I. Case Reference
| Case Citation | : | (2021) ibclaw.in 252 NCLAT |
| Case Name | : | J.M. Financial Asset Reconstruction Company Ltd. Vs. Rajesh Jhunjhunwala & Anr. |
| Corporate Debtor | : | M/s. Salasar Steel and Power Ltd. |
| Appeal No. | : | Company Appeal (AT) (Insolvency) No. 397 of 2021 |
| Judgment Date | : | 09-Jun-21 |
| Court/Bench | : | NCLAT New Delhi |
| Act | : | Insolvency & Bankruptcy Code 2016 |
| Present for Appellant(s) | : | Mr. Abhishek Anand, Mr. Kunal Godhwani, Mr. Viren Sharma and Mr. Rahul Adlakha, Advocates. |
| Present for Respondent(s) | : | Mr. Adeel S.D. Parkar, Advocate for R-1. Mr. Ratnanko Banerji, Sr. Advocate with Mr. Anuj Singh, Mr. Aniket Agarwal and Mr. Rusha Mitra, Advocates for R-2. |
| Officiating Chairperson | : | Mr. Justice A.I.S. Cheema |
| Member (Technical) | : | Mr. V. P. Singh |
II. Full text of the judgement
ORDER
(Virtual Mode)
09.06.2021
Heard.
2. This Appeal has been filed by the Appellant claiming to be Member of Committee of Creditors (CoC) of M/s. Salasar Steel and Power Ltd.- Corporate Debtor undergoing CIRP. The Appellant claims that in the CoC Meeting the Resolution Plan was approved and the Respondent No. 1-Resolution Professional filed I.A. No. 141/CTB/2020 under Section 30(6) of Insolvency and Bankruptcy Code, 2016 (IBC in short) before the Adjudicating Authority seeking approval of the Resolution Plan. It is stated that the Adjudicating Authority heard the I.A. No. 141/CTB/2020 and reserved the Orders on 25th November, 2020 but the Orders have not yet been passed.
3. The Appellant has raised various legal issues referring to Rule 150 of NCLT Rules, 2016.
4. Considering the present Covid-19 Situation, it would not be appropriate to say much on the delay however we do observe that it would be appropriate for the Adjudicating Authority to pass the necessary Orders in I.A. No. 141/CTB/2020 at the earliest.
5. With these observations as mentioned above, the present Appeal stands disposed of.
No costs.
[Justice A.I.S. Cheema]
The Officiating Chairperson
[Mr. V.P. Singh]
Member (Technical)
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