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Tribunals and CommissionsDivision Bench(2023) 12 NCLAT CK 0042

Vasavi Realty Pvt. Ltd vs Dr. Vichitra Narayan Pathak IRP of Golden Tobacco Ltd

National Company Law Appellate Tribunal · Decided on 20 December 2023

HON’BLE JUDGES
Ashok Bhushan, Chairperson · Arun Baroka, Member (T)
RESULT
Disposed Of
CASE NUMBER
Company Appeal (AT) (Ins.) No. 1632 Of 2023

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Judgment

10 paragraphs · 337 words
1.

Heard Learned Counsel for the appellant, Learned Counsel Respondent No.2 and Learned Counsel for Resolution appearing for Professional.

2.

This appeal has been filed against the order dated 06.12.2023 passed in I.A. No. 758 of 2023 which application was filed by Respondent No.2/Financial Creditor. Adjudicating Authority issued direction to Resolution Professional to convene a meeting and further directed to discuss the merits of the plan submitted by Applicant i.e. Financial Creditor.

3.

This appeal was taken by this Tribunal on 14.12.2023 a statement was made on behalf of Learned Counsel for the Committee of Creditors which is as follows:

“14.12.2023:- Learned Counsel appearing for the Respondent No.2 submits that the meeting of the Committee of Creditors (CoC) took place yesterday where the plan was tabled but the CoC has taken a decision to put to vote whether the process for Form G should start again which voting is scheduled on 15.12.2023.

2.

List the Appeal on 20.12.2023. Learned Counsel for the Respondent may inform the court outcome of the voting”.

4.

Now  when  the  case  was  taken  Learned  Counsel  appearing  for  the Resolution Professional submitted that meeting of the CoC has been held on 13.12.2023 and in pursuance of e-voting results the CoC has resolved to issue fresh Form–G and also had decided to seek extension of CIRP upto 20.03.2024.

5.

Learned Counsel for the appellant submits that Adjudicating Authority ought not to have directed for consideration of plan of the Financial Creditor who was not part of the process.

6.

In view of the decision taken by the CoC in the meeting held on 13.12.2023, we are of the view that we need not consider the said submission since now decision has been taken to issue fresh Form-G.

7.

After issuance of fresh Form-G, it shall be open for the all concerned including the appellant to submit their resolution plan. We have no doubt that the resolution plan submitted by the appellant shall also be considered.

8.

With these observation, we dispose of this appeal.