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Judgment
O R D E R
11.08.2023: Heard learned counsel for the Appellant. This Appeal has been filed against the order passed by the Adjudicating Authority dated 18.05.2023 by which I.A. No. 1420/2023 filed by the Appellant has been rejected. The Adjudicating Authority has approved the Resolution Plan by order dated 05.04.2021. The Appellant claims to be the erstwhile shareholder and Director of the Corporate Debtor. He has filed the application praying for several reliefs, which are to the following effect:
“PRAYER
Wherefore, in the light of the above-mentioned facts and circumstances, it is most humbly prayed that this Hon'ble Tribunal may be pleased to;
a)Allow the Present Application
b)Declare that the entire CIRP of the Corporate Debtor is vitiated by Fraud.
c)Restrain the Corporate Debtor from allotting/creating third party interest on the unsold inventory of the Corporate Debtor during the pendency of this Application.
d)Appoint an Administrator to monitor the implementation of the Resolution Plan take over the management of the Corporate debtor during the pendency of the Application.
e)Recall the order dated 05.04.2021 passed by this Hon'ble Tribunal in IA No. 263/2021.
f)Direct the re-initiation of the CIRP of the Corporate Debtor from the stage of Invitation of Expression of Interest
g)Make reference/complaint against the Respondents Before the Competent Investigating Agency such as CBI, SFIO to investigate the fraud committed by the Respondents
h)Impose Penalty of Rs.1 Crore each upon the Respondent No. 1 to 5.
i)Pass any other order which this Hon'ble Tribunal may deems fit in the larger interest of justice.”
The Adjudicating Authority rejected the application holding that plan having been approved no ground have been made to recall the order.
Learned counsel for the Appellant submits that various other reliefs were also sought in the application and it was not only application for recall of order. When the order dated 05.04.2021 has become final, the remedy available to the Appellant was to file an appeal against the order. Since there is clear prayer to recall the order dated 05.04.2021, hence, the Adjudicating Authority has not committed any error in rejecting the application on the ground the no case has been made out. It was further observed that the implementation of the Resolution Plan is almost complete. We, thus, are of the view that no ground has been made out. Appeal is dismissed.