Case Law Details
Ocean Capital Market LTD. Vs Uday Narayan Mitra (NCLAT Delhi)
NCLAT Delhi held that there is NCLT (National Company Law Tribunal) has jurisdiction to remit the plan for reconsidering the amendment which the Successful Resolution Applicant himself was requesting to be carried out.
Facts- The present appeal has been filed by the Successful Resolution Applicant challenging the order passed by the Adjudicating Authority (National Company Law Tribunal), by which order the application filed by the Resolution Professional for approval of the Resolution Plan of the Appellant has been rejected and the IAs filed by the Dissenting Financial Creditors objecting the plan have been allowed.
Notably, in the CIRP of Corporate Debtor – ARSS Infrastructure Projects Ltd., Resolution Plan submitted by the Appellant was deliberated in the meeting of the CoC held on 30.11.2022 and as a result of the voting in favour of the plan by 76.67%, the plan was approved. The Resolution Professional filed an application before the Adjudicating Authority for approval of the Resolution Plan approved by the CoC.
Importantly, Punjab National Bank, Bank of Indi, and Kotak Mahindra Bank Ltd. who a Dissenting Financial Creditor was having a 16.47%, 3.16% and 0.64% vote share filed an objection to the Resolution Plan.
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