Durha Vitrak Pvt. Ltd.

The Appellate Tribunal held that the CoC in its wisdom did not find it appropriate to give more time to the Appellant and discussed the Resolution Plan and rejected the same for reasons recorded. These are commercial decisions and we cannot hear the Appellant claiming that he was offering bigger amount and so the CoC should be directed to consider his plan. In Judgment in the matter of Arcelormittal India Pvt. Ltd. vs. Satish Kumar Gupta & Ors. [2018] ibclaw.in 31 SC” Judgment of the Hon’ble Supreme Court dated 04.10.2018, the Hon’ble Supreme Court in para 79 of the judgment has observed that there is no vested right or fundamental right in the Resolution Applicant to have its Resolution Plan approved. In the present matter, the CoC considered and in its wisdom did not grant further time and rejected the Resolution Plan. As such, we do not find any reason to interfere in the impugned order only on the basis that the Appellant had filed an I.A before the Adjudicating Authority and the Adjudicating Authority without deciding the I.A passed order of liquidation.