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Judgment
O R D E R
This appeal has been filed against an order dated 10.05.2022 passed by National Company Law Tribunal, Principal Bench, New Delhi in I.A. No. 2443/PB/2021. In the application I.A. No. 2443 of 2021 following prayers were made in paragraph 1of the order:
“1.The present application is filed by Gammon Infrastructure Projects Ltd. (Applicant), promoter of Patna Highway Projects Ltd. (Corporate Debtor) under Section 60 (5), Insolvency and bankruptcy Code. 2016, Seeking following prayers:-
a)Reject the Resolution Plan submitted by Silver Point Luxembourg SARL on 11th March, 2021 and
b)Direct the Committee of Creditors of the Corporate Debtor to consider and approve the Proposal submitted by the Applicant; and
c)Pending herein of this Application, not pass any order or direction in IA. 1538 of 2021 in C.P. (IB) No. 1504 (PB)/2119, and/or
d)Pass such other or further order as this Adjudicating Authority may deem fit and proper”.
Ld. Counsel for the Appellant submits that the proposal was submitted by the appellant- the promoters of the corporate debtor under 12A which was arbitrarily rejected whereas proposal ought to have been accepted closing the CIRP.
Ld. Counsel for the Respondent submits that against the order approving the resolution plan passed by the Adjudicating Authority dated 10.05.2022 in CA (AT) (Ins) No. 920 of 2022 has been filed by the appellant themselves which has been dismissed by this Tribunal by its order dated 25.05.2023 upholding the order of the Adjudicating Authority approving the resolution plan. As noted above the I.A. No. 2443 of 2021 which was filed by the Appellant contained both the prayers i.e. reject the resolution plan and further to consider and approve the proposal submitted by the applicant under 12A. The resolution plan as noted above has already been approved by the Committee of Creditors which has been approved by the Adjudicating Authority on 10.05.2022 which order has already been affirmed by this Tribunal by its order dated 25.05.2023 approval of resolution plan has become final. As per Section 31 of the IBC, 2016 resolution plan is binding on all concerned when the resolution plan has attained finality.
We are of the view that submissions raised by the appellant challenging the rejection of 12A proposal had become academic only and there is no necessity to consider the submission on merits with regard to rejection of proposal under 12A. Due to subsequent event i.e. approval of the plan by the Adjudicating Authority and dismissal of the appeal by this Tribunal on 25.05.2023, the proposal of the plan under 12A has lost all its importance and as on date no direction can be issued for consideration of said proposal by this Tribunal.
We thus are of the view that the order passed by the Adjudicating Authority dated 10.05.2022 in this appeal does not warrant any interference. Consequently, the CA (AT) (Ins) No. 922 of 2022 is dismissed.
It is submitted by the Counsel for the Successful Resolution Applicant that the plan has already been implemented and monitoring committee stands dissolved.
CA (AT) (Ins) No. 1072 of 2022
List this appeal on 02.11.2023 at 2.00 PM.