Bank of Baroda Vs. UTI Structured Debt Opportunities Fund-1 and Others – NCLT Mumbai Bench
NCLT Mumbai Bench held that as the resolution plan has already been approved by the Committee of Creditors comprised of the Applicant and the Respondent No.01, the whole exercise of discarding the valuation reports prepared by the registered valuers and calling for a fresh valuation report has become meaningless. No doubt, under Regulation 35(1)(b) the resolution professional may, on receipt of a proposal from the committee of creditors, appoint a third registered valuer for an asset class for submitting an estimate of the value computed in the manner provided in Reg. 35(1)(a). The inter se differences being mutually resolved by the parties herein, we are of the considered opinion that this I.A. should be dismissed as having become infructuous as the whole exercise of seeking a fresh valuation report would be an exercise in futility.
