An Appeal can be filed under Sec. 61 of the Code when the Adjudicating Authority rejects a Resolution Plan- Panch Tatva Promoters Pvt. Ltd. Vs. GPT Steel Industries Ltd. & Ors. – NCLAT
Considering the fact that the present Appeal is a premature and otiose one, at this stage, NCLAT, simpliciter, without going into the merits of the subject matter of the issue and also not delving deep into the same and also not expressing any view one way or other, because of the reason that if any opinion in expressed then it may affect the interest of the parties in furtherance of substantial cause of justice directs the Adjudicating Authority to dispose of the I.A. No. 116/2020 finally in CP (IB) 157/NCLT/AHM/2018, within a period of one week from the date of receipt of the copy of this order. It is open to the respective parties to raise all factual and legal pleas before the Adjudicating Authority which shall take into account of the same, in right earnest, and to pass a reasoned order within the time granted by this Tribunal (after providing opportunity to the respective sides). It is made clear that the Adjudicating Authority is to pass orders within the time determined by this court before approving over rejecting the ‘Resolution Plan’ of the Appellant in question.
