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Judgment
ORDER
Heard Learned Counsel for the Appellant as well as Learned Counsel for the Respondents.
This Appeal has been filed against the judgment of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II, in I.A No. 449/MB/C-II/2021 in CP (IB) No. 4258/MB/C-II/2019 dated 07.06.2021. By the impugned judgment, on the Application filed by the Resolution Applicant for approval of the Resolution Plan the plan was approved. Against the impugned judgment dated 07.06.2021, Company Appeal (AT) (Ins.) Nos. 677 of 2021 and 800 of 2021 has been filed in this Appellate Tribunal which after elaborate consideration has been dismissed by the judgment dated 27.01.2022.
Learned Counsel for the Appellant sought to contend that there are some additional points which need to be considered in this Appeal. He submits that the Appellant was covered by Category 1 and entire payment as was given to Category 1 should have been paid to the Appellant. Secondly, he submits that upfront payment which was received and as noticed in the submissions of Learned Senior Counsel ought to have been utilised for disbursement of payment to the Appellants and others.
We have considered the submissions of the parties and perused the record.
The Resolution Plan has been approved. The Resolution Plan covers all issues and found approval of this Tribunal also vide judgment dated 24.01.2022. We are of the view that commercial wisdom of the Committee of Creditors while approving the Plan which has received approval of the Adjudicating Authority as well as this Appellate Tribunal cannot be allowed to be questioned in this Appeal. Learned Counsel for the Respondent submits that issues raised by the Appellant are fully covered by the judgment, she has referred paragraphs 27, 37 & 46 of the judgment of this Tribunal in Company Appeal (AT) (Ins.) Nos. 677 of 2021 and 800 of 2021.
After having heard counsel for the parties, we are of the view that this Appeal is fully covered by the judgment of this Appellate Tribunal. The Appeal is dismissed following the judgment dated 27.01.2022 of this Tribunal in Company Appeal (AT) (Ins.) Nos. 677 of 2021 and 800 of 2021.