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Judgment
ORDER
06.01.2022: Heard Learned Counsel for the Appellant as well as Learned Counsel for the Resolution Professional. Both the parties agree that the Appeal itself be disposed of at the admission stage.
This Appeal has been filed against the Judgment dated 11th June, 2021 passed by National Company Law Tribunal, New Delhi, Bench-II by which I.A. No. 1550 of 2019 filed through Resolution Professional under Section 30(6) read with Section 31 of the Code for approval of the Resolution Plan has been decided. The Adjudicating Authority by the Impugned Judgment issued following directions in Paragraphs 71 which reads as under:
“71.Accordingly, we hereby extend the period of CIRP by 60 days beyond the period of 330 days after excluding the period from the date of filing of the present application bearing no. IA/1550/2019 i.e. 15.11.2019 till the passing of this order. The Resolution Professional is directed to inform and also hand over a copy of this order to the Resolution Applicant to modify the Resolution Plan in the light of aforesaid direction. He is further directed to convene the meeting of COC within the extended period of CIRP and place the modified Resolution Plan before the COC for approval. It is, however, made clear that except for the modification in payment conditions relating to the objectors namely, DHFL, Kotak Mahindra Bank Limited and Kotak Mahindra Prime Limited, which had to made in terms of money within a specified period and re-examination of liquidation value as specified in the aforementioned paragraphs, while discussing this issue, no other issue shall be raised by any Objector nor decided by the COC.”
Learned Counsel for the Resolution Professional submits that in pursuance of the Judgment of the Adjudicating Authority, the Committee of Creditors considered the modified Resolution Plan and the same has been submitted before the Adjudicating Authority for approval.
Learned Counsel for the Appellant submits that he is a Financial Creditor which submission is refuted by Resolution Professional saying that he is only a home-buyer. Learned Counsel for the Appellant submits that an I.A. No. 1500 of 2019 regarding status of the Appellant is already pending for consideration before the Adjudicating Authority and has not yet been decided. He submits that Adjudicating Authority may be requested to decide the Application bearing I.A. No. 1500 of 2019 before considering the approval of the modified Resolution Plan.
We are of the view that the Order impugned has already been given effect to and the matter being pending before the Adjudicating Authority, we see no reason to entertain this Appeal and decide issues raised herein. While disposing of this Appeal, we observe that I.A. No. 1500 of 2019 filed by the Appellant be considered and decided by the Adjudicating Authority before taking final decision on the modified Resolution Plan. This Appeal is disposed of, accordingly.