NCLT justified in allowing Resolution Applicants (RA) to modify their Resolution plan as it had allowed one RA to do so: SC
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- Last Updated on 7 March, 2022
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Case Details: Ajay Gupta v. Pramod Kumar Sharma - [2022] 136 taxmann.com 39 (SC)
Judiciary and Counsel Details
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- Dinesh Maheshwari and Vikram Nath, JJ.
Facts of the Case
In the instant case, the appellant (one of the Resolution Applicant) sought to question the judgment passed by the NCLAT.
Appellant filed an appeal before the NCLAT against the order of the Tribunal which allowed the appellant to amend his resolution plan as requested however, at the same time, also allowed the other resolution applicant to place any modification in their resolution plan before the Committee of Creditors.
The appellant contended that no opportunity should have been given to the others to modify their resolution plan.
NCLT Held
The Appellate Tribunal declined to interfere in the order by the NCLT. The NCLAT ordered that as the Adjudicating Authority having passed an order so as to balance the position of the respective parties and to provide a level playing field by granting corresponding permission to the other resolution applicant to place its modification for consideration of CoC. Appellant Tribunal found no fault in the decision of the Adjudicating Authority.
The appellant, later on, filed a plea to the Supreme Court against order of NCLAT.
Dismissing the appeal, the Apex Court to took the same view as taken by the Appellate Tribunal.
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