal of the Application. Further, the Adjudicating Authority has also dismissed the Application challenging the approval of the Resolution Plan.
Conclusion-The Hon’ble Apex Court, in the matter of ‘Ebix Singapore Pvt. Ltd. & Ors. v. Committee of Creditors of Educomp Solutions Private Limited’, reported in 2022 (2 SCC 401) has clearly laid down that subsequent to the approval of the Resolution Plan of the CoC and before the approval by the Adjudicating Authority, no modifications / alterations can be called for as IBC is a time bound process.
Held that in the instant case, this Tribunal finds no infirmity in the ‘Order of the Learned Adjudicating Authority’ in the ‘Approval of the Plan’ or in the rejection of MA/120/2019.
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