(22^nd December, 2023)

Ashok Bhushan, J.

These two Appeals have been filed by same Appellant challenging the

orders dated 27.07.2022 and 01.08.2022 passed by the Adjudicating

Authority (National Company Law Tribunal), Ahmedabad Bench-II in IA No.

239/AHM/NCLT/2022 and IA No. 159 of 2020 respectively.

2.

Brief facts of the case necessary to be noticed for deciding these

Appeals are:-

2.1. Corporate Insolvency Resolution Process (CIRP) against the Corporate

Debtor commenced on 02.05.2019. With regard to Corporate Debtor- ‘GPT

Steel Ltd.’, Resolution Plan was submitted by the Appellant which was

approved by the Committee of Creditors (CoC) on 18.02.2020. On

20.02.2020, Letter of Intent (LoI) was issued to the Appellant and IA No. 159

of 2020 was filed by the Resolution Professional for approval of the

Resolution Plan before the Adjudicating Authority and IA No.116 of 2020

was filed by one ‘M/s. Panch Tatva Promoters Private Limited’ who was H-2

Bidder challenging the Resolution Plan of the Appellant which was

dismissed.

2.2. An Appeal being Company Appeal (AT) (Insolvency) No. 642 of 2020

was filed by ‘M/s. Panch Tatva Promoters Private Limited’ challenging the

order of the Adjudicating Authority which too was dismissed by this

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Appellate Tribunal by order dated 18.08.2021. This Tribunal held that the

Code and Regulations does not empowers the CoC to get a second chance to

review earlier approval and additional time for another Resolution Plan. A

Civil Appeal bearing 5630 of 2021 was filed by ‘M/s. Panch Tatva Promoters

Private Limited’ challenging the order of this Appellate Tribunal which too

was dismissed on 17.09.2021. Appellant submitted renewed Bank

Guarantee of Rs.5 Crores on 18.02.2022. Respondent No.1, a Financial

Creditor

filed

an

application

being

IA

No.239

of

2022

seeking

reconsideration of the Resolution Plan of the Appellant. The Adjudicating

Authority reserved the order on 01.06.2022 after hearing the objection of the

Respondent No.1. Order dated 27.07.2022 has been passed by the

Adjudicating Authority by which, application being IA No.239 of 2022 was

allowed and the Adjudicating Authority directed the Resolution Plan be

remanded back to the CoC to re-consider all the Resolution Plans submitted

during the CIRP of the Corporate Debtor. Aggrieved by the above order dated

24.07.2022, Company Appeal (AT) (Insolvency) No. 1184 of 2022 has been

filed.

2.3. On 01.08.2022, IA No.159 of 2020 filed by the Resolution Professional

for approval of the Resolution Plan came for consideration. Adjudicating

Authority disposed of the application observing that by order passed on IA

No. 239 of 2022, now the Resolution Plan is being sent back to the CoC.

Company Appeal (AT) (Insolvency) No. 1186 of 2022 has been filed against

the said order.

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3.

We have heard Shri Virender Ganda, Learned Senior Counsel

appearing for the Appellant, Shri Arun Kathpalia, Learned Senior Counsel

appearing for the Resolution Professional and Mr. Deep Roy, Learned

Counsel appearing for the CoC.

4.

Learned Senior Counsel for the Appellant challenging the order of the

Adjudicating Authority submits that after approval of the plan of the

Appellant by the CoC, the Adjudicating Authority had no jurisdiction to

allow the application of the Financial Creditor for reconsideration of the

Resolution Plan. The grounds which were sought to be raised in the

application being IA No.239 of 2022 filed by the Financial Creditor were

already noticed by the CoC at the time of approval of the Resolution Plan. H-

2 bidder filed an Appeal being Company Appeal (AT) (Insolvency) No.642 of

2020 in which Appeal the submissions now sought to be raised by the CoC

were also noticed namely— the Successful Resolution Applicant has failed to

implement the Resolution Plans of ‘Allied Strips Limited’ and ‘Tirupati

Infraprojects Private Limited’. The intent of Financial Creditor was to obtain

an order from the Adjudicating Authority to consider the Resolution Plan of

‘M/s. Panch Tatva Promot