K.M. Mudappa Vs Sovereign Developers and Infrastructure Ltd. (NCLAT Chennai)
NCLAT Chennai held that appeal u/s. 60(5) of I&B Code, 2016 against order rejecting interlocutory application for seeking to declare the process memorandum for Resolution Plan incomplete is hereby allowed.
Facts- Company appeal has been preferred by the Appellant / Applicant being aggrieved against the Impugned Order of 13.09.2024, which was passed by the Learned National Company Law Tribunal, Bengaluru Bench in IA No.253/2021, as preferred in CP(IB) No.167/BB/2018. By virtue of the Impugned Order which is under challenge, the Interlocutory Application being IA No.253/2021, has been rejected. The Appellant / Applicant has preferred the said application under Section 60(5) of I & B Code, 2016, interalia praying for declaration of the process memorandum requesting the submission of Resolution Plan as incomplete as it does not disclose the complete particulars and does not take into consideration of all the stakeholders including landowners. This Application stood rejected on the ground that since the order has already been passed in IA No.569/2022 and IA No.570/2022, this Application too would automatically stand dismissed.
Conclusion- Held that the said appeals were taken up together by this Tribunal and decided by the Judgment of 13.11.2024 whereby the delay was condoned, the Appeals were allowed and the matter has been remitted back to the Learned Adjudicating Authority, to consider the aspect of the approval of the Resolution Plan as preferred in IA 570/2022 in accordance with law. In the instant appeal too, the Impugned Order of 13.09.2024, as rendered in the aforesaid IA No.253/2021, has been based upon the aforesaid order of 13.09.2024 rendered in IA No.569/2022, which has already been considered by us in the Company Appeal (AT) (CH) (Ins) No.378/2024. Accordingly, this Appeal too would stand allowed in terms of the Judgment dated 13.11.2024 and the said Judgment and the reasons assigned therein will also constitute as to be a part of the instant Judgment also.
