NCLT justified in allowing Resolution Applicants (RA) to modify their Resolution plan as it had allowed one RA to do so: SC
- News|Blog|Insolvency and Bankruptcy Code|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 7 March, 2022
Latest from Taxmann
Case Details: Ajay Gupta v. Pramod Kumar Sharma - [2022] 136 taxmann.com 39 (SC)
Judiciary and Counsel Details
-
- Dinesh Maheshwari and Vikram Nath, JJ.
Facts of the Case
In the instant case, the appellant (one of the Resolution Applicant) sought to question the judgment passed by the NCLAT.
Appellant filed an appeal before the NCLAT against the order of the Tribunal which allowed the appellant to amend his resolution plan as requested however, at the same time, also allowed the other resolution applicant to place any modification in their resolution plan before the Committee of Creditors.
The appellant contended that no opportunity should have been given to the others to modify their resolution plan.
NCLT Held
The Appellate Tribunal declined to interfere in the order by the NCLT. The NCLAT ordered that as the Adjudicating Authority having passed an order so as to balance the position of the respective parties and to provide a level playing field by granting corresponding permission to the other resolution applicant to place its modification for consideration of CoC. Appellant Tribunal found no fault in the decision of the Adjudicating Authority.
The appellant, later on, filed a plea to the Supreme Court against order of NCLAT.
Dismissing the appeal, the Apex Court to took the same view as taken by the Appellate Tribunal.
Check out Taxmann's Live Webinar with CPC Income-Tax! The 'One-of-a-Kind' – CPC Roundtable Presentation | Interaction | Brain Storming 🗓️ 9th March 2022 (Wednesday) | 🕒 3:00 PM – 6:00 PM (IST) 👩💻👨💻 Register Now for FREE! (Limited Slots Available): https://taxmann.social/HxkX 💬 ASK from CPC You can also raise your concern(s)/suggestion(s) with CPC regarding Registration, E-filing, Processing, Refund and Rectification related issues. CPC officers will take up the issues during the live event. Coverage of the Webinar & the Speakers: ✔️ Welcome Address & Moderator| Mukesh Patel | International Tax Expert ✔️ Keynote Address | Dr Sibichen Mathew | Director of Income-tax | CPC-ITR
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
