The Adjudicating Authority is to record analytical subjective satisfaction which is a precondition before according an Approval to the Resolution Plan – Antanium Holdings Pte. Ltd. Vs. M/s. Sujana Universal Industries Limited Through its RP Mr.Ramakrishnan Sadasivan – NCLAT Chennai
NCLAT held that the Adjudicating Authority is to record analytical subjective satisfaction which is a precondition before according an Approval to the Resolution Plan. In short, the Approval of Resolution Plan is to be judged with utmost care, caution, circumspection and diligence. The threadbare examination of the scheme is to be studied astutely before arriving at a subjective satisfaction by the Adjudicating Authority.
It was held that a plea is taken on behalf of the Appellant before this Tribunal that the Adjudicating Authority in the Impugned Order has travelled beyond the purview of its Jurisdiction while imposing an additional condition in Paragraph 22 and therefore, the same is to be set aside, this Tribunal comes to a resultant conclusion that the said Observations are not in the form of imposition of an additional condition thereby opening up the plan in regard to the undecided claims, because of the reason that the Adjudicating Authority is within its limits to express its views/opinion(s). The Instant Appeal Sans merits. The Instant Company was dismissed.