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Judgment
Heard Learned Counsel for the Appellant. This Appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 ('Code' in short) has been filed against order dated 5th March, 2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The Adjudicating Authority by the impugned order allowed the Application filed under Section 30(6) of the Code and Resolution Plan submitted by M/s. Leadadroit Services Pvt. Ltd. was approved. Learned Counsel for the Appellant contended that the statutory dues of the Department - Appellant were to the tune of more than Ra.5 Crores whereas in the Resolution Plan only an amount of Rs.4 Lakh was allocated. He submits that due to this reason Resolution Plan ought not to have been approved.
The Learned Counsel for the Respondent refuted the submissions made by the Counsel for the Appellant and contended that Resolution Plan takes care of dues of all the Creditors including the Appellant and in Company Appeal (AT) (Insolvency) No. 615 of 2021, which is related to a Sister Concerned Company, the same arguments were rejected and approval of Resolution Plan was affirmed by this Tribunal. Learned Counsel for the Appellant is not able to substantiate its submission that in the Resolution Plan there cannot be amount lesser than the amount of statutory dues. Resolution Plan cannot be said to be in noncompliance of any provision of the Code or Regulations.
We do not find any infirmity in the impugned order of the Adjudicating Authority. There is no merit in the Appeal. The Appeal is dismissed.