O R D E R

(Hybrid Mode)

18.10.2024 : Heard Learned Counsels appearing for the Appellant, HDFC Bank – Respondent No. 5, Resolution Professional and Liquidator.

2. This Appeal has been filed against an Order dated 22.04.2024 passed by the Learned Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court – II), by which Order, I.A. No. 1512 of 2019 filed by the Resolution Professional for the approval of Resolution Plan has been rejected.

3. Brief facts necessary to be noticed for deciding the Appeal are:

i. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 11.12.2018.

ii. In pursuance of ‘Form-G’ issued by the Resolution Professional (RP), Resolution Plans were submitted.

iii. Appellant consortium has submitted the Resolution Plan.

iv. In the 15th Meeting of the Committee of Creditors (CoC) held on

08.11.2019 as per the voting 77.91% votes the Plan was approved. The HDFC Bank holding 20.74% voting shares voted against the Resolution Plan.

v. RP filed I.A. 1512/2019 seeking approval of the Resolution Plan.

vi. Dissenting Financial Creditor, HDFC Bank filed an Application I.A.

1684/2019 before the Adjudicating Authority objecting to I