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Judgment
This is an application to implead additional respondents No. 1 and No.2 in IA(IBC)/399/KOB/2022 which is an application for approval of resolution plan by the RP.
ITMA Hotels Private Limited, the corporate debtor was admitted to CIRP on 31.12.2021. The CoC was constituted and the RP has proceeded with the application for approval of resolution plan. The applicant submits that as promoters of CD and erstwhile Managing director the applicants need to be heard. It is stated that a compromise is proposed by them and a settlement dated 02.12.2022 is made to CoC. The applicants also allege collusion.
Heard the submissions and perused documents. The requirement of impleading the promoters and erstwhile management in an application for approval of resolution plan is not envisaged under the IBC, 2016. As far as statutory schema the respondents had an opportunity to submit the resolution plan as per the provisions of code with the CoC and RP. In the matter, the resolution plan approved by CoC with 100% voting has been considered and approved by this Tribunal vide order dated 29.03.2023 in IA(IBC)/399/KOB/2022. Hence, this petition is bad for misjoinder.
In result, the application is dismissed and disposed of.