The court upheld the approval of the Resolution Plan based on majority creditor votes, asserting the limited jurisdiction of the Adjudicating Authority in resolving asset disputes.

ORDER

ASHOK BHUSHAN, J.

This Appeal by a Successful Resolution Applicant (SRA) has been filed challenging the Order dated 18.10.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench, (Court – II), Kolkata) in IA (IB) No. 237/KB/2022 in C.P. (IB) No. 184/KB/2018. By the Impugned Order, the Adjudicating Authority has allowed and disposed of IA (IB) 237/KB/2022 filed by Resolution Professional (RP) for approval of the Resolution Plan which was submitted by the Appellant. The Appellant aggrieved by the approval of the Resolution Plan has come up in the Appeal. 2. Brief facts of the case necessary to be noticed for deciding the Appeal are:

i. CIRP against the Corporate Debtor, Duncan Industries Limited commenced vide Order dated 05.03.2020.

ii. On 18.09.2020, ‘Form-G’ was published. Information Memorandum was issued by the RP on 10.10.2020, which reflected the status of 12 Tea Gardens, which as the Assets of the Corporate Debtor.

iii. In pursuance of ‘Form-G’, Resolution Plans were submitted.

iv. Appellant was also one of the Resolution Applicants who has submitted Resolution Plan. Resolution Plan of the Appellant came to be approved by Committee of Creditors (CoC) with 99.20% vote shares in e-voting, which completed on 24.02.2022.

v. Letter of Intent (LoI) was issued to the Appellant on 01.03.2020. Out of total plan value of Rs.173.20 Crores, Appellant deposited the amount of Rs.20.43 Crores which include Security Deposit and the EMD.

vi. I.A. No. 237/2022 was filed by the Interim Resolution Professional (IRP) for approval of the Resolution Plan of the Appellant on 12.03.2022.

vii. The RP has filed various Applications before the Adjudicating Authority seeking possession of Tea Gardens, which were mentioned in the Information Memorandum.

viii. Application filed by RP for taking possession of Tea Gardens were rejected by Adjudicating Authority by different Orders dated 28.05.2021, 21.04.2022, 09.05.2022 and 18.07.2022. The RP aggrieved by the Orders passed by the Adjudicating Authority rejecting the Application for taking possession of the Tea Gardens filed Comp. App. (AT) (Ins.) Nos. 593/2022, 628/2022, 754/2022, 672/2021 & 907/2022.

ix. This Tribunal vide its Judgment and Order dated 02.08.2024 decided all the Appeals and held that leasehold rights of the Corporate Debtor subsists only in 3 Tea Gardens and with regard to other Tea Gardens, the tenure of the lease having been expired, Corporate Debtor has no rights in the said Tea Gardens.

x. Against the Order dated 02.08.2024 passed by this Tribunal, Civil Appeals have been filed in the Hon’ble Supreme Court. One of the Appeals filed by the Appellant in the Hon’ble Supreme Court is Civil Appeal No. 13077-13081/2024, in which Notices have been issued but Hon’ble Supreme Court has not passed any interim Order.

xi. After the Judgment of this Tribunal dated 02.08.2024, Application for approval of the Resolution Plan filed by the RP was heard and decided by the Impugned Order dated 18.10.2024. As per the Judgment of this Tribunal dated 02.08.2024, the Adjudicating Authority while approving the Resolution Plan has directed that the Resolution Plan is approved subject to compliance and directions in Para 17 and Para 18 of the Impugned Order. Appellant aggrieved by the Order approving the Resolution Plan submitted by the Appellant has come up in the Appeal.

3. Learned Counsel for the Appellant submits that in view of the fact that Appeals have already filed in the Hon’ble Supreme Court against the Order dated 02.08.2024 passed by this Tribunal in Comp. App. (AT) (Ins.) No. 593/2022 and other Appeals, there being no certainty abou