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Judgment
Heard Mr. Jitender Chaudhary, Ld. Counsel for the Appellant and Mr. P. Nagesh, Ld. Sr. Counsel assisted by Mr. Shivam Shukla, Ld. Counsel for Respondent No.2.
The present appeal has been filed under Section 61of the Insolvency and Bankruptcy Code, 2016 against an order dated 28.01.2022. For better appreciation it is appropriate to reproduce the order as follows:
This is an Application for issuing directions to the Respondent and Resolution Applicant to furnish to the Applicant the copies of all the records and proceedings including Resolution Plan, Minutes of meeting of CoC and other records pertaining to MA 3270 of 2019 in CP 1382 of 2017.
The Applicant has stated that he needs these documents to take forward the proceedings of NCLT and the Hon'ble NCLAT wherein his claim as operational creditor was rejected, while NCLT has approved Resolution Plan on 05.03.2020. The plan has been approved and the same has been endorsed by NCLAT and as per the Judgment in Ghanashyam Mishra & Sons...Vs... Edelweiss Asset Reconstruction Company Limited, it is stated that after the approval of Resolution Plan all the related matters reached their finality.
As per the Respondent (RP), the Applicant took no steps to challenge the decision of the Resolution Professional. As such, the said decision is binding, and the Applicant is not entitled to now raise the same. It is also an undisputed position, that the Resolution Plan does not make any provision for the Applicant. As such, on either count and in view of the binding character (statutory) of the Resolution Plan, the Applicant has no right to claim against the Corporate Debtor. There is a legal bar in the making of such a claim and no relief in aid thereof can be granted. The alleged dues of the Applicant (which are disputed and denied) stand permanently extinguished. There is no basis for the Applicant to file the present IA and the IA as filed is misconceived and not maintainable.
Heard both sides. In view of the above, the approved Resolution Plan is binding on the Applicant. Hence, the Application is disposed of as dismissed as rejected.
On examination of the aforesaid order, it is evident that the Resolution Plan was finally approved long back on 05.03.2020 and thereafter application was filed by the Appellant under Section 60(5), 9 of Insolvency and Bankruptcy
Code, 2016. It was filed after expiry of several months from the date of approval of the Resolution Plan by the Adjudicating Authority which was subsequently approved by this Appellate Tribunal also. In such situation we are of the opinion that Ld. NCLT was not required to entertain such application. However, while entertaining and dismissing the application certain observations have been recorded in respect of which Ld. Counsel for the Appellant submits that Appellant is aggrieved. Ld. Counsel for both the parties have agreed on the point that this appeal can be disposed of with indication that any observation recorded by the NCLT in its order dated 28.01.2022 may not come in way in pursuing legal remedy by either of the parties in accordance with law.
Accordingly, with the consent of both the parties the appeal stands disposed of with indication that any observation recorded by Ld. NCLT in its order dated 28.01.2022 may not come in way in pursuing legal remedy by either of the parties in accordance with law.
With above observation, the appeal stands disposed of.