Mere allegations that IRP/RP has not conducted the CIRP in accordance with law, the order approving the Plan cannot be interfered with – Brijesh Singh Bhadauriya Vs. Pinakin Shah, IRP of Sintex Industries Ltd. & Ors. – NCLAT New Delhi
The Appellant who was shareholder of the Corporate Debtor has come up in this Appeal challenging the Order of the approval of the Resolution Plan by the Adjudicating Authority. NCLAT held that appellant is shareholder and was not part of the process in the CIRP. Suspended Directors were part of the CIRP and were present in the meetings. Any aggrieved persons may approach the CoC for removal of the RP/IRP or to approach the Adjudicating Authority. IRP has conducted the entire process with the approval of the CoC. Resolution Plan has been placed before the Adjudicating Authority, the Plan having been approved by the Adjudicating Authority, commercial wisdom of the COC is not easily to be interfered with in exercise of jurisdiction by the Adjudicating Authority or by this Tribunal. Mere allegations that IRP/RP has not conducted the CIRP in accordance with law, the order approving the Plan can not be interfered with.