Revised Resolution plan may be considered by the “committee of creditors” even after Passing the resolution for liquidation.

Last updated: 08 January 2021

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The National Company Law Appellate Tribunal (NCLAT) heard an appeal concerning a resolution plan for Jason Decor Pvt. Ltd. The appeal was filed after the Adjudicating Authority issued an order on December 9, 2020. This order was related to an application by a Resolution Applicant whose plan had previously been rejected by the Committee of Creditors (CoC). The core issue appears to be whether a revised resolution plan can be considered by the CoC even after a resolution for liquidation has been passed.

Court :
NCLAT Delhi

Brief :
Heard the Learned Counsel for the Appellant. This Appeal has been filed against the Impugned Order dated 09.12.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench, Ahmedabad, Court 2) in I.A. 886 of 2020 in CP (IB) 257/NCLT/AHM/2019. The Impugned Order which is a short order which reads as under :-

Citation :
Company Appeal (AT) (Ins.) No. 1117 of 2020

NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

Company Appeal (AT) (Ins.) No. 1117 of 2020

IN THE MATTER OF:

Jay Overseas Pvt. Ltd.
402, Shoppers Plaza-IV,
Opp. Lal Bunglow,
C.G. Road, Navrangpura,
Ahmedabad – 380 009.
.…Appellant

Versus

1. Mr. George Samuel
Resolution Professional of Jason Decor Pvt. Ltd.
217, Ganesh Glory, Jagatpur,
S.G. Highway, Ahmedabad - 382481
….Respondent No.1

2. Indian Overseas Bank
Financial Creditor,
Sharad Shopping Centre, Chinubhai Tower,
Ashram Road, Ahmedabad – 380009.
….Respondent No.2

Present:
For Appellant: Mr. Sumant Batra, Advocate
Ms. Astha Mehta, Advocate
For Respondents: Mr. Ravi Pahwa, Advocate for R-1
Ms. Sangya Negi for R-2.

O R D E R
(Virtual Mode)

23.12.2020: Heard the Learned Counsel for the Appellant. This Appeal has been filed against the Impugned Order dated 09.12.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench, Ahmedabad, Court 2) in I.A. 886 of 2020 in CP (IB) 257/NCLT/AHM/2019. The Impugned Order which is a short order which reads as under :-

“ORDER

Advocate, Mr. Pavan Godiawala appeared on behalf of the Resolution Applicant. Advocate, Mr. Monaal Davawala appeared on behalf of the RP. RP, Mr. George Samuel is present in person. Advocate, Mr. Raju Kothari appeared on behalf of the COC.

The instant application is filed by one of the Resolution Applicants, whose Resolution Plan was already rejected by the COC.

To know more in details find the attachment file

FAQ :

The article suggests that this is a key point under consideration in the appeal before the NCLAT. The specific outcome is not detailed in the provided text, but the appeal challenges an order related to a resolution plan that was rejected by the CoC.

Jay Overseas Pvt. Ltd. filed an appeal against an order dated 09.12.2020 passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench.

The Resolution Professional for Jason Decor Pvt. Ltd. is Mr. George Samuel.

No, the resolution plan submitted by the Resolution Applicant (implied to be the appellant or related to them) was rejected by the Committee of Creditors (CoC).