Central Transmission Utility of India Limited vs Ashish Chhawchharia

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2024 Supreme(Online)(NCLAT) 378

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Hon'ble Justice Rakesh Kumar Jain (Member(Judicial)) , Hon'ble Mr. Indevar Pandey (Member (Technical)) , Hon'ble Mr. Naresh Salecha (Member (Technical)) ,
Central Transmission Utility of India Limited – Appellant
Versus
Ashish Chhawchharia – Respondent

Mr. Shubham Arya, Mr. Ravi Nair, Ms. Poorva Saigal, Ms. Anumeha Smiti & Mr. Yogeshwar, Advocates. Mr. Ramji Srinivasan, Sr. Advocate along with Mr. Diwakar Maheshwari, Ms. Pratiksha Mishra. Mr. Vishnu Shriram & Ms. Namrata Saraogi, for R-1. Mr. Sandeep Singhi, Mr. Vishal Gehrana, Ms. Hancy Maini & Ms. Aakriti Vohra, for R-3. Mr. Siddhant Kant & Mr. Nikhil Mathur, for CoC.

JUDGEMENT

Per: Justice Rakesh Kumar Jain:

This appeal is directed against the order dated 01.11.2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) by which I.A. No. 2829 of 2021 filed by the Resolution Professional of Essar Power M.P. Ltd. (Corporate Debtor) for approval of the resolution plan submitted by Respondent No. 3/Successful Resolution Applicant (SRA) (Adani Power Ltd.) has been allowed and application bearing I.A. No. 4099 of 2021 filed by the Appellant objecting to the resolution plan and I.A. No. 3015 of 2021 filed by the Appellant against the adjudication of its claim of Rs. 2643,54,00,000/- as Rs. 1, treating the same as contingent claim, has been dismissed.

2. In brief, the financial creditor (ICICI Bank Ltd.) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short ‘Code’) bearing No. (IB)/863/PB/2020 for the initiation of Corporate Insolvency Resolution Process (in short ‘CIRP’) against the Corporate Debtor which was admitted on 29.09.2020 and Respondent No. 1 was appointed as the Interim Resolution Professional (IRP) who continued as the Resolution Professional (RP).

3. The RP, consequent upon his app

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2024 Supreme(Online)(NCLAT) 378

NATIONAL COMPANY LAW APPELLATE TRIBUNALHon'ble Justice Rakesh Kumar Jain (Member(Judicial)) , Hon'ble Mr. Indevar Pandey (Member (Technical)) , Hon'ble Mr. Naresh Salecha (Member (Technical)) ,Central Transmission Utility of India Limited – AppellantVersusAshish Chhawchharia – Respondent

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Hon'ble Justice Rakesh Kumar Jain (Member(Judicial)) , Hon'ble Mr. Indevar Pandey (Member (Technical)) , Hon'ble Mr. Naresh Salecha (Member (Technical)) ,
Central Transmission Utility of India Limited – Appellant
Versus
Ashish Chhawchharia – Respondent