There is no lack of jurisdiction in Adjudicating Authority to remit Resolution Plan to CoC for reconsidering the amendment which Successful Resolution Applicant himself was requesting to be carried out – Ocean Capital Market Ltd. Vs. Uday Narayan Mitra Former RP of Arss Infrastructure Projects Ltd. – NCLAT New Delhi
NCLAT has allowed the appeal and set aside NCLT order observing that the present is a case where the Corporate Debtor is sought to be revived by a Resolution Plan which was approved by the majority. The Appellant’s Resolution Plan value is Rs.432.90 Crore where the liquidation value of the Corporate Debtor was only Rs.147.11 Crores. The Successful Resolution Applicant has proposed an excess amount of Rs.285.79 Crores. The Resolution Applicant having himself expressed not insist for assignment of Personal and Corporate Guarantees and to be continued with the Dissenting Financial Creditors, the Adjudicating Authority ought not to have rejected the Resolution Plan and accepting the request of the Dissenting Financial Creditor ought to have remitted the plan to the CoC for reconsideration.
