JUDGMENT :

SUDHANSU JYOTI MUKHOPADHAYA, J.

As all these appeals arise out of the orders passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, in ‘Corporate Insolvency Resolution Process’ initiated against ‘Binani Cement Limited’- (‘Corporate Debtor’), they were heard together and are disposed of by this common judgment.

2. In the ‘Corporate Insolvency Resolution Process’ against ‘Binani Cement Limited’- (‘Corporate Debtor’), at the stage of ‘Resolution Process’ different prayers and objections were made/raised by the Appellants and others, which were taken up together by the Adjudicating Authority, and disposed of by different orders as detailed below.

3. The ‘Binani Cement Limited’, a flagship subsidiary of the Appellant- ‘Binani Industries Limited’ representing the ‘Braj Binani Group’, has preferred Company Appeal (AT) (Insolvency) No. 82 of 2018 against the order dated 28th February, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, whereby CA(IB)No. 175/KB/2018 has been referred back to the ‘Resolution Professional’ to consider in accordance with the rules and regulations of the ‘I&B Code’.

4. The grievance of the Appellant is that the Adjudicating Authority should have passed positive direction and should have allowed the Appellant- ‘Binani Industries Limited’ to interact with and/or meet the bidders/ ‘Resolution Applicants’, ‘Financial Creditors’ and other stakeholders of the ‘Corporate Debtor’ from time to time.

5. ‘Binani Industries Limited’ has also preferred another Company Appeal (AT) (Insolvency) No. 216 of 2018 against common order dated 2nd May, 2018, whereby the Adjudicating Authority refused to accept the proposal of ‘Binani Industries Limited’ for repayment of the dues of the ‘Financial Creditors’ and close the ‘Corporate Insolvency Resolution Process’, in absence of any jurisdiction.

6. ‘Rajputana Properties Private Limited’ has preferred Company Appeal (AT) (Insolvency) No. 123 of 2018 against the order dated 27th March, 2018 passed by the Adjudicating Authority, whereby liberty was granted to the ‘Committee of Creditors’ to consider the settlement plan proposed by the ‘Binani Industries Limited’.

7. Another Company Appeal (AT) (Insolvency) No. 188 of 2018 has been preferred by ‘Rajputana Properties Private Limited’ against the order dated 2nd May, 2018, whereby the CA (IB) No. 246/KB/2018 filed by the ‘Resolution Applicant’ for approval of the plan of the ‘Rajputana Properties Private Limited’ has not been accepted for the reasons mentioned in the said order.

8. Mr. Vijay Kumar Iyer, who is the ‘Resolution Professional’ has preferred Company Appeal (AT) (Insolvency) No. 234 of 2018 against the order dated 2nd May, 2018 in so far it relates to adverse observations made by the Adjudicating Authority against the said ‘Resolution Professional’.

9. In the aforesaid background, all the appeals were heard together for disposal.

10. For deciding the issue, it is necessary to discuss all the relevant facts, as detailed below.

11. Mr. Vijay Kumar Iyer- ‘Resolution Professional’ filed an application under Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016 (‘I&B Code’ for short) read with Regulation 39 of the ‘Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate persons) Regulations, 2016’ for approval of the ‘Resolution Plan’ for ‘Binani Cement Limited’. It was informed that the application is within time and the ‘Committee of Creditors’ by majority vote approved the ‘Resolution Plan’ submitted by ‘Rajputana Properties Private Limited’.

12. As noticed, number of objections were filed by the Respondents including, ‘Binani Industries Limited’, a group company of ‘Binani Cement Limited’- (‘Corporate Debtor’), ‘Ultratech Cement Limited’ and others.

13. The Adjudicating Authority noticed that the ‘Com