NCLAT rejects plea of the Promoters, they are ready to pay the equal amount which is accepted by the Successful Resolution Applicant – Ronak Kundanlal Bhagat & Ors. Vs. Parthiv Parikh (RP of Sanghvi Forging and Engineering Ltd.) & Ors. – NCLAT New Delhi
In this case, on behalf of the Appellant representing shareholder of the Corporate Debtor, it is submitted that the Promoters of the Corporate Debtor are ready to pay the equal amount which is accepted by the Successful Resolution Applicant.
On behalf of RP/R-1, it is submitted that that the Appellants being a Shareholders have not raised any objection before the AA, therefore, they have no locus-standy to file this Appeal. It is also submitted that by the Impugned Order Ld. AA approved the Resolution Plan, therefore, in view of Section 61(3)(ii) the Appeal can only be filed on the grounds of material irregularity in exercise of powers by the Resolution Professional during the CIRP Period. The CoC has approved the Resolution Plan by 100% voting share in favour of the Resolution Plan and the Ld. AA by the Impugned Order approved the Resolution Plan.
NCLAT dismissed the appeal & observed that the Appellants has failed to point out that there is any material irregularity in exercise of powers by the Resolution Professional during the CIRP Period. The Promoters are failed to comply their one-time settlement proposal till 31.12.2019.
