If AA is yet to accept or reject the Resolution Plan, Appellants being a Fixed Depositors would be at liberty to challenge the same on its merits- Dr. Anees Ahmad & Ors. Vs. Amit Jain (Resolution Professional) – NCLAT New Delhi
Some Applicants claiming to be Fixed Deposit Holders and their authority holders filed I.A claiming that the Resolution Plan which was filed and cleared by the Resolution Professional for placing it before CoC was not in compliance with the provisions of the Companies Act, 2013 read with applicable Rules. The Learned Counsel for the Appellants is claiming that as per the Companies Act, 2013, the debt payable to the Fixed Deposit Holders cannot be reduced or varied or extinguished by way of a Resolution Plan. Learned Counsel for the Appellants is submitting that the voting done on the Resolution Plan before CoC was also not correct.
NCLAT held that it appears to us that it would have been more appropriate for the Adjudicating Authority to decide the IAs filed by the Appellants along with the Resolution Plan which the Adjudicating Authority was considering. However, the Adjudicating Authority has in advance taken a decision and the matter is now in Appeal before us. We find that Adjudicating Authority is yet to accept or reject the Resolution Plan. As and when the Adjudicating Authority decides whether to accept or reject the Resolution Plan, Appellants would be at liberty to challenge the same on its merits. Present agitation is premature.
