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Judgment
ORDER
06.08.2024: Heard Learned Senior Counsel for the Appellant as well as Learned Senior Counsel for the Respondents.
This Appeal has been filed against the order dated 02.08.2024 passed in IA No.3568 of 2024 which IA was filed by Resolution Applicant seeking certain directions. The order dated 02.08.2024 is as follows:-
“2.After hearing all the parties, this Bench finds that there is concern expressed by dissenting Operational Creditors as well the applicant herein that no CoC meeting took place to decide whether any financial revision in Resolution Plan can be allowed' as contended by the RP. In the absence. of record to substantiate that, we consider it appropriate to direct the RP to convene a meeting on Monday i.e. 05.08.2024 and take a vote on the issue. "whether CoC desires the Resolution Applicants to have any further financial revision in their plan or not".
3.This direction is being issued to the RP notwithstanding our considered view that it falls with the RP's exclusive discretion to permit further revision in accordance with Regulation 39(1)(a) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations. 2016. and there was no need to approach CoC for this purpose.
4.Heard the learned Counsel for the parties and perused the materials available records.
5.The parties are directed to file written notes of arguments not more than three pages.
6.List this matter on Tuesday i.e. 07.08.2024 for filing written arguments.”
Shri Navin Pahwa, Learned Senior Counsel for the Appellant submits that Appellant is a member of the CoC who has already challenged the constitution of the CoC by means of an application IA No. 3566 of 2024. He submits that IA No.3566 of 2024 was heard and reserved for orders on 29.07.2024.
Counsel appearing for the Respondent submits that the only direction issued by the Adjudicating Authority was to convene a formal meeting to find out the decision of the CoC which was communicated by e-mail. It is submitted that the e-voting has already commenced as per the order dated 02.08.2024 and matter is fixed for 07.08.2024.
In the facts of the present case, we see no reason to entertain this Appeal at this stage. We only observe that the decision if inconsequence to the order dated 02.08.2024 shall abide by the result of decision in IA No.3566 of 2024.
Shri Navin Pahwa, Learned Senior Counsel for the Appellant submits that insofar as voting on the approval of Resolution Plan, there is already an interim order that the result of the voting shall not be declared.
With these observations, we dispose of the Appeal.