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Judgment
ORDER
Heard the Learned Counsel on record Ms. Ramya, appearing for the ‘Appellant’.
It comes to be known that in the instant Company Appeal (AT)(CH)(INS) No. 60 of 2022 although the ‘Appellant’ is assailing correctness, validity and legality of the ‘Impugned Order’ dated 11.02.2020 in IA/1065/2019 in CP(IB)/97/7/HDB/2018 passed by the ‘Adjudicating Authority’ (National Company Law Tribunal, Hyderabad Bench, Hyderabad) in approving the ‘Resolution Plan’, which got approved by the Members of the ‘Committee of Creditors’ having 99.53% voting shares, in terms of ingredients of Section 31(1) of the Code, this ‘Tribunal’, sitting at ‘Appellate’ stage and on going through the ‘Impugned Order’ dated 11.02.2020 in IA/1065/2019 in CP(IB)/97/7/HDB/2018 passed by the ‘Adjudicating Authority’, (National Company Law Tribunal, Hyderabad Bench) is of the earnest view that the ‘Resolution Plan’ in the subject matter and which was got approved on 10.02.2020 by the ‘Adjudicating Authority’ (National Company Law Tribunal, Hyderabad Benchs) and prior to that, the said Plan was approved by the majority of Members of ‘Committee of Creditors’ possessing 99.9% of the voting shares. Furthermore, the ex-Resolution Professional, Mr. G. Madhusudhan Rao, (1st Respondent) who in-person appeared before this ‘Tribunal’, brings to the notice of this ‘Tribunal’ that the ‘Resolution Plan’ got implemented by means of 50% and at this stage, after a lapse of more than two years, filing of the instant Company Appeal (AT)(CH)(INS) No. 60 of 2022 on the file of this ‘Tribunal’ is per se not maintainable in the eye of ‘Law’.
Considering the rival submissions made and also this ‘Tribunal’ on going through the ‘Impugned Order’ dated 11.02.2020 IA/1065/2019 in CP(IB)/97/7/HDB/2018 passed by the ‘Adjudicating Authority’, National Company Law Tribunal, Hyderabad Bench comes to a resultant conclusion that the said ‘Impugned Order’ passed by the ‘Adjudicating Authority’ is in conformity with the requirement of IBC and Regulations and further that the same does not require any interference in the Acts of this ‘Tribunal’.
In view of the fact that the ‘Impugned Order’ does not fulfill from any material irregularity or patent illegality in the ‘eye of Law’. Looking at from this perspective, the instant Company Appeal (AT)(CH)(INS) No. 60 of 2022 is ‘Dismissed’. No cost.
Connected IA Nos.121, 122 and 123 of 2022 are all closed.